Ethereum fell below the $3,000 level, extending a period of weak price action as the broader crypto market remains cautious. While prices continue to struggle with overhead resistance, on-chain data points to a significant difference between market sentiment and the long-term outlook. According to data from Arkham, Bitmine added an additional 250,912 ETH—worth about $745 million—in the past 18 hours, adding to the already closed pool.
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The move brings renewed attention to the behavior of large, powerful players during periods of price weakness. The underlying function of this standard suggests that some stakeholders are prioritizing yield generation and long-term exposure over short-term price volatility. Rather than distributing holdings in market circles, these businesses choose to remove supply from circulation, strengthening liquidity while accepting reduced volatility.
The contrast is remarkable. Ethereum’s price is trading below a key psychological threshold, yet capital continues to flow into contracts affected by the rate. This shift highlights the growing role of Ethereum’s proof-of-stake model structure, where investment decisions are increasingly driven by network participation and returns such as cash flow, not just value appreciation.
With Ethereum rallying below $3,000, the key question is whether continued demand for the stake can offset weak local momentum, or if the price will need to stabilize further before confidence returns to the broader market.
Multi-Scale Staking Strengthens Liquid Ethereum Supply
According to data from Arkham, Bitmine now has a value of 2,582,963 ETH, which is approximately $7.67 billion. This represents about 61% of its total Ethereum value, a level that emphasizes that aggressive large holders make more money from long-term network participation than maintaining liquid exposure.
This behavior is especially noteworthy given the current market situation. Ethereum remains below the $3,000 level, volatility is high, and valuation metrics suggest a weak position among short-term traders. Despite this, Bitmine’s decision to hold a large portion of its ETH shows a clear preference for generating yield and efficiency of the sheet over strategic trading. Staking effectively removes ETH from active circulation, strengthening the available supply and suppressing selling pressure on these large wallets.
At the same time, the rates of Ethereum kept in the exchange continued to have a downward trend, which reinforces the image of restricted liquidity. Although a drop in exchange rates does not guarantee a rise in prices, it does suggest that fewer coins are readily available to meet the sudden demand for sales. In this situation, price action becomes more sensitive to small flows, especially in times of stress or renewed demand.
The combination of large and declining exchanges points to a market where long-term holders are closing in. Even if it is a temporary feeling you are always alert. Whether this tightening of the supply structure translates into price support will depend on broader risk factors and the recovery of sustained local demand.
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ETH Consolidates Under Critical Movement Rates
Ethereum price action shows a market caught between weak momentum and an attempt to stabilize after a long correction. On the daily chart, ETH is trading near the $2,900–$3,000 area, a level that has served as psychological support and a pivot point in recent weeks. The rejection from higher levels earlier in the quarter ensured a clear sequence of lower highs, which kept the broader structure tilted to the downside.
From a trend perspective, ETH remains below its key moving averages. The 50-day moving average has passed and remains above the price. Intensifying short-term bearish pressure, while the 100-day moving average continues to decline. It acts as strong resistance near the $3,200–$3,300 area.
The 200-day moving average is still up but lower. It is set high and indicates that the support of the long-term trend has not been rediscovered. Until ETH can close firmly above the 50- and 100-day moving averages, upside efforts may remain corrective rather than impulsive.
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The power of volume adds context to this combination. Selling pressure during the recent pullback was noticeable but not extreme, suggesting a spread rather than a panic. Since then, the volume has contracted, in line with the market entering a pressure phase. This points to resilience rather than brutal accumulation.
Overall, ETH is consolidating below major resistance while holding a fragile support band near $2,800–$2,900. Continued loss of this area will expose the lower risk. Although any recovery requires a retracement of key moving averages to change the structure to stability.
Featured image from ChatGPT, chart from TradingView.com
