Ethereum Holds Near $2.3K as BitMine Buys 100K ETH and Momentum Weakens

TLDR:

• BitMine acquired 100,000 ETH, worth about $233.7M, signaling continued large-scale accumulation activity.
• Ethereum trades near its realized price of $2,340, a key level often acting as resistance or support.
• Price remains below the $2,360 resistance, with repeated rejections confirming short-term bearish pressure.
• RSI below 50 and bearish MACD crossover suggest weakening momentum and possible further downside.

Ethereum traded near a key on-chain level as fresh institutional activity entered the market. A large acquisition tied to BitMine added to ongoing price pressure, while technical indicators pointed to weakening short-term momentum around the $2,300 range.

BitMine Accumulates Ethereum Amid Market Weakness

Recent data pointed to a large Ethereum transfer involving BitMine, drawing attention across the market. The transaction was valued at roughly $233.7 million based on prevailing prices.

A post shared by Coin Bureau on X reported that BitMine acquired another 100,000 ETH. The update added that three newly created wallets received the funds from BitGo, with tracking data from LookOnChain linking the activity.

The move adds to a growing list of large Ethereum transactions tied to institutional players. Market participants often monitor such transfers to assess accumulation trends and liquidity shifts.

The involvement of Tom Lee further drew attention to the transaction. His association with BitMine has previously aligned with strategic digital asset allocations.

At the same time, Ethereum continued trading close to its realized price near $2,340. This level represents the average acquisition cost for all on-chain holders.

Historically, Ethereum tends to face resistance around this zone during recovery phases. Traders often sell near this level to exit at breakeven.

Still, sustained trading above the realized price has previously marked the start of broader expansion cycles. That context keeps attention fixed on current price behavior.

Ethereum Price Struggles Below Resistance Levels

At the time of observation, Ethereum traded near $2,313, reflecting a modest daily decline. Price action showed a series of lower highs and lower lows after peaking near $2,420.

A separate post by Ali Charts on X stated that Ethereum is testing its realized price near $2,340. The analyst described this level as a historical boundary between bearish phases and broader expansion cycles.

The $2,360 to $2,400 range acted as a clear resistance zone. Multiple attempts to reclaim this level faced rejection, reinforcing short-term selling pressure.

On the downside, support formed near $2,280, with a deeper level around $2,250. A break below this range could expose lower price areas.

Momentum indicators supported the cautious outlook. The Relative Strength Index remained below 50, signaling reduced buying strength.

At the same time, the MACD indicator showed a bearish crossover. The histogram continued printing negative values, reflecting growing downside momentum.

Earlier bullish momentum from April 21 to April 22 faded as sellers regained control. Price now hovered within a mid-range zone rather than near extremes.

This structure suggested either continued downward movement or a period of sideways trading. A recovery would require a firm move above $2,360.

For now, Ethereum remained in a consolidation phase with a slight bearish tilt. Market participants continued watching both price levels and on-chain activity for direction.

The combination of technical weakness and large-scale accumulation created a mixed backdrop. Traders remained attentive to how Ethereum reacts around its realized price level.

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