After a sharp selloff, Ethereum has fallen below the $2,800 milestone, deepening market anxiety and raising new questions about whether a broader bearish phase is on the horizon. This decline has undermined bullish momentum, with buyers struggling to defend key support levels as selling pressure accelerates in both spot and derivatives markets.
Sentiment is rapidly deteriorating, and several analysts have begun openly discussing the possibility of a continued bear market if ETH does not stabilize soon.
But as the panic grows, notable adverse signals continue to draw attention. It is a continuous accumulation of Bitmines. Despite the drop in ETH, the company has repeatedly added to its holdings, purchasing thousands of ETH over the past few weeks. Bitmine’s sustained buying behavior suggests that at least some major players view the current correction as an opportunity rather than a risk.
For investors looking for signs of resilience, Bitmine’s actions provide a point of cautious optimism. Although the macrostructure remains weak and the downtrend is sustained, steady accumulation by institutional buyers provides potential support, increasing the likelihood of a rebound forming once selling pressure subsides.
Bitmine expands Ethereum’s juggernaut status
According to Arkham on-chain data shared by Lookonchain, Bitmine continues 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 repeated inflows over the past few weeks and strengthens the company’s confidence even as Ethereum trades near multi-month lows. Bitmine’s willingness to continue adding even during times of volatility makes 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, worth approximately $9.6 billion at current prices. This positions the company as one of the largest known ETH holding institutions, and its continued accumulation stands in sharp contrast to the widespread atmosphere of fear and defensiveness. While many traders are reducing their exposure in the wake of Ethereum’s sharp selloff, Bitcoin appears to be doubling down.
Such actions by leading companies often indicate long-term confidence in Ethereum’s fundamentals, regardless of short-term price movements. For investors, Bitmine’s position expansion creates a counter-narrative to the prevailing bearish sentiment and suggests that deep-pocketed players may be preparing for a recovery once the market reset is complete.
ETH tests weekly support as trend weakens
Ethereum’s weekly chart shows that the price has fallen below the 50 SMA and is currently sitting just above the 100 SMA around $2,750 to $2,800, indicating a significant loss of momentum. This zone has historically served as an important structural support during previous corrections, making the current interaction a critical moment for broader trends. The sharp rejection from the $4,500 level marks one of ETH’s sharpest weekly declines since 2022 and highlights the intensity of the current decline.
The 50 SMA is starting to curve downward, showing early signs of medium-term trend weakness. Meanwhile, the 100 SMA has flattened out, acting as the last dynamic support before the 200 SMA at $2,450, which represents the true long-term lower bound. A clean weekly close below the 100 SMA would open the door for a deeper retracement towards that level.
Volume has increased during the recent selloff, but this reflects forced selling and derivative-driven liquidations rather than orderly profit-taking. Nevertheless, the long bottom core forming around $2,700 suggests that buyers are still trying to protect this area.
Featured image from ChatGPT, chart from TradingView.com
