Ethereum News: BitMine Scoops $200M in ETH as Price Risks Major Crash

Source: Coindoo Original Title: Ethereum News: BitMine Scoops $200M in ETH as Price Risks Major Crash Original Link: https://coindoo.com/ethereum-news-bitmine-scoops-200m-in-eth-as-price-risks-major-crash/ Ethereum’s recent price softness hasn’t scared everyone away — in fact, one of its most influential corporate holders has stepped up its accumulation while the rest of the market hesitates.

BitMine, already the largest institutional holder of Ether, boosted its stash this week with close to $200 million worth of fresh ETH purchases.

Key Takeaways

• BitMine strengthened its position as the largest Ether treasury holder with nearly $200M in new buying.
• Mid-sized wallets continue selling into weakness, while big whales show limited action.
• Ethereum trades near $3,000 with RSI and MACD reflecting neutral momentum rather than trend strength.
• Analysts point to the $2,600 zone as a critical support — holding it could spark a reversal, while losing it risks a slide toward $1,500.

Blockchain traces show two major inflows to BitMine-linked wallets — one sourced from a major custodian and another involving a major liquidity provider — totaling more than 64,000 ETH acquired in 48 hours. The most recent batch, roughly 23,000 tokens, was secured on December 6 at slightly above $3,000 each.

This aggressive buying spree lands on top of BitMine’s already massive position. The firm disclosed holding 3.73 million ETH at the end of November, a cache now valued above $11 billion. Alongside Ether, its treasury includes positions in Bitcoin and nearly $1 billion in cash — making BitMine one of the largest corporate digital-asset holders.

Technical Picture: Weakness Meets Accumulation

Ironically, BitMine is buying into a market that looks technically fragile. Ethereum has fallen more than 10% over the past month to around $3,000. The daily RSI hovers in neutral territory — neither oversold nor strong — and MACD momentum is flat, signaling hesitation rather than trend conviction.

On-chain behavior reinforces that uncertainty. Wallets holding between 1 and 10,000 ETH have been net sellers since recent peaks, while whales with more than 10,000 ETH have barely moved, leaving BitMine as the only major player visibly accumulating into weakness, rather than waiting on the sidelines.

Traders Identify Critical Levels Ahead

Market technicians describe Ethereum’s current structure as a decision zone. The argument is that $2,600 is the level that separates recovery from breakdown. Hold it, and price could re-ignite higher. Lose it, and a slide toward $1,500 becomes increasingly likely.

That interpretation aligns with chart compression: ETH is coiling near support boundaries where supply and demand are balanced. If bulls defend $2,600, BitMine’s buying could look prescient. If not, the downturn may deepen before accumulation resumes.

Long-Term Bulls Aren’t Shaken

Despite near-term caution, some analysts believe BitMine’s conviction is rooted in long-horizon projections. Analysts suggest Ethereum could reach significantly higher valuations if Bitcoin reaches higher price targets, and potentially exceed much higher levels if Ethereum’s valuation relationship to Bitcoin strengthens over time amid tokenization demand and institutional adoption.

For now, Ethereum is torn between weak sentiment, neutral indicators, an institutional buyer scooping supply, and a technical battleground at $2,600. Whether the market follows major institutional buyers’ lead or forces another downturn remains to be seen.