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Ethereum continues to struggle as it fights to stay above the $2,800 level after a steep market correction. The asset has now lost more than 45% of its value since late August, shifting market sentiment sharply toward fear and uncertainty. Liquidity across major exchanges has thinned, sell pressure remains elevated, and confidence among retail traders has dropped to new lows. Despite this turbulent environment, one major player is leaning in rather than stepping away: Tom Lee’s Bitmine.
Fresh on-chain data shows that Bitmine is aggressively accumulating Ethereum at current discounted prices, suggesting strong long-term conviction even as the broader market retreats. This divergence between whale accumulation and retail panic is becoming more visible and may influence ETH’s next major trend shift.
Bitmine Expands Its Holdings With Another 28,625 ETH Purchase
According to data from Lookonchain, Bitmine has purchased an additional 28,625 ETH, valued at approximately $82.1 million. This buy adds to the firm’s ongoing accumulation campaign, which has continued throughout Ethereum’s downturn. While most traders are reducing exposure or exiting positions, Bitmine has steadily increased its holdings, reinforcing the narrative that informed players view the current dip as a long-term opportunity.
Large-scale acquisitions during deep corrections have historically aligned with bottom-forming zones in major crypto cycles. Although this does not confirm a reversal, Bitmine’s aggressive posture is a notable bullish signal, especially at a time when broader sentiment remains overwhelmingly negative.
However, ETH’s technical structure has not yet confirmed a rebound. The asset continues to hover around the fragile $2,800 support zone, showing hesitation from buyers who have not yet regained control. For a meaningful shift in momentum, Ethereum must hold this level and reclaim the $3,000 resistance, which has turned into a major barrier after the recent selloff.
Market Sentiment Weakens as Ethereum Struggles Near $2,800
The broader environment around Ethereum remains challenging. After the steep pullback from the $4,800 region, ETH lost key support areas one after another, turning many short-term traders bearish. Liquidity pockets on exchanges have dried up, making the market more volatile and susceptible to sharp moves in either direction.
Retail sentiment has flipped decisively negative, with many traders preparing for a prolonged downtrend. This stands in stark contrast to Bitmine’s steady accumulation, creating an unusual split between what whales expect and what the broader market fears.
While Bitmine’s purchases reflect confidence, Ethereum’s price needs structural confirmation before a bullish reversal becomes realistic. Unless ETH can break back above $3,000 with strong volume, downside risk remains in play.
Testing a Major Long-Term Support Near the 200-Week MA
On the weekly chart, Ethereum is currently positioned at one of its most important long-term support zones. The $2,800 region aligns closely with the 200-week moving average, a level historically known for providing strong support during market bottoms.
This same area acted as a launchpad for major recoveries during the 2022 bear market and again in mid-2023. Ethereum’s ability to stabilize here could determine the pace and direction of its next macro move.
However, the recent breakdown below the 50-week and 100-week moving averages highlights the strength of the current downtrend. Multiple large red weekly candles signal aggressive distribution over the past several weeks.
Even so, ETH’s effort to hold above the 200-week MA suggests that buyers are finally stepping in to slow the decline. If this level holds, Ethereum may enter a consolidation phase before attempting a broader recovery.
Can Ethereum Reclaim $3,000 and Reverse the Downtrend?
To build a meaningful recovery structure, Ethereum must first defend the $2,800 support zone. A steady hold here, followed by a decisive move above $3,000, would signal rising confidence among buyers and could attract fresh inflows back into the market.
A successful reclaim of $3,000 would also convert this level back into support, opening the door for a push toward $3,250 or even higher over the coming weeks. Such a move would validate Bitmine’s accumulation strategy and potentially encourage other large holders to follow suit.
However, if ETH fails to defend the 200-week MA, the next major support levels sit around $2,400 and $2,550, where buyers could attempt to re-establish control. A breakdown below these zones would likely signal a more prolonged correction phase for Ethereum.
Final Outlook
Ethereum currently sits at a crossroads. Retail sentiment remains fearful, liquidity is low, and the broader market structure is still bearish. Yet whale accumulation — especially from major players like Bitmine — tells a different story. This growing divide between retail panic and institutional confidence highlights the uncertainty defining the current market cycle.
If Ethereum holds $2,800 and breaks above $3,000, the early signs of a reversal could begin to appear. Until then, the market remains finely balanced between capitulation risk and potential early-stage recovery.
