Ethereum (ETH) Price Slips Below $2,100 as Bitmine Accumulates 60,000 ETH Amid Market Turbulence

However, institutional accumulation patterns remain robust. Tom Lee‘s Bitmine executed a substantial purchase of 60,000 ETH — approximately $126 million — within just 24 hours, as reported by blockchain analytics service Onchain Lens. The company’s total position now exceeds 5.33 million ETH, accounting for more than 4.3% of Ethereums circulating supply.

THESE WHALES JUST BOUGHT $125M ETH

Two Fresh ETH Whale addresses just withdrew $125.91M ETH from Kraken and Bitgo this morning. Their purchase patterns match prior purchase patterns of Bitmine.

This latest acquisition follows Bitmines $154 million ETH purchase earlier in the week. Lee has characterized the recent price decline below $2,200 as an “attractive opportunity” for accumulation. The firm is actively staking more than 4.7 million ETH from its holdings, generating approximately $289 million in annualized staking rewards.

Critical Liquidity Zones Identified by Market Analysts

Blockchain analyst Ted has outlined significant liquidity concentrations surrounding ETH‘s present trading range. Ted’s analysis reveals short-position liquidity accumulating at the $2,400 and $2,600 resistance levels. Conversely, long-position liquidity is concentrated at $1,700 and $1,900 support zones. These liquidity pockets typically serve as price magnets, and Ted has posed the question to the trading community about which direction ETH will gravitate toward first.

$ETH has a few large liquidity clusters right now.

On the upside, Ethereum has short-side liquidity around $2,400 and $2,600 levels.

On the downside, ETH has long-side liquidity around $1,700 and $1,900 levels.

Another market observer, Celal Kucuker, characterized ETH as “coiled like a spring,” suggesting a possible explosive move if the price maintains support above a critical technical level while building short-term buying momentum.

Governance Concerns and Market Sentiment Challenges

An additional headwind affecting ETH stems from increasing scrutiny directed at the Ethereum Foundation. Analyst Papaxem acknowledged that legitimate concerns exist regarding the Foundations operational management. The situation gained additional attention when Bankless, a prominent Ethereum-focused media outlet, revealed it had liquidated its ETH position in favor of Zcash.

Papaxem emphasizes that a crucial factor being overlooked is that Ethereum operates independently of sole Foundation control. Organizations such as ConsenSys and numerous autonomous development teams maintain active building efforts on the network, irrespective of Foundation leadership challenges.

Analyst Rios commented on X that ETHs approximately 19% correction might represent a healthy cycle reset — eliminating overleveraged positions — rather than indicating fundamental deterioration. Rios suggested that if price action stabilizes around current levels, the subsequent recovery phase could demonstrate greater strength than anticipated.

Ethereum might be resetting for something bigger.

I think $ETH dropping nearly 19% could actually be the kind of cycle reset that clears out weak positioning before a stronger move higher.

Bitmine appears positioned for Russell 1000 index inclusion following FTSE Russell‘s publication of preliminary modifications. Tom Lee observed that BMNR stock’s market capitalization surpasses the $5.7 billion threshold required for large-cap classification, potentially triggering additional passive fund inflows.

Ethereum is presently valued at approximately $2,044, per TradingView data.

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