Ethereum has fallen below the $2,800 mark after a sharp and sudden decline, deepening market anxiety and raising fresh questions about whether a broader bearish phase may be emerging. The drop has undermined bullish momentum, with buyers struggling to defend key support levels as selling pressure accelerates across both spot and derivatives markets.

Sentiment has deteriorated quickly, and several analysts are beginning to openly discuss the possibility of a sustained bear market if ETH fails to stabilize soon.

Yet amid the growing panic, a notable counter-signal continues to attract attention: Bitmine’s ongoing accumulation. Despite ETH’s decline, the firm has repeatedly added to its holdings, purchasing thousands of ETH over the past several weeks. Bitmine’s persistent buying behavior suggests that at least some large players still view the current correction as an opportunity rather than a risk.

For investors searching for signs of resilience, Bitmine’s actions have become a point of cautious optimism. While the macro structure remains fragile and the downtrend intact, steady accumulation from an institutional buyer provides a potential anchor of support — and raises the possibility that a rebound could form once selling pressure exhausts.

Bitmine Expands Its Massive Ethereum Position

According to on-chain data from Arkham, shared by Lookonchain, Bitmine has continued its aggressive accumulation strategy, purchasing an additional 7,080 ETH—worth approximately $19.8 million—just a few hours ago.

This latest buy adds to a series of repeated inflows over the past several weeks, reinforcing the firm’s conviction even as Ethereum trades near multi-month lows. Bitmine’s willingness to keep adding during periods of heightened volatility has become one of the most notable accumulation trends in the market.

With this purchase, Bitmine’s total Ethereum holdings have climbed to roughly 3.43 million ETH, now valued at around $9.6 billion at current prices. This positions the firm as one of the largest known institutional holders of ETH, and its continued accumulation stands in sharp contrast to the broader atmosphere of fear and defensive positioning. While many traders are reducing exposure amid Ethereum’s sharp decline, Bitmine appears to be doubling down.

Such behavior from a major entity often signals longer-term confidence in Ethereum’s fundamentals, regardless of short-term price action. For investors, Bitmine’s expanding position has created a counter-narrative to prevailing bearish sentiment, suggesting that deeper-pocketed players may be preparing for a recovery once the market finishes resetting.

ETH Tests Weekly Support as Trend Weakens

Ethereum’s weekly chart shows a significant loss of momentum, with price breaking below the 50 SMA and now sitting directly on top of the 100 SMA near the $2,750–$2,800 region. This zone has historically served as an important structural support during prior corrections, making the current interaction a critical moment for the broader trend. The sharp rejection from 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 has begun to curl downward, signaling early signs of medium-term trend weakness. Meanwhile, the 100 SMA is flattening, acting as the last dynamic support before the 200 SMA at $2,450, which represents the true long-term floor. A clean weekly close below the 100 SMA would open the door to a deeper retracement toward that level.

Volume has increased during the recent decline, reflecting forced selling and derivatives-driven liquidations rather than orderly profit-taking. Despite this, the long lower wicks forming near $2,700 suggest buyers are still attempting to defend the area.

Featured image from ChatGPT, chart from TradingView.com

Ethereum has reclaimed the $3,000 level after weeks of heavy selling pressure, yet the recovery remains fragile as momentum continues to fade. The market is still dominated by fear, and confidence among retail traders has weakened significantly.

Analysts warn that bulls are losing control of the trend, and some are beginning to call for the early stages of a potential bear market. With Ethereum trading nearly 40% below its August all-time high, every move upward is being met with hesitation, and the broader market environment has yet to stabilize.

Despite this uncertainty, large players continue to accumulate ETH, offering a contrasting signal to the prevailing bearish sentiment. According to new data from Lookonchain, Bitmine has been consistently buying Ethereum during this downturn, showing no signs of slowing its accumulation strategy.

This persistent interest from large holders suggests that institutional and high-net-worth buyers may still see long-term value at current levels, even as short-term traders remain cautious.

Bitmine Deepens Accumulation as Ethereum Struggles for Momentum

Lookonchain reports that Bitmine has continued its aggressive accumulation strategy, purchasing another 14,618 ETH—worth roughly $44.34 million—a few hours ago. This new acquisition further strengthens Bitmine’s already massive Ethereum position, which now totals 3.436 million ETH. At current prices, their holdings are valued at approximately $10.39 billion, underscoring their long-term conviction despite the ongoing market turbulence.

This level of accumulation from a major player stands in sharp contrast to the broader sentiment across the market, where uncertainty and fear persist. Retail investors remain cautious, and many analysts argue that Ethereum’s failure to reclaim momentum above $3,000 signals a weakening trend.

However, Bitmine’s continued purchases suggest a fundamentally different outlook—one rooted in long-term valuation rather than short-term volatility.

Large, disciplined buyers often accumulate in periods of market weakness, viewing discounted prices as strategic entry points. Bitmine’s behavior mirrors this pattern and could indicate expectations of higher prices in the months ahead.

Still, for Ethereum to benefit from this institutional confidence, it must stabilize and build a stronger support base. The coming weeks will reveal whether this sustained whale demand will outweigh broader selling pressure and help ETH break out of its current downtrend.

ETH Attempts Recovery but Faces Strong Resistance

Ethereum is attempting to recover after weeks of sustained selling pressure, reclaiming the $3,000 level but still struggling to build meaningful momentum. The chart shows ETH bouncing from the recent low near the mid-$2,600s, where a cluster of demand emerged and halted the sharp decline.

However, despite this rebound, Ethereum remains below all three major moving averages—the 50-day, 100-day, and 200-day—which now act as layered resistance zones.

The 50-day SMA is trending downward and has already crossed below the 100-day SMA, signaling a weakening market structure. Meanwhile, the 200-day SMA sits slightly above current prices, reinforcing the idea that ETH is still in a vulnerable position. Price action remains choppy, with lower highs forming consistently since the peak in early October, reflecting persistent bearish control.

Volume patterns also confirm this cautionary picture. While the recent bounce came with a modest increase in buying activity, it is still far weaker than the selling volume observed during the November capitulation. For a meaningful trend reversal, ETH must break above the $3,300–$3,400 region, reclaim its moving averages, and establish a higher low.

Featured image from ChatGPT, chart from TradingView.com