- BITMINE just accumulated over $59M in ETH, signaling strong long-term conviction even as technicals still lean bearish.
- Ethereum is testing a major support around $2,800, with deeper backup support at $2,450, while RSI hints at a possible reversal but MACD suggests sellers still lead.
- A clean breakout above the $2,800 zone could set ETH up for a run toward the heavy $4,250 resistance — a level it has failed to break multiple times.
Ethereum (ETH) looks like it’s trying to claw its way back into a healthier uptrend, even though the broader market still feels a bit shaky and, honestly, kind of jumpy. ETH is trading around $2,841.07 at the moment — a clean 4.52% push in the last 24 hours — and that small burst of strength is coming right as interest across the crypto sector starts warming up again.
But the big headline isn’t the price… it’s the wallet movement behind the scenes.
A crypto analyst from Crypto News Hunters flagged that BITMINE just scooped up 21,537 ETH, roughly $59.17 million worth, in one sweep. For a company that already holds heavy exposure to digital assets, doubling down like that signals they’re not just confident — they’re betting that Ethereum’s long-term road, especially with Ethereum 2.0 still rolling out, is worth loading up on while the market hesitates.
Tom Lee, who’s basically known for being persistently bullish on ETH even during its quieter seasons, still stands by the thesis that Ethereum is set to outperform over time. And with more institutional players stepping in, plus ETH cementing itself in DeFi, NFTs, scaling ecosystems, and L2 rollup activity, it kinda makes sense why big buyers are treating dips like opportunities rather than threats.
Ethereum’s Technical Picture: Cautious but not hopeless
Zooming out on the chart, ETH is sitting right above the $2,800 support — a level that’s been tapped multiple times and tends to act like a floor when things get shaky. Stronger support sits deeper at $2,450.24, which is basically the “don’t break this or people will panic” level.
The moving-average ribbon just printed a bearish crossover, which usually hints that downward pressure hasn’t fully burned off yet. If ETH loses $2,800 convincingly, the door opens toward a retest of the lower support.
RSI is chilling near 39.89, hovering close to oversold territory. That can sometimes hint at a reversal brewing. But… MACD is firmly bearish with the MACD line dragging under the signal line, which tells us sellers still have the wheel for now unless something shifts fast.
ETH Could Be Setting Up for the Big Move Toward $4,250
Another analyst, CRYPTOWZRD, pointed out that ETH keeps slamming into resistance at $4,250 — and every attempt has been swatted down. Sellers are stacked thick at that zone, almost like they’ve built a wall right across the chart.
For now, that resistance defines the upper boundary of the range. If ETH stays pinned under it, traders should expect more sideways chop or minor corrections.
The important thing? The $2,800 support is still the level the market is watching. It’s the line where buyers previously stepped in with conviction, and ETH is testing it again. If price can break upward from this zone cleanly, the path becomes much clearer for a move toward $4,250 — this time with enough momentum to challenge that ceiling for real.
If ETH loses the level, though… the correction toward $2,500–$2,450 becomes the next logical move.
