Ethereum reclaimed the $3,300 level after weeks of choppy and uncertain price action, offering bulls a brief sense of relief. However, the upward momentum remains fragile, as buyers continue to struggle against the $3,400 zone, a level that has repeatedly capped recent advances. This zone now constitutes a clear near-term inflection point, separating a potential recovery phase from what some analysts still describe as a broader bearish structure.
Market players remain divided. On one hand, skeptics say the latest rebound resembles a classic relief rally, driven by short-selling coverage and a temporary improvement in sentiment rather than a true change in trend.
From this perspective, Ethereum could still be vulnerable to further decline if macroeconomic conditions tighten or risk appetite fades. On the other hand, more constructive analysts believe that a stabilization above $3,300 could mark the early stages of a recovery, with higher levels coming into focus if resistance is convincingly reclaimed.
Adding complexity to the narrative, on-chain developments continue to attract attention. Just a few hours ago, Bitmine staked an additional 154,304 ETH, worth approximately $514 million, signaling sustained confidence from large players despite market uncertainty. As price falls below resistance, Ethereum now finds itself at a critical juncture where the conviction of both bulls and bears is tested.
Bitmine’s Growing Footprint Signals Long-Term Conviction
According to data reported by Lookonchain, Bitmine’s exposure to Ethereum has reached notable scale. In total, the company has now staked approximately 1,685,088 ETH, valued at approximately $5.62 billion at current prices. This places Bitmine among the largest participants in the Ethereum ecosystem, highlighting the growing role of institutional and quasi-institutional players in securing the network.
What makes this positioning particularly relevant is Bitmine’s overall balance. The company reportedly holds around 2.133 million ETH in total, meaning almost 80% of its Ether reserves are actively staked rather than lying dormant. This allocation suggests a long-term, return-oriented strategy rather than a short-term trading approach. By committing such a large portion of its holdings to staking, Bitmine is effectively signaling confidence in Ethereum’s medium- and long-term prospects, despite continued price volatility and macro uncertainty.
From a market perspective, large-scale staking reduces the amount of ETH that is easily liquid and available for sale. While this does not entirely eliminate selling pressure, it may contribute to a tightening of circulating supply during periods of demand recovery.
At the same time, the concentration of staking activity highlights how network security and yield generation are increasingly influenced by large holders. With Ethereum trading near key resistance levels, Bitmine’s positioning reinforces the narrative that some major players remain structurally engaged, even as near-term price direction remains contested.
Ethereum tests key weekly resistance
Ethereum price action on the weekly chart shows a market attempting to stabilize after a volatile multi-year cycle. ETH has reclaimed the $3,300 area and is now trading just below a clearly defined resistance area near $3,400. This level has plateaued several times in previous rallies, making it a critical area that bulls must reclaim with conviction.
From a trend perspective, Ethereum remains above its long-term moving averages, including the 200-week line, which continues to rise. This suggests that despite the recent pullbacks, the broader structural upward trend has not been invalidated. However, the price remains below previous cycle highs near $4,200-$4,400, highlighting that ETH is in a recovery phase rather than a confirmed breakout.
Momentum has improved from late 2025, with higher lows forming after the strong sell-off towards the $1,600-$1,800 region. Volume during the rebound was moderate, signaling participation without clear signs of speculative excess. This supports the idea of a controlled accumulation rather than a euphoric chase.
Nonetheless, the inability to cleanly break above $3,400 keeps downside risk relevant. A rejection here could lead to further consolidation towards the $2,800-$3,000 area. For bullish continuation, ETH needs a sustained weekly close above resistance, which would change the market structure and pave the way for higher liquidity zones above $3,800.
Featured image from ChatGPT, chart from TradingView.com
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