Ethereum has regained the $3,000 level after a strong market reaction to improving macro conditions, providing investors with a much-needed shift in momentum. The move comes just days after the Federal Reserve officially ended quantitative tightening (QT), a policy shift that immediately raised liquidity expectations for all risky assets. As markets price in an impending rate cut, confidence is starting to return, and ETH is one of the first major assets to respond.
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This recovery reflects more than just macroeconomic relief. According to Arkham data shared by Lookonchain, Bitmine continues to accumulate Ethereum at current prices, reinforcing bullish sentiment at a time when many traders remain cautious. Bitmine’s continued buying during the correction has become one of the most influential signals for on-chain analysts, indicating that major players see long-term value even as the market struggles with volatility.
Reclaiming $3,000 puts Ethereum back above a key psychological level, and the combination of supportive macro policies and whale accumulation creates a stronger foundation than the market had just weeks ago.
Bitmine and linked wallets expand Ethereum holdings
According to facts from Arkham, reported by Lookonchain, Bitmine bought another 18,345 ETH a few hours ago, worth about $54.94 million. This marks yet another major purchase in a growing series of aggressive accumulation moves that Bitmine has made during the correction. Their continued willingness to buy at current levels indicates strong confidence in Ethereum’s long-term value, even as the market experiences increased volatility.
Shortly after this report, Lookonchain highlighted the activity of a newly created wallet, 0x52B7, which withdrew 30,278 ETH – worth $91.16 million – from Kraken. The size and timing of the withdrawal have led analysts to speculate that this wallet may be linked to Bitmine or part of a broader accumulation strategy.
Large withdrawals from exchanges typically indicate that the owner plans to keep the asset off-exchange, often for long-term storage or expansion, rather than preparing to sell.
If the wallet is indeed connected to Bitmine, this would bring their latest combined accumulation in a single day to almost 50,000 ETH. Such behavior indicates strategic positioning ahead of potential macro-driven upside or internal confidence in Ethereum’s recovery.
This type of synchronized whaling activity often precedes significant price shifts, reinforcing the idea that major players are preparing for a stronger market phase.
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ETH reclaims $3,000 but still faces significant resistance
Ethereum’s three-day chart shows notable improvement after regaining the $3,000 level, but the broader trend is still showing signs of fragility. The recent rebound followed a deep corrective move that sent ETH from the $4,500 region to the $2,700-$2,800 support zone, where buyers finally took action with conviction. The strong lower wicks around this area confirm that demand remains active, but Ethereum has yet to fully recover its bullish structure.
The price is now trading just below the 50 SMA, which is near the $3,100-$3,150 zone – a key short-term resistance level. A clear break above this moving average would signal renewed momentum and increase the likelihood of a retest of the $3,400-$3,600 range. Meanwhile, the 100 SMA and 200 SMA remain slightly above price, reflecting the broader downtrend that has dominated since September.
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Volume has increased slightly during the recovery, but remains subdued compared to the sales peaks during the downturn. This indicates cautious buying rather than aggressive accumulation at these levels. To confirm a trend reversal, ETH must close above the 50 SMA and then challenge the resistance cluster around $3,200-$3,300.
Featured image of ChatGPT, chart from TradingView.com