When BitMine buys 100k ETH and speed drops, Ethereum holds around $2.3k.
TLDR
BitMine has acquired 100,000 ETH, worth approximately $233.7M, indicating the continuation of large-scale mining activity.
Ethereum is trading with a price of $2,340, a key level that is often used as resistance or support.
The price remains below the $2,360 resistance, with a repeated rejection confirming short-term bearish pressure.
An RSI below 50 and a bearish MACD crossover suggest weakening momentum and further downside.
Ethereum was trading near a key on-chain as fresh institutional activity entered the market. Big buying tied to BitMine added to continued price pressure, while technical indicators point to weakening short-term momentum around $2,300.
BitMine collects Ethereum in market weakness
Recent information has drawn attention to the market and indicated a large transfer of Ethereum related to BitMine. The transaction value was approximately $233.7 million based on current market prices.
A post shared on Coin Bureau X reports that BitMine has acquired another 100,000 ETH. The update added that three newly created wallets received the funds from BitGo, linking the activity with tracking data from LookOnChain.
The move adds to the growing list of large Ethereum transactions tied to institutional players. Market participants often monitor such transfers to assess storage trends and liquidity changes.
Tom Lee's involvement drew more attention to the transaction. The relationship with BitMine has already been aligned with strategic digital asset allocations.
At the same time, Ethereum continued to trade close to $2,340. This level represents the average purchase cost for all chain holders.
Historically, Ethereum faces resistance around this zone during recovery phases. Traders usually sell at this level to exit during a break.
Still, sustained trading above earnings signaled the start of previous broad expansion cycles. That context puts the focus on current price behavior.
Ethereum price struggles below resistance levels
At the time of testing, Ethereum was trading around $2,313, showing a slight daily decline. Price action has shown a series of lower highs and lower lows after reaching around $2,420.
A separate post on Ali Charts on X revealed that Ethereum is testing the price gained around $2,340. Analysts describe this phase as the historical boundary between latent phases and broader expansion cycles.
The $2,360 to $2,400 range has served as a clear resistance zone. Many attempts to regain this level have been rejected, reinforcing the short-term selling pressure.
On the downside, support was formed around $2,280, with a deeper level near $2,250. A break below this range could expose low price areas.
Momentum indicators supported a cautious view. The relative strength index remained below 50, indicating reduced buying strength.
At the same time, the MACD indicator showed a bearish crossover. The histogram continues to print negative values, indicating bullish growth.
The bullish momentum from April 21 to April 22 faded as sellers regained control. The price now hovers in the middle range rather than near the extremes.
This structure indicated a downward trend or a sideways trading period. It needs a strong move above $2,360 to recover.
For now, Ethereum remains in a consolidation phase with a slight bearish bias. Market participants continue to look to both price levels and activity on the chain for direction.
The combination of technical weakness and large-scale accumulation has created a mixed background. Traders have been paying close attention to how Ethereum reacts around the price level achieved.
