Significant Ether Inflow to Tom Lee-Linked Wallet
A wallet identified by blockchain analytics firm Arkham and associated with Tom Lee’s Bitmine has received approximately $80 million worth of Ether in a single transaction. This substantial inflow has increased the wallet's balance to around 24,068 ETH. At the time of observation, the portfolio value was estimated at $80.16 million, with Ether trading near $3,330.
The Ether originated from a FalconX hot wallet and was transferred in two separate transactions, occurring approximately two hours apart. The majority of the funds were received in the first, larger transfer, followed by a smaller subsequent transfer. No outbound transactions were immediately apparent, indicating the wallet's balance remained largely unchanged after the deposit.
This marks the first significant on-chain Ether accumulation linked to Lee-affiliated entities that Arkham has reported in approximately three weeks. Arkham's data also reveals that this particular wallet exclusively holds Ether, with no other token balances listed, suggesting a focused investment strategy rather than a diversified cryptocurrency portfolio.
Arkham has previously indicated that Bitmine possesses close to $1 billion available for potential Ethereum purchases. Although neither Tom Lee nor Bitmine has issued an official statement regarding this latest transaction, the scale and structure of the inflow suggest a continued institutional-level engagement with Ether, rather than short-term trading activities.
Ethereum Price Action and Technical Outlook
Concurrently, Ethereum was trading near $3,310 on the daily ETHUSDT chart, as its price approached the $3,350 to $3,400 resistance band. Despite a pullback in Bitcoin, Ethereum maintained its rebound structure. However, sellers continued to defend the upper resistance level, which had previously capped earlier rallies, leaving the market at a critical decision point.
Technical analyst Ted Pillows (@TedPillows) noted that Ethereum is actively attempting to reclaim the $3,350 to $3,400 range. He highlighted Ethereum's resilience amidst Bitcoin's correction. According to Pillows, a decisive break above $3,400 accompanied by strong trading volume could lead to a significant weekly candle, potentially ranging from 10% to 15%, signaling a return of momentum after several weeks of volatile trading.
The current charting suggests two primary potential price trajectories. Firstly, if Ethereum successfully reclaims the $3,400 level, it could then retest this zone as support before targeting the next resistance area around $3,900. Secondly, a rejection from the $3,350 to $3,400 band could lead to a downward movement. In this scenario, the $3,058 support area is identified as the initial level to monitor. Should this support fail, further demand zones are situated near $2,750 and $2,510, both of which correspond to previous price bases and prior rebounds.