Ethereum is moving sideways and this limits the rise as market conviction is still weak. ETH has struggled to find a clear trend and the price remains close to key technical levels.
When the signals within Ethereum are mixed, the altcoin leader is now more dependent on external factors to create a clear breakthrough.
Bitmine is now more confident in Ethereum's value than ever
Bitmine recently announced that they have begun staking Ethereum from the company's own reserves. They thus show strong confidence in the network in the long term. The company now has 4.11 million ETH, which is approximately 3.41% of the total circulating amount. Therefore, Bitmine is one of the largest institutional holders of Ethereum in the world.
Of their entire holdings, about 40,627 ETH, worth 1.2 billion USD, have already been staked. Bitmine plans to further expand its staking operations through its upcoming project Made in America Validator Network, MAVAN, which launches in early 2026.
"When Bitmine has its ETH fully staked by MAVAN and partners, ETH staking generates a fee of 374 million USD per year (with 2.81% CESR), thus more than 1 million USD per day," says Galaxy Digital and investor Tom Lee.
One looks at what Ethereum holders are doing
Investors act differently in the Ethereum market. Long-term holders, who often support the asset, have started buying again after months of selling. This change comes after nearly five months of steady outflows that have weakened supply stability.
The increased willingness to hold ETH is positive for Ethereum's ability to recover. Long-term holders often reduce price movements when the market is uncertain. Their buying again now indicates increased confidence.
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Large holders, known as whales, show a different pattern. Over the past five days, addresses holding between 100,000 and 1 million ETH have sold about 270,000 ETH. This corresponds to more than 793 million USD at today’s prices and increases the selling pressure in the market.
This behavior shows that large holders are worried about short-term risks. Whale sales are often a defense rather than a strong negative sign. Still, reduced exposure indicates that the belief in a quick recovery is weak.
The Ethereum price is at 2,941 USD in an asymmetric triangle pattern, indicating uncertainty in the market. The price lies between resistance at 3,000 USD and support around 2,902 USD. The narrower range shows that buying and selling pressure is even, while volatility decreases further as the pattern develops.
Mixed signals make it difficult to predict short-term developments, but Bitmine's aggressive push for staking may bring optimism. If confidence in ETH holds, the price could soon reach 3,000 USD and perhaps 3,131 USD at the beginning of January 2026. Therefore, a confirmed breakthrough requires a close above 3,131 USD.
If the market does not agree with Bitmine's view, there could be a decline. If the price falls below 2,902 USD, the pattern is broken, and Ethereum risks falling towards 2,796 USD. Such a movement could create a downward trend in the short term and weaken hopes for recovery.