BitMine Buys 17,242 ETH as Ethereum Drops to $2800: Is $2500 in the Cards?

TLDR:

• BitMine bought 17,242 ETH during a steep decline as Ethereum traded near the $2800 region.
• A large wstETH position lost over 6.5 million dollars after the price moved below $2900.
• OBV continued to fall with no sign of slowdown, signaling ongoing distribution pressure.
• Analysts tracked the $2500 level as traders looked for the next decisive reaction zone.

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Ethereum extended its slide after fresh selling pushed the price toward the $2800 zone. The decline followed heavy activity across major trading venues and rising liquidation alerts. 

Market attention intensified as BitMine accumulated thousands of ETH during the downturn. Traders evaluated whether demand could strengthen before the next key level.

BitMine Adds Thousands of ETH Amid Selling Pressure

Lookonchain reported that Tom Lee’s BitMine purchased another 17,242 ETH worth 44.46 million dollars. 

The entity now holds about 3.62 million ETH valued at roughly 10.4 billion dollars. The accumulation landed during the steep price decline. Traders tracked whether this action would influence short-term sentiment.

Source: Lookonchain

Pressure increased after PeckShieldAlert noted the liquidation of a long wstETH position. The wallet borrowed USDC against wstETH collateral before losing over 6.5 million dollars. 

The liquidation triggered after Ethereum fell below $2900. The event marked one of the largest losses of the day as volatility rose.

CoinGecko data showed ETH trading at $2802.59 with a 24-hour decline of 7.58 percent. Weekly losses reached 13.35 percent with volume above 44 billion dollars. 

The drop signaled a shift in momentum after weeks of uneven trading. Market participants watched for evidence of support forming at lower levels.

Sentiment on social channels reflected concern over volume behavior. EliZ stated that the current action looked like relief rather than reversal. 

OBV continued to fall without slowing, which suggested ongoing distribution. Traders viewed this trend as a sign that demand had not returned.

Analysts Watch $2500 Zone as Ethereum Structure Remains Unsettled

Hov described Ethereum’s structure as unclear and pointed to similarities with Bitcoin’s path. The analysis placed the market inside a wave phase that remained difficult to confirm. 

On the micro level, the conversation focused on whether the last leg extended before retracing. This guided expectations for short-term movement.

Hov also noted that $2500 could produce a bounce if selling reached that area. The level gained attention as traders searched for a potential reaction zone. 

Ethereum had not tested it during the recent slide. The broader trend made the region relevant as pressure intensified.

The discussion also mentioned how earlier projections called for a much higher long-term range. The new comparison suggested values closer to twenty thousand if the broader structure aligned. 

These projections circulated alongside heightened corrective movement. Traders approached these views carefully during the downturn.

Across the market, many watched for clear changes in volume before calling any bottom. OBV maintained a downward path with no visible break. EliZ noted that a strong reaction would matter more than price alone. 

The current slide kept most participants cautious as the week continued.

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