Ethereum continues to struggle to regain bullish momentum as apathy and persistent selling pressure dominate the broader crypto market. Price action remains subdued with ETH failing to sustain moves above key resistance levels, reinforcing the perception that investors are still cautious.
Many analysts say the market has not yet been completely reset, pointing to low risk appetite, diminishing liquidity and a lack of strong spot demand. As a result, Ethereum, like most major assets, remains trapped in a consolidation phase marked by hesitation rather than conviction.
Despite this gloomy backdrop, a growing group of optimists believe Ethereum could be approaching a cyclical bottom. Their view relies less on short-term price action and more on the structural and behavioral signals that tend to emerge during late bear phases. One of the most notable developments comes from on-chain data.
According to Arkham data shared by Lookonchain, Bitmine acquired an additional 32,938 ETH worth approximately $97.6 million just a few hours ago. Bitmine is a large Ethereum-focused institutional entity known for accumulating ETH on a large scale and deploying it in staking and long-term strategies rather than short-term transactions. With this latest purchase, Bitmine now holds approximately 3.357 million ETH, valued at approximately $10 billion, making it one of the largest known Ethereum holders.
Bitmine strengthens its long-term commitment
Ethereum’s near-term price action remains fragile, but institutional behavior continues to deviate from market sentiment. Over the past few hours, Bitmine has staked an additional 118,944 ETH, worth approximately $352.16 million, according to Arkham data reported by Lookonchain. The move follows Bitmine’s recent spot accumulation and reinforces its long-term positioning strategy rather than a short-term speculative approach.
Staking on this scale effectively removes a significant amount of ETH from liquid circulation, thereby tightening the available supply on exchanges. Unlike transfers to centralized platforms, staking reflects a high-conviction view that prioritizes yield generation and long-term network participation over immediate liquidity.
For analysts tracking structural supply dynamics, this behavior stands in stark contrast to the current price trend, which continues to show limited upward tracking.
Despite these developments, the market as a whole remains skeptical. Ethereum has struggled to regain key resistance levels and momentum indicators are still pointing to weakness. As a result, analysts are increasingly divided on their assessment of the 2026 outlook.
Some interpret ongoing institutional accumulation and staking as early positioning in anticipation of a longer-term recovery cycle. Others warn that macroeconomic uncertainty, subdued demand, and continued risk aversion could keep ETH range-bound or under pressure for longer than expected.
In this context, Bitmine’s actions appear to be a signal of long-term confidence, but not necessarily an immediate catalyst. For now, Ethereum price remains weak, while strategic behavior beneath the surface continues to quietly reshape the supply landscape.
Ethereum remains limited below key resistance
Ethereum continues to trade in a consolidation range after failing to regain higher levels, with the price hovering around the $3,000 zone. The chart shows that ETH is capped below the declining 100-day and 200-day moving averages, which are now acting as dynamic resistance around the $3,400-$3,600 area. This alignment reinforces the broader bearish structure that has been in place since the November breakout.
After peaking near $4,800 earlier in the cycle, ETH entered a clear downtrend, marked by lower highs and increased selling volume during correction phases. Heavy selling in late November pushed the price towards the $2,800 area, where buyers stepped in to defend their support. Since then, Ethereum has stabilized but failed to generate sustained bullish momentum, suggesting that demand remains cautious rather than aggressive.
Volume has declined noticeably during recent rallies, indicating a lack of conviction from buyers. This behavior is typical of late corrective phases, where prices compress while market participants wait for clearer signals. As long as ETH remains below the 200-day moving average, upward attempts are likely to be met with selling pressure.
On the other hand, the $2,800-$2,900 area stands out as a key support zone. A clear break below this range would increase the risk of a deeper retracement. Conversely, reclaiming $3,300 with heavy volume would be the first sign that Ethereum is breaking out of its current corrective structure.
Featured image from ChatGPT, chart from TradingView.com
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