Ethereum reclaimed the $3,000 level after the market reacted strongly to improving macro conditions, offering investors a much-needed change in momentum. The move comes just days after the Federal Reserve officially ended quantitative tightening (QT), a policy change that immediately increased liquidity expectations for all risky assets. With markets now pricing in an imminent interest rate cut, confidence has begun to return, and ETH is one of the first major assets to react.

This rebound reflects more than just macro relief. According to Arkham data shared by Lookonchain, Bitmine continues to accumulate Ethereum at current prices, adding to bullish sentiment at a time when many traders remain cautious. Bitmine’s steady buying throughout the correction has become one of the most influential signals for on-chain analysts, suggesting that immense players see long-term value even as the market struggles with volatility.

The $3,000 recovery puts Ethereum back above a key psychological level, and the combination of supportive macro policy and whale accumulation provides a stronger foundation than the market had just a few weeks ago.

Bitmine and linked wallets expand Ethereum holdings

According to data from Arkham, as reported by Lookonchain, just a few hours ago Bitmine purchased another 18,345 ETH worth approximately $54.94 million. This marks another major purchase in the growing series of aggressive accumulation moves that Bitmine has made during the correction. Their continued willingness to buy at current levels signals sturdy confidence in Ethereum’s long-term value, even as the market experiences increased volatility.

Shortly after this report, Lookonchain drew attention to the activity of the newly created wallet 0x52B7, which withdrew 30,278 ETH worth $91.16 million from Kraken. The size and timing of the payout have led analysts to speculate that the wallet could be linked to Bitmine or be part of a broader accumulation strategy.

Huge exchange withdrawals usually indicate that the owner intends to hold the asset off the exchange, often for long-term holding or staking, rather than preparing for sale.

If the wallet is indeed connected to Bitmine, their latest total accumulation will be almost 50,000 ETH in a single day. This behavior suggests strategic positioning ahead of potential macro-driven economic growth or internal confidence in Ethereum’s recovery.

This type of synchronized whale activity often precedes significant price movements, reinforcing the view that immense players are preparing for a stronger market phase.

ETH Reclaims $3,000 But Still Faces Key Resistance

Ethereum’s 3-day chart shows clear improvement after regaining the $3,000 level, but the broader trend still shows signs of fragility. The recent rebound followed a deep corrective move that pushed ETH from the $4,500 region down to the $2,700-$2,800 support zone where buyers finally stepped in with confidence. The sturdy lower wicks in this area confirm that demand remains vigorous, but Ethereum has not yet fully regained its bullish structure.

The price is currently just below the 50 SMA, which is located near the $3,100-$3,150 zone – an critical short-term resistance level. A clear break above this moving average would mean a restoration of momentum and enhance the chances of a retest of the USD 3,400-3,600 range. Meanwhile, the 100 SMA and 200 SMA remain slightly above the price, reflecting the broader downtrend that has dominated since September.

Volume has increased slightly during the recovery, but remains petite compared to the sales spikes seen during downturns. This indicates cautious buying rather than aggressive accumulation at these levels. To confirm a trend reversal, ETH needs to close above the 50 SMA and then challenge the resistance cluster around $3,200-$3,300.

Featured image from ChatGPT, chart from TradingView.com