Ethereum has regained the $3,300 level after weeks of volatile and uncertain price action, giving bulls a brief sense of relief. However, upside momentum remains fragile as buyers continue to struggle against the $3,400 zone, a level that has capped many recent gains. This area currently exists as a clear near-term inflection point, separating a potential recovery from what some analysts still describe as a broadly bearish structure.
Market participants’ opinions remain divided. On the one hand, skeptics argue that the recent pullback resembles a typical relief rally, driven by short covering and a temporary improvement in sentiment rather than a true trend change.
Seen from this perspective, Ethereum could still be vulnerable to a fresh decline if the macro environment tightens or risk appetite weakens. On the other hand, more constructive analysts believe that stabilization above $3,300 could signal the early stages of a recovery and that higher levels could become the focus if resistance is convincingly regained.
Adding complexity to the story, on-chain developments continue to attract attention. Just a few hours ago, Bitmine staked an additional 154,304 ETH (worth approximately $514 million), demonstrating continued confidence from major players despite market uncertainty. Ethereum is currently at a critical juncture where the conviction of both bulls and bears will be tested, as the price has fallen below resistance.
Bitmine’s growing staking footprint hints at long-term convictions
According to data reported by Lookonchain, Bitmine’s exposure to Ethereum has reached a noteworthy size. In total, the company currently has approximately 1,685,088 ETH staked, equivalent to approximately $5.62 billion at current prices. This positions Bitmine as one of the largest single staking participants in the Ethereum ecosystem and highlights the growing role of institutional and sub-institutional actors in ensuring the network is secure.
This positioning is especially important because of Bitmine’s overall balance. The company reportedly holds a total of approximately 2.133 million ETH, meaning that nearly 80% of its Ether reserves are actively staked rather than sitting idle. This allocation suggests a long-term yield-oriented strategy rather than a short-term trading approach. By dedicating a large portion of its holdings to staking, Bitmine is effectively demonstrating confidence in Ethereum’s medium- to long-term prospects despite continued price volatility and macro uncertainty.
From a market perspective, large-scale staking reduces the amount of ETH that can be quickly liquidated and sold. Although this will not completely eliminate selling pressure, it may contribute to a tightening of circulating supply during periods of demand recovery.
At the same time, intensive staking activity highlights how network security and revenue generation are increasingly influenced by large holders. As Ethereum trades near key resistance levels, Bitmine’s positioning reinforces the narrative that some large players remain structurally committed, even though the near-term price direction remains in dispute.
Ethereum tests key weekly resistance levels
Ethereum’s price movement on the weekly chart shows that the market is stabilizing after years of volatile cycles. ETH has regained the $3,300 area and is currently trading just below a well-defined resistance zone around $3,400. This level has repeatedly capped upside in previous bull markets, making it an important area for bulls to confidently return to.
From a trend perspective, Ethereum continues to outperform long-term moving averages, including the 200-week line, which is trending upward. This suggests that the broader structural uptrend has not been invalidated despite the recent drawdown. However, the price is still trading below the previous cycle highs around $4,200-$4,400, highlighting that ETH is in a recovery phase rather than confirming a breakout.
Momentum has improved compared to late 2025, when a sharp decline towards the $1,600-$1,800 area was followed by an even higher low. Volume during the rally was moderate, with no obvious signs of over-speculation, suggesting participation. This supports the idea of controlled accumulation rather than chasing euphoria.
Still, downside risk still exists as it cannot cleanly break above $3,400. A rejection here could lead to a reconsolidation towards the $2,800-$3,000 zone. For bullish continuation, ETH will require a sustained weekly close above resistance, which would change the market structure and pave the way for a higher liquidity zone above $3,800.
Featured image from ChatGPT, chart from TradingView.com
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