{"id":59399,"date":"2025-11-20T02:01:33","date_gmt":"2025-11-20T02:01:33","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=59399"},"modified":"2025-11-20T02:01:33","modified_gmt":"2025-11-20T02:01:33","slug":"bitmine-keeps-buying-ethereum-despite-market-drop-21054-eth-arrive-in-new-wallet","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=59399","title":{"rendered":"Bitmine Keeps Buying Ethereum Despite Market Drop: 21,054 ETH Arrive In New Wallet"},"content":{"rendered":"
\n

Ethereum has come under heavy selling pressure over the past few days as the broader crypto market entered a deep corrective phase. Yet, despite the volatility and widespread fear, ETH has managed to hold firmly above the key $3,000 level \u2014 a zone many analysts consider essential for maintaining the broader bullish structure.<\/p>\n

Now, as price stabilizes and buyers begin to re-emerge, several market observers are starting to call for a potential recovery, arguing that Ethereum may be nearing the end of its downturn.<\/p>\n

Adding fuel to this narrative is the continued accumulation from major players, most notably Tom Lee\u2019s Bitmine. Tom Lee \u2014 a well-known Wall Street strategist, co-founder of Fundstrat Global Advisors, and long-time Bitcoin and Ethereum bull \u2014 has been one of the most influential voices in the digital asset market for nearly a decade. His firm Bitmine operates as a large institutional crypto investment entity focused on long-term accumulation, market-making, and strategic positioning during periods of fear.<\/p>\n

According to recent on-chain data, Bitmine has continued buying ETH even as prices fell, signaling strong conviction in the asset\u2019s long-term outlook. This behavior<\/a> stands in sharp contrast to the broader market, where short-term holders have been capitulating.<\/p>\n

Bitmine Continues Accumulating ETH Despite Market Weakness<\/h2>\n

According to fresh on-chain data<\/a> from Lookonchain, accumulation activity around Ethereum is far from slowing down. A newly flagged wallet, 0xE2ed, believed to be associated with Tom Lee\u2019s Bitmine, received 21,054 ETH (worth $66.57 million) from Kraken just a few hours ago. This move reinforces the view that large, sophisticated players are treating the recent correction as an opportunity rather than a threat.<\/p>\n

\"Ethereum<\/p>\n

The timing of this transfer is notable. Ethereum has been under sustained selling pressure for weeks, with sentiment turning sharply bearish as the market grappled with fear, liquidations, and a broader rotation into stablecoins. Yet despite this environment, Bitmine-linked wallets continue to absorb supply aggressively.<\/p>\n

This pattern aligns with Bitmine\u2019s broader strategy: accumulating high-quality crypto assets during periods of uncertainty to position for long-term upside. Large inflows to accumulation wallets during drawdowns have historically suggested strong conviction among institutional players, often preceding phases of recovery and renewed strength.<\/p>\n

Suppose this wallet is indeed tied to Bitmine. In that case, it signals that some of the market\u2019s most well-capitalized participants remain confident in Ethereum\u2019s long-term value, regardless of short-term volatility.<\/p>\n

ETH Price Analysis: Testing Long-Term Support Amid Heavy Volatility<\/h2>\n

Ethereum\u2019s weekly chart shows the asset navigating a critical zone as price hovers just above $3,000, a level that has historically acted as a major demand area. After weeks of sustained selling pressure, ETH has pulled back from the $4,500 region and is now retesting its long-term moving averages. The 200-week MA, in particular, is positioned closely beneath the current price, acting as a structural anchor that has supported Ethereum in previous cycle corrections, including the deep capitulation seen in mid-2022 and the recovery phase of 2023.<\/p>\n

\"ETH<\/p>\n

The recent candle structure reflects heightened volatility, with long wicks suggesting strong reactions from buyers near the $3,000 threshold. Volume has increased slightly during this downturn, indicating active participation from both sellers locking in profits and buyers positioning for potential reversal. Yet ETH remains below its 50-week MA, showing that short-term momentum continues to lean bearish.<\/p>\n

Still, the broader pattern resembles earlier cycle pullbacks where Ethereum retraced sharply before forming higher lows and resuming its macro uptrend. If ETH can maintain this support band and reclaim the $3,300\u2013$3,500 region, it may signal renewed strength. But a weekly close below $3,000 risks opening the door to deeper correction targets near $2,700.<\/p>\n

Featured image from ChatGPT, chart from TradingView.com<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Ethereum has come under heavy selling pressure over the past few days as the broader crypto market entered a deep corrective phase. Yet, despite the volatility and widespread fear, ETH has managed to hold firmly above the key $3,000 level \u2014 a zone many analysts consider essential for maintaining the broader bullish structure. Now, as […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-59399","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/59399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=59399"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/59399\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=59399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=59399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=59399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}