Bitmine Stakes Additional 250,912 Ethereum Worth $745M – 61% Is Now Staked
Ethereum has slipped below the $3,000 level, extending a period of fragile price action as the broader crypto market remains cautious. While spot prices continue to struggle with overhead resistance, on-chain data points to a notable divergence between market sentiment and long-term positioning. According to data from Arkham, Bitmine has staked an additional 250,912 ETH—worth roughly $745 million—over the past 18 hours, adding to an already substantial locked position. From a trend perspective, ETH remains below its key moving averages. The 50-day average has rolled over and sits above the price. Reinforcing short-term bearish pressure, while the 100-day average continues to slope downward. Acting as dynamic resistance near the $3,200–$3,300 area. The 200-day moving average is still rising but flattening. Is positioned higher and signals that long-term trend support has not yet been reclaimed. Until ETH can close decisively above the 50- and 100-day averages, upside attempts are likely to remain corrective rather than impulsive.Related Reading
Volume dynamics add context to this consolidation. Selling pressure during the latest pullback was notable but not extreme, suggesting distribution rather than panic. Since then, volume has contracted, consistent with a market entering a compression phase. This points to indecision rather than aggressive accumulation.
Overall, ETH is consolidating below major resistance while holding a fragile support band near $2,800–$2,900. A sustained loss of this zone would expose downside risk. While any recovery requires a reclaim of key moving averages to shift the structure toward stabilization.
Featured image from ChatGPT, chart from TradingView.com
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