Ethereum suffered a sharp and sudden decline, falling below the $2,800 level, deepening market jitters and raising new questions about whether a broader downturn could occur. As selling pressure accelerated in both spot and derivatives markets, the bearish momentum weakened as buyers struggled to defend key support levels.
Sentiment deteriorated quickly and several analysts began to openly discuss the possibility of the bear market continuing if ETH does not stabilize soon.
But amid growing panic, notable counter signs continue to gain attention. It is the continuous accumulation of Bitmine. Despite ETH's decline, the company has repeatedly increased its holdings, purchasing thousands of ETH over the past few weeks. Bitmine's continued buying behavior suggests that at least some large players still view the current correction as an opportunity rather than a risk.
For investors looking for signs of resilience, Bitmine's actions have become a point of cautious optimism. While macro structures remain weak and the downtrend remains intact, the steady accumulation of institutional buyers provides a potential base of support and increases the likelihood of a bounce forming once selling pressure runs out.
Bitmine expands its large Ethereum position.
According to Arkham's on-chain data shared by Lookonchain, Bitmine continued its aggressive accumulation strategy, purchasing an additional 7,080 ETH worth approximately $19.8 million just a few hours ago.
This latest purchase adds to a series of recurring inflows over the past few weeks, strengthening the company's confidence even as Ethereum nears multi-month lows. Bitmine's willingness to keep adding during periods of heightened volatility has made it one of the most notable accumulation trends in the market.
This purchase increases Bitmine's total Ethereum holdings to approximately 3.43 million ETH, currently valued at approximately $9.6 billion. This positions the company as one of the largest institutional holders of ETH, and its continued accumulation stands in sharp contrast to the broader mood of fear and defensive positioning. While Ethereum's sharp decline has many traders reducing their exposure, Bitmine appears to have doubled down.
These actions by major companies often signal long-term confidence in Ethereum's fundamental principles, regardless of short-term price action. For investors, Bitmine's extended positions have created a counterpoint to the prevailing bearish sentiment, suggesting that deep-pocketed players may be ready for a recovery once the market resets.
ETH tests weekly support as the trend weakens.
Ethereum's weekly chart shows a significant loss of momentum, with the price falling below the 50 SMA and currently sitting just above the 100 SMA near the $2,750-$2,800 region. This area has historically served as important structural support during previous corrections, making the current interaction a critical moment for broader trends. The sharp rejection of the $4,500 level marks one of ETH's steepest weekly declines since 2022, highlighting the intensity of the current sell-off.
The 50 SMA is starting to decline, indicating early signs of a weakening medium-term trend. Meanwhile, the 100 SMA is flattening out, acting as the last dynamic support before the 200 SMA at $2,450, which represents a true long-term bottom. A clean weekly close below the 100 SMA would open the door for a deeper retracement towards that level.
Volumes have increased during recent declines, reflecting forced selling and derivatives-driven liquidation rather than orderly profit-taking. Nonetheless, a long low wick forming near $2,700 suggests that buyers are still attempting to defend the area.
Featured image from ChatGPT, chart from TradingView.com
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