Ethereum is trading at critical price levels after a sharp 10% decline from the $4,750 mark, reflecting growing uncertainty in the broader crypto market. The recent correction pushed ETH towards the $4,300 support zone, a level that bulls are now fiercely defending to avoid a deeper retracement. Despite the pullback, on-chain data suggests that large holders remain confident, signaling that this drop could be part of a healthy market reset rather than the start of a downtrend.
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According to recent data, Bitmine continues its aggressive accumulation of ETH, increasing its holdings even as prices fluctuate. This steady influx of institutional players highlights strong conviction in Ethereum’s long-term fundamentals, especially as the network maintains its dominance in DeFi and smart contract activity.
However, retail sentiment remains mixed. Some fear that sustained weakness below $4,300 could trigger a new round of selling pressure, while others see it as a potential opportunity to accumulate ahead of the next major move. As Ethereum stabilizes at these levels, the next few days will be crucial in determining whether the market resumes bullish momentum or enters a prolonged consolidation phase amid increased volatility.
Ethereum accumulation continues as Bitmine strengthens its position
According to data shared by Lookonchain, institutional accumulation around Ethereum remains strong despite recent market volatility. Just a few hours ago, Bitmine received an additional 23,823 ETH (worth $103.68 million) from BitGo, marking another significant influx of capital. The move comes just two days after Bitmine acquired 20,020 ETH ($89.7 million) through FalconX, highlighting their consistent strategy of building exposure during price declines rather than continuing rallies.
Such accumulation patterns are often seen as a sign of confidence in Ethereum’s long-term fundamentals, particularly from institutional investors who view ETH as a critical asset within the broader digital economy. Even though short-term sentiment remains cautious after the recent correction, these inflows suggest that smart money continues to find value around current prices.
The next few days will be critical for the technical structure of Ethereum. Bulls need to defend the $4,300 support zone to maintain momentum and establish a potential rally towards the $4,600-$4,750 resistance zone. Strong defense here could pave the way for a new all-time high, confirming renewed investor confidence and establishing $4,300 as a key accumulation level.
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Bulls defend $4,300 support
Ethereum (ETH) is currently trading near $4,325, showing signs of consolidation after a 10% decline from its recent high of $4,750. The 12-hour chart reveals that ETH has fallen below the 50-day moving average (blue line), signaling near-term weakness, while the 100-day (green) and 200-day moving averages (red) are still trending higher – a sign that the broader uptrend remains intact.

The $4,300 level now acts as a key support area, with bulls attempting to establish a base and prevent further downward pressure. If this level holds, the next target would be a retest between $4,500 and $4,600, where sellers are likely to reappear. However, a break below $4,250 could expose Ethereum to a deeper pullback towards the psychological $4,000 level, an area that previously served as a strong accumulation zone in late September.
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Momentum indicators suggest that selling pressure is easing, which is consistent with recent on-chain data showing continued accumulation from large entities such as Bitmine. This reinforces the idea that institutional trust remains strong, even in times of volatility. For now, holding above $4,300 is key – a successful defense could form the basis of Ethereum’s next push to new highs.
Featured image from ChatGPT, chart from TradingView.com