Bitmine Buys 44,036 Ethereum Worth $166M During Market Dip – Details

Ethereum (ETH) remains under pressure, trading below the $4,000 mark as bulls attempt to reclaim control following weeks of post-crash ￰0￱ sharp sell-off on October 10 not only flushed leveraged positions across the market but also disrupted the uptrend ETH had been building throughout the ￰1￱ then, price action has weakened, and momentum has shifted toward the downside, raising concerns among analysts that a deeper correction could unfold if buyers fail to defend key demand levels in the days ￰2￱ Reading: $780M Worth of Ethereum Pulled From Exchanges – Biggest Withdrawal Spike in Weeks Despite these technical challenges, on-chain and institutional flow data tell a different story beneath the surface.

Large-scale investors — including funds, corporate entities, and crypto-native institutions — continue to accumulate ETH during the ￰3￱ divergence between price weakness and institutional accumulation creates a pivotal setup for ￰4￱ ETH can stabilize and reclaim the $4,000 threshold, it may re-ignite bullish ￰5￱ failure to hold support could open the door to further downside before a sustainable recovery ￰6￱ Adds ETH as Institutional Accumulation Climbs According to data tracked by Lookonchain, institutional player Bitmine has continued its aggressive accumulation ￰7￱ 44,036 ETH — worth approximately $166 million — during the recent market ￰8￱ purchase lifts Bitmine’s total holdings to roughly 3.16 million ETH, valued at around $12.15 billion, reinforcing the company’s position as one of the largest Ethereum holders ￰9￱ sizeable buying activity during periods of price weakness highlights a notable divergence between institutional behavior and short-term market ￰10￱ retail traders and leveraged participants may be shaken by Ethereum’s inability to reclaim the $4,000 level, long-horizon buyers appear ￰11￱ them, price dips represent accumulating opportunities rather than reasons for ￰12￱ duality is becoming increasingly evident across the market: spot inflows, exchange outflows, and whale accumulation metrics all point to growing long-term conviction, even as the chart reflects hesitation and downward ￰13￱ divergence underscores a familiar pattern in crypto market ￰14￱ action often lags underlying fundamentals, particularly during transitional phases where macro catalysts and liquidity shifts are still being ￰15￱ remains structurally supported by rising institutional participation, increasing staking demand, and expanding Layer-2 ecosystems — all of which strengthen its long-term investment ￰16￱ Reading: Bitcoin Records Over $300B Spot Volume In October – Investors Shift Away From Leverage Ethereum Tests Key Support Ethereum (ETH) is trading around $3,847, testing a critical support zone after failing to hold above $4,000 and rejecting from the $4,200 resistance area earlier this ￰17￱ daily chart shows ETH breaking below both the 50-day (blue) and 100-day (green) moving averages, signaling weakening momentum and a shift toward a more defensive market ￰18￱ breakdown places increased pressure on bulls to defend the $3,800 region — a level that has repeatedly acted as a pivot point over the past two ￰19￱ ETH loses this support, the next meaningful demand zone lies near $3,500, followed by the 200-day moving average around $3,200, which would serve as a deeper structural retest within the longer-term ￰20￱ now, however, ETH remains above its long-term trend line, meaning the broader bullish structure is intact despite short-term ￰21￱ Reading: Ethereum ICO Whale Awakens After 8 Years – 1,500 ETH Sent to Kraken After 8 Years On the upside, bulls need to reclaim $4,000 and then $4,150–$4,200 to revive bullish momentum and break the series of lower highs forming since ￰22￱ that happens, price action favors consolidation and ￰23￱ macro shifts underway and institutional accumulation rising, Ethereum’s chart suggests a wait-and-see phase, where holding support becomes crucial before any renewed upside ￰24￱ image from ChatGPT, chart from ￰25￱