Bitmine-Linked Wallet Grabs $106M In Ethereum From FalconX – Details

Ethereum is once again trading at a decisive level after reclaiming the $4,000 mark, a zone closely watched by traders and analysts. Bulls have managed to defend the $4,100 area, showing resilience after weeks of volatile price swings. However, momentum remains fragile, and ETH needs a decisive push above higher resistance levels to confirm that a trend shift is underway. Without such a breakout, the risk of renewed consolidation remains on the table.

Despite the uncertainty in price action, on-chain data provides a more constructive view of the market. Fresh figures reveal that whales continue to accumulate ETH even as broader sentiment has wavered. This steady inflow of capital from large holders suggests growing confidence in Ethereum’s long-term outlook, reinforcing the idea that recent corrections may represent opportunities rather than weakness.

Such accumulation has historically preceded periods of renewed strength, as deep-pocketed investors tend to build positions during phases of market doubt. If ETH can maintain its hold above $4,100 and build momentum, whale activity could provide the support needed to spark a stronger recovery. For now, all eyes remain on Ethereum’s ability to sustain this critical level and challenge higher resistance zones.

Whale Activity Signals Confidence in Ethereum

Ethereum’s recent price action has left traders uncertain, but whale behavior tells a different story. According to on-chain data from Lookonchain, large holders continue to accumulate ETH despite the recent market drop. In just the past few hours, two major transactions highlighted this ongoing trend.

A newly created wallet, 0x93c2 — which analysts suggest may belong to Bitmine — received 25,369 ETH, worth approximately $106.74 million, from FalconX only three hours ago. Such a large inflow into a fresh wallet suggests strategic accumulation, likely intended for long-term holding or staking rather than short-term trading. In parallel, another new wallet, 0x6F9b, withdrew 4,985 ETH (about $21 million) from OKX just an hour later. These moves reduce supply on exchanges, often considered a bullish sign since it limits the immediate selling pressure.

This pattern highlights a broader market dynamic: while retail traders and smaller participants react to short-term volatility, whales appear to view the correction as an opportunity. Their accumulation not only demonstrates confidence in Ethereum’s resilience but also signals preparation for future price appreciation. Historically, consistent whale inflows into fresh wallets have coincided with periods of structural support and eventual recovery.

ETH Struggles To Reclaim $4,200

Ethereum is trading near $4,138 after a volatile week that saw the price tumble below $4,000 before bouncing back. The 8-hour chart highlights a recovery attempt, but ETH now faces significant resistance around the $4,200 level, where both the 100-period (green) and 200-period (red) moving averages converge. This confluence creates a heavy supply zone that bulls must overcome to confirm further upside momentum.

The recent decline from the $4,600–$4,800 range left Ethereum in a fragile state, with selling pressure intensifying during the drop. The rebound shows resilience, but price action remains capped by overhead resistance, keeping sentiment cautious. The failure to reclaim the 50-period moving average (blue) earlier underscores the challenge of reversing short-term bearish momentum.

On the downside, the $4,000 mark acts as the first critical support. A breakdown below that level could re-expose ETH to $3,800 or even $3,600, where stronger demand may appear. For now, Ethereum trades in a consolidation phase, and the next decisive move will likely depend on whether bulls can force a breakout above $4,200. A clean move higher would open the door toward $4,400, while rejection risks renewed downside pressure.

Featured image from Dall-E, chart from TradingView