Ethereum is once again under selling pressure, testing a critical support level as the broader cryptocurrency market continues to struggle for bullish momentum. Altcoins across the board are losing strength, and growing concerns among traders have sparked new discussions about a potential bear market. The recent recession has pushed Ethereum closer to a key technical level and investors are watching closely to see if it can maintain support or if another downturn is imminent.
But not everyone is bearish. On-chain data from Lookonchain shows that Bitmine, one of the largest Ethereum holders, just made a large purchase, acquiring 63,539 ETH worth approximately $251.6 million. While large, well-timed purchases during a downturn do not guarantee a reversal, they often reveal positions that deep-pocketed participants believe have value. At the very least, it injects new demand at a moment when sentiment is vulnerable and reactive.
From here on, the tape is important. If ETH can maintain this support and compress to higher lows, the market may begin to view the recent sell-off as a mass exodus rather than a regime change. A decisive defeat would further increase concerns about a “bear market.” Ethereum is currently at a crossroads, with pressure building, skepticism growing, and massive purchases suggesting the story is not over yet.
Bitmine adds Ethereum amid market weakness
According to Lookonchain, Ethereum whale Bitmine made a big move just 8 hours ago. The three newly created wallets received a total of 63,539 ETH, worth approximately $251.6 million, from Kraken and BitGo. The on-chain activity has sparked new discussion among analysts. This is because large-scale relocations during periods of selling pressure often reflect institutional accumulation rather than routine reallocation.
This addition increases Bitmine's holdings to 3,299,553 ETH, worth approximately $13.07 billion, or approximately 2.73% of Ethereum's total circulating supply. The sheer size of this position makes Bitmine one of the most influential ETH holders, able to influence both sentiment and liquidity across the network. Analysts often interpret these types of moves as confidence signals. This is especially true if it occurs during periods of high volatility.
At a time when Ethereum is struggling to maintain key support levels and broad market confidence is fragile, this accumulation could act as a stabilizing force, or at least a psychological force. Historically, similar whale activity has preceded local price recoveries as supply tightens and market participants reassess their near-term bearish bias.
Nonetheless, the broader context cannot be ignored. Ethereum remains vulnerable to macro headwinds and on-chain flows alone cannot offset system sales. However, what is clear is that Bitmine’s recent accumulation stands out as a sign of confidence. This is a decisive move that suggests some large holders still view current price levels as a long-term opportunity rather than a sign of a deeper decline.
Testing important price levels
On the 3-day chart, Ethereum (ETH) is attempting to stabilize after coming under heavy selling pressure and is currently trading around $3,871. The broader structure still shows an upward trend, but recent candles show that the bullish momentum is clearly slowing. ETH peaked near $4,800 and then began a correction that brought the price back to the 50-day moving average (blue line), which currently serves as a key short-term support level.
This area has historically served as a pivot during mid-cycle consolidation, and maintaining it can help Ethereum remain within a healthy market structure. However, if ETH loses this level, the next important support will lie between $3,400 and $3,500, where the 100-day (green) and 200-day (red) moving averages converge. This is an area that often attracts long-term buyers.
The positive is that ETH needs a decisive close above $4,000-$4,200 to regain momentum and potentially retest the $4,500 resistance, which has been a strong rejection level since late September.
Overall, the 3D chart shows short-term weakness within a broader bullish framework. Ethereum’s ability to defend mid-range support will determine whether this correction develops into an accumulation or signals the start of a deeper market retracement.
Featured image from ChatGPT, chart from TradingView.com
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