Ethereum recovered the $3,300 level after weeks of volatile and uncertain price action, providing brief relief to bulls. However, upward momentum remains weak as buyers continue to struggle against the $3,400 level, which has repeatedly capped recent gains. This area currently stands as a clear near-term inflection point separating a potential recovery phase from what some analysts still describe as a broader bearish structure.
Market participants remain divided. Skeptics, meanwhile, argue that the recent rebound resembles a classic relief rally driven by short selling and a temporary improvement in sentiment rather than a true trend change.
From this perspective, Ethereum may still be vulnerable to a downside if macro conditions tighten or risk appetite weakens. On the other hand, more constructive analysts believe that stabilization above $3,300 could mark the initial stages of a recovery and that a clear recovery of resistance could bring focus to higher levels.
Adding complexity to the narrative, on-chain developments continue to gain traction. Just a few hours ago, Bitmine staked an additional 154,304 ETH worth approximately $514 million, indicating continued confidence from large players despite market uncertainty. With the price compressing below resistance, Ethereum is now at a critical juncture where the confidence of both bulls and bears is being tested.
Bitmine’s growing staking space indicates long-term confidence.
According to data reported by Lookonchain, Bitmine’s Ethereum exposure has reached notable scale. In total, the company currently holds about 1,685,088 ETH, which is worth about $5.62 billion at current prices. This positions Bitmine as one of the largest single staking participants in the Ethereum ecosystem, highlighting the growing role of institutional and quasi-institutional actors in securing the network.
What makes this positioning particularly relevant is Bitmine’s overall balance. The company reportedly holds a total of approximately 2.133 million ETH, meaning that approximately 80% of its ETH holdings are actively staked rather than sitting idle. This allocation suggests a long-term, yield-focused strategy rather than a short-term trading approach. By investing a significant portion of its assets into staking, Bitmine is effectively conveying confidence in the mid- to long-term prospects of Ethereum despite ongoing price volatility and macroscopic uncertainty.
From a market perspective, large staking reduces the amount of ETH that is easily liquid and available for sale. This may not completely eliminate selling pressure, but it may contribute to a tighter supply cycle during the demand recovery period.
At the same time, concentrated staking activity highlights how network security and monetization are increasingly influenced by large holders. With Ethereum trading near key resistance levels, Bitmine’s positioning reinforces the narrative that some key players are structurally committed, even though near-term price direction remains controversial.
Ethereum tests key weekly resistance.
Ethereum’s price action on the weekly chart shows the market attempting to stabilize after a volatile multi-year cycle. ETH has regained the $3,300 area and is currently trading just below a clearly defined resistance zone around $3,400. This level has been repeatedly surpassed by the upside limit in previous rallies, making it a critical area from which bulls can confidently recover.
From a trend perspective, Ethereum remains above its long-term moving averages, including its rising 200-week line. This means that despite the recent decline, the broader structural upward trend has not been invalidated. However, the price is still trading below previous cycle highs around $4,200-$4,400, highlighting that ETH is in a recovery phase rather than a firm breakout.
Momentum has improved compared to late 2025, with higher lows forming after a sharp sell-off in the $1,600-$1,800 region. Trading volume during the rebound was moderate, signaling participation without any obvious signs of speculative excess. This supports the idea of controlled accumulation rather than the pursuit of euphoria.
Nevertheless, the inability to completely break above $3,400 is associated with downside risk. A rejection here could lead to a new consolidation towards the $2,800-$3,000 area. For continued strength, ETH would need to maintain consistent weekly closes above resistance, which would change the market structure and pave the way for higher liquidity areas above $3,800.
Featured image from ChatGPT, chart from TradingView.com
editing process for focuses on providing thoroughly researched, accurate, and unbiased content. We adhere to strict sourcing standards, and each page is diligently reviewed by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of the content for readers.
