Ethereum is currently consolidating below the $2,400 mark, with traders awaiting a catalyst for its next price move. However, on-chain data reveals significant activity from Bitmine, a major holder.
Bitmine recently staked an additional 61,232 ETH, valued at approximately $142 million. This action removes a substantial amount of Ether from the readily sellable supply. This move is part of an ongoing strategy, as Bitmine has now committed a total of 3,395,869 ETH, or $7.88 billion, to the network. This represents 68.24% of their total ETH holdings, indicating a long-term investment perspective rather than a short-term trading strategy.
This large-scale staking reduces the liquid float of Ether available on the market, which analysts view as a structural supply event. The decision to stake, which locks funds for an unbonding period, signals confidence in Ethereum's future value and deeper integration into its network infrastructure.
Technically, Ethereum is attempting to stabilize above the $2,300 level, reclaiming the 200-week moving average. However, resistance remains at the $2,800-$3,200 range, where the 50-week and 100-week moving averages lie. The asset's price structure on higher timeframes shows a series of lower highs since late 2025, suggesting the broader trend is still corrective. Holding above $2,300 is crucial for further upside, with failure risking a drop to the $2,000-$2,100 support zone.