Ethereum

Movement

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<p><strong>&nbsp;Key Insights:</strong></p>
<ul>
 <li>Bitmine’s Ethereum holdings turned sharply negative after ETH dropped below $3,000 in late October.</li>
 <li>Ethereum faces strong resistance near $3,000 while $2,800 remains the key short-term support level.</li>
 <li>A weekly inverse pattern suggests recovery only if ETH breaks and holds above $3,344.</li>
</ul>
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  Bitmine Down $3.5B on ETH as Price Struggles Below $3,000
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<p>Recent on-chain data from CryptoQuant shows that Bitmine is holding an unrealized loss of around $3.5 billion on its Ethereum (ETH) holdings. The loss followed a steady decline in ETH’s price, which fell from over $4,000 in October to below $3,000 by late December.</p>
<p>Between July and October, Bitmine's ETH position was in profit, with the market trading between $3,800 and $4,800. After October, the situation reversed. As the price dropped, Bitmine’s position turned negative. The red zone on the CryptoQuant chart shows a consistent loss since early November. There has been no indication of a major sell-off or portfolio adjustment so far.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  https://twitter.com/Bitcoinsensus/status/2004443929358524781?s=20
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<h2 class="wp-block-heading" id="strong-ethereum-struggles-to-break-3-000-strong"><strong>Ethereum Struggles to Break $3,000</strong></h2>
<p>ETH recently attempted to move above the $3,000 level but was rejected. Market data shared by Ted <a href="https://x.com/TedPillows/status/2004470659901231608?s=20" rel="noopener noreferrer nofollow">shows </a>that ETH remains stuck below a <a href="https://coincu.com/analysis/ethereum-could-soar-180/" rel="noopener noreferrer nofollow">resistance</a> area between $3,000 and $3,100. This zone has blocked upward moves in the past and continues to hold firm.</p>
<figure class="wp-block-image aligncenter size-full">
 <img src="https://coincu.com/wp-content/uploads/2025/12/image-163.png" alt="Source: Ted/X">
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  <em>Source: Ted/X</em>
 </figcaption>
</figure>
<p>Ethereum was <a href="https://coincu.com/top-crypto-coins/eth-price-update" rel="noopener noreferrer nofollow">trading </a>near $2,958. If it fails to break above $3,000, a retest of the $2,800 support area may follow. That support has held several times, but if it gives way, the price could drop toward the next area of interest between $2,540 and $2,600.</p>
<h2 class="wp-block-heading" id="strong-weekly-chart-shows-a-key-pattern-forming-strong"><strong>Weekly Chart Shows a Key Pattern Forming</strong></h2>
<p>A weekly ETH chart shared by Donald dean shows an inverse Head &amp; Shoulders structure. This setup is often watched for signs of trend change. The key level to watch is $3,344. This price marks both the neckline of the pattern and a major trading zone from previous months.</p>
<p>ETH would need to close above $3,344 to confirm the structure. This level also aligns with a high-volume price area and the 0.618 Fibonacci level. If ETH moves above this line, the next target could be around $4,122.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  https://twitter.com/donaldjdean/status/2004383183824212226?s=20
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<h2 class="wp-block-heading" id="strong-price-movement-remains-in-a-tight-range-strong"><strong>Price Movement Remains in a Tight Range</strong></h2>
<p><a href="https://coincu.com/ethereum/ethereum-upgrades-2026-glamsterdam/" rel="noopener noreferrer nofollow">ETH </a>continues to trade within a defined range. The $3,000 level acts as resistance, while the $2,800 zone offers support. The market appears to be waiting for a clear breakout before setting a new direction.</p>
<p>Bitmine has not yet reduced its position, and it remains unclear whether it plans to hold or exit. <em>“It’s unclear whether Bitmine plans to hold or exit this position,” </em>as noted in the analysis. With ETH still under pressure, the coming days may be key in deciding the outcome of this large open position.</p>
<p><em><strong>DISCLAIMER</strong>:&nbsp;The information on<a href="https://coincu.com/" rel="noopener noreferrer nofollow">&nbsp;this website</a>&nbsp;is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></p> <a href="https://coincu.com/?p=385654" rel="noopener noreferrer nofollow">Read original article on coincu.com</a>

Bitmine Down $3.5B on ETH as Price Struggles Below $3,000

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