Ethereum is trading near $2,940 after another failed attempt to reclaim short-term resistance, and remains capped below key EMAs as momentum stalls. The price is compressing in a narrow range between $2,850 support and $3,000 resistance, suggesting a breakout may be imminent. Bitmine has stepped up on-chain activity, staking hundreds of thousands of ETH as supply tightens.
Bitmine, the Fundstrat-backed firm linked to Tom Lee, recently staked 342,560 ETH, roughly $1 billion at current prices. The deposits were structured, deliberate, and routed through batch contracts in repeated tranches of 28,320 ETH. Around the same time, SharpLink Gaming redeemed 35,627 ETH, roughly $104 million; even accounting for that redemption, staking inflows remained dominant. This matters because staking immediately removes ETH from liquid circulation, reducing available supply at a time when price action is coiling.
On the daily chart, ETH remains below its 20-day and 50-day EMAs, with the 50-day EMA around $3,138 acting as the first meaningful upside barrier. More broadly, the 100-day and 200-day EMAs cluster near $3,350 to $3,380, defining the longer-term ceiling. Price action has compressed into a narrowing range since the recent decline, with the descending trendline from the October highs keeping a lid on a fresh high. RSI near the mid-40s reflects a balance, while momentum is stalled, increasing the odds of a future expansion either higher or lower.
In the near term, price dynamics will depend on whether buyers can push above key resistance levels; the 2-hour view shows near-term consolidation below $3,000. The bullish scenario envisions a daily close above $3,140 to reclaim the 50-day EMA, with a break above $3,350 opening the door for a broader trend reset. The bearish path would see a break below $2,850, exposing targets around $2,770 and $2,650. While staking is tightening supply, confirmation of a sustained move higher will hinge on price action and flows aligning in the same direction.
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