BitMine Buys $93 Million in ETH, but Ethereum Slides as Holders Resume Selling

Ethereum price recently failed to sustain a breakout above $2,100, forcing the altcoin into a consolidation phase. The rejection reinforced resistance and shifted short-term momentum lower. External developments fueled expectations of recovery, but limited investor participation muted their impact.

ETH has since slipped back into a structured range. Broader crypto market conditions remain fragile, amd the current structure reflects hesitation rather than renewed confidence.

BitMine Maintains Its Alchemy of 5%

On February 23, BitMine announced it had acquired an additional 51,162 ETH over the week, worth more than $93 million. The purchase represented one of the larger institutional Ethereum buys in recent weeks. However, the announcement failed to generate sustained upward price movement.

Instead of triggering accumulation, long-term holders resumed distribution. On-chain data suggests some investors likely used the headline as liquidity to reduce exposure. This reaction highlights that the Ethereum price remains more sensitive to broader market cues than individual corporate acquisitions.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Ethereum Holders Are Struggling

Ethereum’s HODL waves provide insight into investor behavior. Short-term holders have matured into mid-term holders, with the 3- to 6-month supply rising by 5% over the past week. This shift indicates investors are waiting rather than exiting positions.

Underwater holders appear reluctant to realize losses. Their decision to hold supports price stability. However, this same caution may be limiting fresh buying activity. Investors are prioritizing recovery confirmation before committing additional capital to ETH.

ETH Price Could Slide Further

Ethereum is trading at $1,824 at the time of writing after losing the $1,928 support level. The Parabolic SAR indicator now sits above the candlesticks, signaling a confirmed short-term downtrend. This technical setup suggests sellers currently control momentum.

The next major support for ETH stands at $1,750. A decisive break below that level could expose the cryptocurrency to further downside toward $1,595. Weak macro conditions and persistent outflows may amplify volatility if support fails to hold.

The CBD heatmap identifies a significant demand zone between $1,880 and $1,900. Ethereum slipped below this range during the recent decline. If buyers from this zone opt to sell to limit losses, downside pressure could accelerate across spot and derivatives markets.

Conversely, resilience among holders could shift momentum. A rebound toward $1,928 would signal improving structure. Reclaiming that level as support may open ETH’s path toward $2,108. A sustained breakout above that resistance would invalidate the current bearish thesis and restore bullish momentum.