Ethereum continues to struggle to regain bullish momentum as apathy and sustained selling pressure dominate the broader crypto market. Price movement remains subdued as ETH fails to sustain above key resistance levels, reinforcing the perception that investors remain cautious.
Many analysts argue that the market has not yet fully reset, pointing to lower risk appetite, lower liquidity and lack of strong spot demand. As a result, Ethereum, like most major assets, remains stuck in a consolidation phase characterized by more hesitation than conviction.
Despite this bleak backdrop, there is a growing group of optimists who believe that Ethereum may be nearing the bottom of its economic cycle. Their view is based less on short-term price movements and more on structural and behavioral signals that tend to emerge late in a bear phase. One of the most notable developments comes from on-chain data.
According to Arkham data shared by Lookonchain, Bitmine acquired an additional 32,938 ETH worth approximately $97.6 million just a few hours ago. Bitmine is a large institutional investor in Ethereum, known for accumulating ETH on a large scale and deploying it for staking and long-term strategies rather than short-term trading. With this latest purchase, Bitmine now holds approximately 3.357 million Ethereum worth approximately $10 billion, making it one of the largest known Ethereum holders.
Bitmine strengthens its long-term commitment
Ethereum’s short-term price performance remains fragile, but institutional investor behavior continues to diverge from market sentiment. According to Arcam data reported by Lookonchain, Bitmine has staked an additional 118,944 ETH (worth about $352.16 million) in the past few hours. This move follows Bitmine’s recent spot accumulation, reinforcing a long-term positioning strategy rather than a short-term speculative approach.
Staking at this scale effectively removes large amounts of ETH from liquid circulation, tightening the available supply on exchanges. Unlike sending money to a centralized platform, staking reflects a strong belief in prioritizing revenue generation and long-term network participation over immediate liquidity.
For analysts tracking structural supply dynamics, this move stands in sharp contrast to current price trends, which continue to show limited bullish follow-through.
Despite this progress, the broader market remains unconvinced. Ethereum is struggling to regain key resistance levels and momentum indicators are still showing weakness. As a result, analysts are increasingly divided when assessing the outlook for 2026.
Some interpret the ongoing institutional accumulation and staking as early positioning ahead of a long-term recovery cycle. Some have warned that macro uncertainty, weak demand, and continued risk aversion could cause ETH to remain range bound for longer than expected or come under pressure.
In this context, Bitmain’s actions stand out as a signal of long-term confidence, but not necessarily an immediate catalyst. For now, Ethereum’s price remains depressed, but behind-the-scenes strategic moves continue to quietly reshape the supply landscape.
Ethereum remains range-bound below key resistance levels
Ethereum continues to trade in a consolidation range, with the price hovering around the $3,000 zone after failing to regain higher levels. The chart shows ETH capping out below the declining 100-day and 200-day moving averages, which are currently acting as dynamic resistance near the $3,400 to $3,600 area. This consolidation reinforces the broad bearish structure that has been in place since the November breakdown.
After peaking at around $4,800 early in the cycle, ETH entered a clear downtrend characterized by falling highs and increased sell-side trading volume during corrections. A sharp decline into late November pushed the price to around $2,800, with buyers stepping in to protect support. Since then, Ethereum has stabilized but failed to generate sustained upward momentum, suggesting demand remains cautious rather than aggressive.
Volume has declined significantly during the recent rally, indicating a lack of strong conviction from buyers. This behavior is typical during late correction phases, when prices are compressed while market participants wait for clearer signals. As long as ETH remains below its 200-day moving average, any attempt to move higher is likely to face selling pressure.
On the downside, the $2,800-$2,900 zone stands out as an important support area. A clean break below this range increases the risk of a deeper retracement. Conversely, a return to $3,300 on strong volume would be the first sign that Ethereum is moving out of its current correction structure.
Featured image from ChatGPT, chart from TradingView.com
