Ethereum (ETH) Price: Bitmine Adds $166 Million ETH During Market Pullback

TLDR

• Ethereum traded at $3,822.60 with volume up 19% above the seven-day average
• Institutional player Bitmine purchased 44,036 ETH worth $166 million during the recent price dip
• Analyst Michaël van de Poppe predicts ETH could push toward a new all-time high above $5,000
• Price rejected at the $3,860-$3,880 resistance band and dropped to $3,820 in the final hour
• Bitmine now holds approximately 3.16 million ETH valued at around $12.15 billion

Ethereum gained 1.50% to reach $3,822.60 on Thursday as trading volume ran 19.01% above the seven-day average. The price moved from $3,771.27 to $3,822.78 inside a $193.66 range during the session.

The cryptocurrency printed higher lows through most of the trading day. At 2 p.m. UTC, ETH pushed through $3,860 with 446,700 in volume, reaching a session high of $3,887.35.

However, the advance met resistance at the $3,860-$3,880 band. In the final hour, ETH dropped 1.30% from $3,869 to $3,820 on 21,800 in volume. This created a lower high near $3,865 and left the price in a tighter trading range.

Support currently sits at the $3,680-$3,720 zone that caught weakness earlier in the session. The $3,860-$3,880 band now serves as resistance, with $3,880 marking a psychological level. Trade has clustered between $3,730 and $3,880 after the upper band test.

Institutional Buying Continues

Institutional investor Bitmine purchased 44,036 ETH during the recent market pullback, according to data from Lookonchain. The purchase was worth approximately $166 million.

This brings Bitmine’s total holdings to roughly 3.16 million ETH. The company’s ethereum position is now valued at around $12.15 billion, making it one of the largest ETH holders globally.

The large-scale buying during price weakness shows a difference between institutional behavior and short-term market sentiment. While ETH struggles to reclaim the $4,000 level, long-term buyers continue accumulating.

Spot inflows, exchange outflows, and whale accumulation metrics all point to growing conviction among major holders. This pattern suggests institutional participants view current prices as accumulation opportunities.

Analyst Predicts $5,000 Target

Crypto analyst Michaël van de Poppe stated on X that Ethereum is the best ecosystem to invest in. He said ether is near a push to a new all-time high above $5,000.

Van de Poppe argues that developer activity, products, and network effects make the ethereum ecosystem attractive. He believes price action is approaching the kind of strength seen before record highs.

For a run at record territory, Ethereum would first need to reclaim $3,880. Follow-through above the $3,887.35 session high would show control shifting back to buyers near the top of the current range.

Technical Picture Shows Mixed Signals

The daily chart shows ETH breaking below both the 50-day and 100-day moving averages. This breakdown signals weakening momentum and increased pressure on bulls to defend the $3,800 region.

If ETH loses this support, the next demand zone lies near $3,500. The 200-day moving average sits around $3,200, which would serve as a deeper test within the longer-term uptrend.

On the upside, bulls need to reclaim $4,000 and then $4,150-$4,200 to revive momentum. Until that happens, price action favors consolidation.

The pattern shows an uptrend with higher lows built during the advance, but the lower high into the close warns sellers remain active near the top of the range. With demand showing up on dips and supply at $3,860-$3,880, the range of $3,730-$3,880 frames the near-term map.

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