Key Takeaways
- BitMine purchased 104,336 ETH worth $417 million today from Kraken and BitGo.
- Ethereum exchange reserves fell by 417,000 ETH over the past week, signaling mass accumulation by whales and institutions.
- Current price action suggests that ETH is at a make-or-break point; if it fails to hold the $3,840 support level, it could drop by 12% and reach the $3,360 level.
Bitmine Immersion Technologies, a leading Ethereum treasury firm, has increased its Ethereum holdings by purchasing 104,336 ETH worth $417 million, according to on-chain analytics platform Lookonchain. This massive accumulation was recorded across three newly created wallets linked to Kraken and BitGo.
Whales and Institutions Accumulation
Another factor that makes this purchase noteworthy is Chairman Tom Lee’s prediction that ETH will hit $10,000 by the end of the year, which came just before this acquisition.
Looking at on-chain data, it appears that not only Bitmine is on a buying spree, but whales and long-term holders have also been accumulating ETH in recent days, especially after the crypto crash on October 10, 2025. The latest CryptoQuant data reveals that the Ethereum exchange reserves across all exchanges have declined significantly by 417,000 ETH over the past seven days.
A decline in exchange reserves typically indicates accumulation and is considered a bullish signal. However, during this period, instead of a price increase, ETH dropped from $4,369 to $3,977.
Also Read: Ethereum Kohaku Roadmap Unveils Privacy-First Wallet Solutions
Current Price Momentum
As of press time, ETH is trading at $3,930, down 1.25%, according to TradingView data. Meanwhile, market participants remain cautious, as reflected in the trading volume, which dropped 25% to $43.76 billion compared to the previous day, according to CoinMarketCap data.
Given the current market sentiment and the mass accumulation by whales and institutions, this might be an ideal buying opportunity. However, the ongoing trade war between the U.S. and China is also raising concerns about a potential further decline.
Ethereum Technical Outlook: Key Levels to Watch
According to TimesCrypto’s technical analysis, Ethereum’s price is moving within a parallel channel pattern between its upper and lower boundaries and is currently at a make-or-break point. The daily chart shows that Ethereum is approaching the lower boundary at $3,840.
Based on the current price action, if the downward momentum continues and the price fails to hold the key support at the lower boundary, ETH could see a 12% decline, potentially reaching the $3,360 level. On the other hand, if momentum shifts and the price reverses, history may repeat itself with a possible 18% surge toward the $4,700 level.
At press time, the Average Directional Index (ADX) value stands at 21, which is below the key threshold of 25, indicating weak momentum in the asset. Meanwhile, Ethereum’s Supertrend indicator continues to show a red signal and is moving above the asset’s price, suggesting that ETH remains in a downtrend.
