Ethereum is under selling pressure once again, testing a critical support level as the broader crypto market continues to struggle for bullish momentum. Altcoins are losing strength across the board, and growing concern among traders has fueled renewed talk of a potential bear market. The recent downturn has pushed Ethereum closer to its key technical levels, with investors closely watching whether it can maintain support or if another leg down is imminent.

However, not everyone is bearish. On-chain data from Lookonchain reveals that Bitmine, one of the largest Ethereum holders, just made a massive purchase — acquiring 63,539 ETH worth approximately $251.6 million. Large, timely purchases during drawdowns don’t guarantee a reversal, but they often reveal where deep-pocketed participants think value sits. At a minimum, it injects fresh demand at a moment when sentiment is fragile and reactive.

From here, the tape matters. If ETH can hold this support and compress into a higher low, the market may start to treat the recent selloff as a shakeout rather than a regime shift. Lose it decisively and the “bear market” calls will likely get louder. For now, Ethereum sits at a crossroads—pressure building, skepticism rising, and one sizable buy hinting that the story isn’t finished yet.

Bitmine Adds Ethereum Amid Market Weakness

According to Lookonchain, Ethereum whale Bitmine made a major move just eight hours ago — three newly created wallets received a total of 63,539 ETH, worth approximately $251.6 million, from Kraken and BitGo. The on-chain activity sparked renewed discussion among analysts, as such large-scale transfers during a period of selling pressure often reflect institutional accumulation rather than routine repositioning.

This addition pushes Bitmine’s holdings to 3,299,553 ETH, valued at around $13.07 billion, representing roughly 2.73% of Ethereum’s total circulating supply. The sheer scale of this position places Bitmine among the most influential holders of ETH, capable of impacting both sentiment and liquidity across the network. Analysts often interpret these types of movements as confidence signals, particularly when they occur in periods of heightened volatility.

At a time when Ethereum is struggling to maintain key support levels and broader market confidence is fragile, such accumulation could serve as a stabilizing force — or at least a psychological one. Historically, similar whale activity has preceded local price recoveries as supply tightens and market participants reassess short-term bearish bias.

Still, the broader context cannot be ignored. Ethereum remains vulnerable to macro headwinds, and on-chain flows alone may not offset systemic selling. What’s clear, however, is that Bitmine’s latest accumulation stands out as a show of conviction — an assertive move that suggests some large holders still view current price levels as a long-term opportunity rather than a signal of deeper decline.

Testing A Pivotal Price Level

On the 3-day chart, Ethereum (ETH) is attempting to stabilize after a period of sharp selling pressure, currently trading around $3,871. The broader structure still shows an uptrend, but recent candles reveal a clear slowdown in bullish momentum. After peaking near $4,800, ETH entered a correction that brought price back toward the 50-period moving average (blue line), which now serves as a key short-term support level.

This zone has historically acted as a pivot during mid-cycle consolidations, and holding above it would keep Ethereum within a healthy market structure. However, if ETH loses this level, the next significant support lies between $3,400 and $3,500, where the 100-period (green) and 200-period (red) moving averages converge — an area that often attracts long-term buyers.

To the upside, 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 paints a picture of short-term weakness within a broader bullish framework. Ethereum’s ability to defend its mid-range support will determine whether this correction evolves into accumulation or signals the start of a deeper market retrace.