Ethereum fell below $2,800 after a sharp and sudden decline, heightening market anxiety and raising new questions about whether a broader bearish phase could emerge. The decline undermined bullish momentum, with buyers struggling to defend key support levels as selling pressure accelerates across spot and derivatives markets.
Sentiment has quickly deteriorated and several analysts are beginning to openly discuss the possibility of a sustained bear market if ETH fails to stabilize quickly.
Yet amid the growing panic, one notable countersignal continues to attract attention: Bitmine’s continued accumulation. Despite ETH’s decline, the company has repeatedly increased its holdings, purchasing thousands of ETH over the past few weeks. Bitmine’s persistent buying behavior suggests that at least some big players still view the current correction as an opportunity rather than a risk.
For investors looking for signs of resilience, Bitmine’s stock has become cause for cautious optimism. Even though the macroeconomic structure remains fragile and the downtrend intact, steady accumulation from an institutional buyer provides a potential anchor of support – and raises the possibility that a rebound will form once selling pressure is exhausted.
Bitmine expands its massive position on Ethereum
According to Arkham on-chain data, shared by Lookonchain, Bitmine continued its aggressive accumulation strategy, purchasing an additional 7,080 ETH, worth approximately $19.8 million, just a few hours ago.
This latest purchase adds to a series of repeated inflows in recent weeks, strengthening the company’s conviction even as Ethereum trades near its lowest level in several months. Bitmine’s willingness to continue rising during periods of heightened volatility has become one of the most notable accumulation trends in the market.
With this purchase, Bitmine’s total Ethereum holdings jumped to approximately 3.43 million ETH, now valued at approximately $9.6 billion at current prices. This positions the company as one of the largest known institutional holders of ETH, and its continued accumulation stands in stark contrast to the broader atmosphere of fear and defensive positioning. As many traders reduce their exposure amid a sharp drop in Ethereum, Bitmine appears to be doubling down.
Such behavior from a large entity often indicates long-term confidence in Ethereum’s fundamentals, regardless of short-term price action. For investors, Bitmine’s growing position has created a counter-narrative to the prevailing bearish sentiment, suggesting that wealthier players could be preparing for a recovery once the market finishes resetting.
ETH tests weekly support as trend weakens
Ethereum’s weekly chart shows a significant loss of momentum, with price breaking below the 50 SMA and now sitting directly above the 100 SMA near the $2,750-$2,800 region. This area has historically served as important structural support during previous corrections, making the current interaction a critical moment for the broader trend. The strong rejection from the $4,500 level marks one of ETH’s strongest weekly declines since 2022, highlighting the intensity of the current sell-off.
The 50 SMA has started to decline, signaling early signs of medium-term trend weakness. Meanwhile, the 100 SMA is flattening, acting as the last dynamic support before the 200 SMA at $2,450, which represents the true long-term bottom. A sharp weekly close below the 100 SMA would open the door for a deeper retracement towards this level.
Volume increased during the recent decline, reflecting forced selling and derivatives-related liquidations rather than orderly profit-taking. Despite this, the long lower wicks forming near $2,700 suggest that buyers are still trying to defend the area.
Featured image from ChatGPT, chart from TradingView.com
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