Ethereum Plunges Below $2800, But Big Players Keep Buying – What’s Going On? 🤔

by

In a scene reminiscent of a hurried Victorian pantomime, Ethereum has decided to dance cheekily below the $2,800 line-an impish trick that has sent a ripple of palpitations and fainting couches through the market. The air is thick with anxiety, and the question on everyone’s lips is whether this is merely the opening act of a protracted bearish ballad or just a nuisance in the grand scheme of things. 📉

Momentum, that once lively fellow, has now retreated into the shadows, leaving the herd squealing as support levels wobble like a tipsy aristocrat. The selling pressure is mounting with all the grace of a litter of unruly puppies, both in the spot market and through the darker alleys of derivatives. The mood has soured faster than an afternoon tea in a damp cellar, and analysts are beginning to murmur darkly about a possible prolonged bear market if ETH doesn’t pull its socks up soon.

And yet, amidst this carnival of chaos, one figure stands out with a paradoxical smirk: Bitmine. Despite Ethereum’s downward existential crisis, the firm is merrily hoarding ETH like a Victorian miser with a newfound obsession. Over recent weeks, they’ve been snatching up thousands of ETH with all the enthusiasm of a butler tidying up after a riot. Their relentless accumulation suggests they see the current slump not as a catastrophe, but as a splendid opportunity to amass treasure. 💰

For the brave souls peering over the parapet, Bitmine’s antics are a faint flicker of hope. While the macroeconomic landscape remains as fragile as a porcelain figurine in a tempest, the steady, almost obsessive, purchasing by this institutional titan might be the faint whisper of support the market needs-or a sign that a splendid comeback is in the offing once the selling frenzy exhausts itself. 🚀

Bitmine’s Treasure Trove Expands – More ETH in the Bank

On-chain data, courtesy of Arkham and shared by Lookonchain, reveals that Bitmine has added yet another hefty tranche-7,080 ETH, to be precise-worth around $19.8 million, to their burgeoning stash just hours ago. One might imagine them chuckling behind their corporate fans, well aware that while others flee, they are doubling down. 📈

This latest purchase is just one in a series of impulsive, if rather astute, acquisitions that have kept the firm’s Ethereum holdings climbing like a well-placed monocle in a Dorian Gray portrait, now amounting to about 3.43 million ETH-valued at roughly $9.6 billion! That’s enough to make even the most stoic investor blink in disbelief. While the rest of the market is clutching their pearls and reducing exposure, Bitmine is quite literally putting its money where its mouth is: deep into Ethereum. Duryea, indeed.

This kind of behavior, bold and unrepentant, hints at a longer-term optimism that ignores the short-term squalls. For those with a taste for irony, it’s as if the big players are whispering, “We see potential, dear sheep, so stop panicking and start calculating.” The deep pockets, it seems, are preparing for the dawn of a recovery once the market’s tumultuous tantrum subsides.

Ethereum Tests Weekly Support – The Saga Continues

The weekly chart for ETH resembles a tragic comedy-loss of momentum, a precipitous drop below the 50 SMA, and a tense standoff at the 100 SMA near the $2,750-$2,800 region. Historically, this is a pivotal area-an erstwhile bastion of support, now more a stage for a dramatic lowering of flags. The swift fall from the lofty $4,500 level is the steepest weekly descent since, oh, 2022-who knew the bears could be so theatrical? 🐻🎭

The 50 SMA has begun to bend downward with the grace of a falling soufflé, hinting at trouble ahead. Meanwhile, the 100 SMA hunches as the last knight ready to defend the castle before the long, depressing slide toward the 200 SMA at $2,450-our long-term, perhaps-neglected, financial comfort zone. If the weekly close slips below the 100 SMA, we might be in for an extended waltz down to that subterranean level. 💃

Volumes have spiked-rather like a Victorian soirée where everyone’s elbowed their way to get out of the room-reflecting forced liquidations rather than genteel profit-taking. Yet, the persistent long lower wicks near $2,700 suggest that some brave souls are still attempting to hold the line, perhaps dreaming of a glorious rebound akin to a dram of whiskey in a gloomy tavern. 🥃

Read More

2025-12-03 01:14