BitMine bought $93 million in ETH, but Ethereum price showed limited reaction. The purchase represented one of the larger institutional Ethereum buys in recent weeks. However, the announcement failed to generate sustained upward price movement.
On-chain data suggests some investors likely used the headline as liquidity to reduce exposure. This reaction highlights that the Ethereum price remains more sensitive to broader market cues than individual corporate acquisitions.
Ethereum’s HODL waves provide insight into investor behavior. Short-term holders have matured into mid-term holders, with the 3- to 6-month supply rising by 5% over the past week. This shift indicates investors are waiting rather than exiting positions. Underwater holders appear reluctant to realize losses. Their decision to hold supports price stability.
However, this same caution may be limiting fresh buying activity. Investors are prioritizing recovery confirmation before committing additional capital to ETH.
Ethereum is trading at $1,824 at the time of writing after losing the $1,928 support level. The Parabolic SAR indicator now sits above the candlesticks, signaling a confirmed short-term downtrend. This technical setup suggests sellers currently control momentum.
The next major support for ETH stands at $1,750. A decisive break below that level could expose the cryptocurrency to further downside toward $1,595. The CBD heatmap identifies a significant demand zone between $1,880 and $1,900. If buyers from this zone opt to sell to limit losses, downside pressure could accelerate across spot and derivatives markets.
Conversely, resilience among holders could shift momentum. A rebound toward $1,928 would signal improving structure. Reclaiming that level as support may open ETH’s path toward $2,108. A sustained breakout above that resistance would invalidate the current bearish thesis and restore bullish momentum.
Leave a Reply