Ethereum is trading at critical price levels after plummeting 10% from $4,750, reflecting growing uncertainty in the broader cryptocurrency market. The recent correction has pushed ETH towards the $4,300 support zone, a level that bulls are fiercely defending to prevent a deeper pullback. Despite the pullback, on-chain data suggests enormous holders remain confident, signaling that this decline may be part of a robust market reset rather than the start of a downtrend.
According to the latest data, Bitmine continues to accumulate ETH aggressively, expanding its holdings even with price fluctuations. This steady influx of institutional players highlights mighty confidence in Ethereum’s long-term fundamentals, especially as the network maintains its dominance in DeFi and shrewd contract activity.
Still, sentiment among retail traders remains mixed. Some fear that continued weakness below $4,300 could trigger another wave of selling pressure, while others see it as a potential opportunity to accumulate before the next major move. Once Ethereum stabilizes at these levels, the coming days will be crucial in determining whether the market returns to its bullish momentum or enters a prolonged consolidation phase amid increased volatility.
Ethereum accumulation continues and Bitmine strengthens its position
According to data shared by Lookonchain, institutional accumulation around Ethereum remains mighty despite recent market volatility. Just a few hours ago, Bitmine received another 23,823 ETH (worth $103.68 million) from BitGo, which represents another significant capital inflow. The move comes just two days after Bitmine acquired 20,020 ETH ($89.7 million) via FalconX, highlighting their consistent strategy of building exposure during price declines rather than chasing price increases.
Such accumulation patterns are often seen as a sign of confidence in Ethereum’s long-term fundamentals, particularly from institutional investors who view ETH as a fundamental asset in the broader digital economy. While near-term sentiment remains cautious following the recent correction, these inflows suggest that the shrewd money still sees value around current prices.
The coming days will be critical for Ethereum’s technical structure. Bulls need to defend the $4,300 support zone to maintain momentum and begin a potential rebound towards the $4,600-$4,750 resistance area. A mighty defense here could pave the way to a up-to-date record high, confirming renewed investor confidence and establishing $4,300 as a key accumulation level.
Bulls defend support at $4,300
Ethereum (ETH) is currently trading near $4,325, showing signs of consolidation after a 10% decline from its recent high of $4,750. The 12-hour chart shows that ETH has fallen below the 50-day moving average (blue line), signaling short-term weakness, while the 100-day (green) and 200-day (red) moving averages continue to trend higher – a sign that the broader uptrend remains intact.
The $4,300 level is currently a key support zone, with bulls trying to establish a base and prevent further downward pressure. If this level holds, the next target would be a retest of $4,500-$4,600, where sellers are likely to emerge again. However, a break below $4,250 could expose Ethereum to a deeper pullback towards the psychological $4,000 level, an area that previously served as a mighty accumulation zone in slow September.
Momentum indicators suggest that selling pressure is easing, which is consistent with recent network data showing continued accumulation by enormous players such as Bitmine. This reinforces the idea that institutional trust remains mighty, even in the face of volatility. For now, maintaining the level above $4,300 is crucial – a successful defense could be the basis for Ethereum’s next move towards up-to-date highs.
Featured image from ChatGPT, chart from TradingView.com
