Ethereum continues to struggle to regain bullish momentum as apathy and continued selling pressure dominate the broader cryptocurrency market. Price action remains muted as ETH fails to sustain a move above key resistance levels, reinforcing the perception that investors remain cautious.
Many analysts argue that the market has not yet fully reset, with risk appetite low, liquidity declining and spot demand lacking. As a result, Ethereum, like most major assets, is stuck in a consolidation phase marked by hesitation rather than confidence.
Despite this gloomy backdrop, a growing number of optimists believe that Ethereum may be approaching a cyclical bottom. Their view focuses less on short-term price movements and more on structural and behavioral signals that tend to emerge during late-stage bearish phases. One of the most notable developments comes from on-chain data.
According to data from Arkham shared by Lookonchain, Bitmine acquired an additional 32,938 ETH worth about $97.6 million just a few hours ago. Bitmine is a large institutional Ethereum-focused company known for accumulating large amounts of ETH and deploying it for staking and long-term strategies rather than short-term trading. With this purchase, Bitmine now holds approximately 3.357 million ETH worth approximately $10 billion, making it one of the largest known holders of Ethereum.
Bitmine deepens our long-term commitment
Ethereum's short-term price action remains weak, but institutional behavior continues to diverge from market sentiment. In the past few hours, Bitmine has staked an additional 118,944 ETH worth approximately $352.16 million, according to data from Arkham reported by Lookonchain. This move follows Bitmine's recent spot accumulation and reinforces its long-term positioning strategy rather than a short-term speculative approach.
Staking at this scale effectively removes a significant amount of ETH from liquidity circulation, strengthening the available supply on exchanges. Unlike transfers to centralized platforms, staking reflects a high-certainty perspective that prioritizes revenue generation and long-term network participation over immediate liquidity.
For analysts tracking structural supply dynamics, this behavior stands in sharp contrast to the current price trend, which continues to show limited bullish follow-through.
Despite these developments, the broader market remains unconvinced. Ethereum has struggled to recover from key resistance levels and momentum indicators are still pointing to weakness. As a result, analysts are increasingly divided when assessing the outlook for 2026.
Some interpret continued institutional accumulation and staking as early positioning ahead of a longer recovery cycle. Others warn that ETH may remain range-bound or under pressure for longer than expected due to macro uncertainty, slowing demand, and continued risk aversion.
In this context, Bitmine's actions stand out as a signal of long-term trust, but not necessarily an immediate catalyst. While the price of Ethereum remains weak for now, strategic actions beneath the surface continue to quietly reshape the supply environment.
Ethereum Remains Range-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 range. The chart shows ETH falling below the 100-day moving average and below the 200-day moving average. It currently acts as dynamic resistance in the $3,400-$3,600 area. This correction reinforces the broader bearish structure that has been in place since the November collapse.
After peaking near the $4,800 region early in the cycle, ETH entered a clear downtrend, with lower highs and increased sell volume during the correction phase. A sharp sell-off in late November pushed the price to the $2,800 level, and buyers stepped up to defend support. Since then, Ethereum has stabilized but failed to generate sustained upward momentum, suggesting demand remains cautious rather than aggressive.
There has been a noticeable decline in trading volume during the recent rebound, indicating a lack of strong buyer confidence. This behavior is common during late-stage corrections, when prices are compressed while market participants wait for a clearer signal. As long as ETH remains below its 200-day moving average, any bullish attempts will likely face selling pressure.
The downside is that the $2,800-$2,900 zone stands out as a key support area. A complete break below this range increases the risk of a deeper retracement. Conversely, a recovery of $3,300 with strong trading volume would be the first sign that Ethereum is transitioning from its current correction structure.
Featured image from ChatGPT, chart from TradingView.com
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