Key Insights
- •Ethereum must break $2,880 to confirm trend reversal, or a retest of $2,580 is likely.
- •Bitmine’s $59M Ethereum purchase may suggest institutional accumulation ahead of potential price shift.
- •RSI and MACD remain bearish despite bounce, making $2,880 resistance a critical short-term hurdle.
Ethereum was trading around $2,809.76 after bouncing from recent lows. On the 4-hour chart, ETH has formed a low, high, higher low, and higher high. This shift in structure may suggest a possible change in trend, but momentum remains limited as the price stalls under the $2,880 resistance. This level has acted as resistance in past attempts and is now being tested again.
According to market analyst Lennaert Snyder:
“If we reject $2,880 I'm shorting the failure, if we reclaim it, longs to key ~$3,200 resistance are triggered.”
The next move will depend on whether ETH can push above this area or not.
Lower Demand Still Untested
Ethereum still has an unfilled demand zone near $2,580. If the price gets rejected at $2,880, a move back to this area remains possible. This zone has not been tested since the recent sell-off. The market may look to that level for possible entries if short-term strength fades.
Two key price zones are in focus: $2,880 as near-term resistance and $2,580 as a potential support base. Movement between these levels will likely shape ETH’s next direction.
Large ETH Purchase Linked to Bitmine
On-chain activity shows that 21,537 ETH, worth over $59 million, was moved 12 hours ago from a FalconX hot wallet. Crypto Rover reported this as a purchase by Bitmine, stating, “BITMINE HAS BOUGHT 21,537 $ETH WORTH $59.17 MILLION TODAY.” The size of the transfer points to institutional-level accumulation.
While it’s unclear if more buying will follow, a transaction of this scale can influence sentiment and suggests that some market participants may be positioning for a recovery.
Momentum Remains Weak Despite Price Bounce
On the daily chart, ETH has posted a modest gain of 1.4%. However, technical indicators remain weak. The Relative Strength Index (RSI) is at 30.10, just above the oversold range. The Moving Average Convergence Divergence (MACD) remains negative, with no sign yet of a bullish crossover. The signal line is still above the MACD line, and the histogram continues to print negative values.
Source: TradingView
While ETH is showing signs of recovery, there is no clear confirmation yet. A daily close above $2,880 with sustained volume may signal stronger momentum. Until then, the price remains range-bound between short-term resistance and the untested support below.