ETH trades close to $4,200 following a 13% retracement from ~$4,800, recovering at the 0.5 Fib. Whales resume accumulation: Bitmine purchases $220M, taking holdings to over $6.6B. Analysts look to dump-retest-breakout towards $5,600-$6,000.
- ETH’s price holds steady at $4,200 after a sharp 13% dip from its recent local peak of nearly $4,800.
- Bitmine boosts conviction with a $220M ETH buy, pushing its holdings above $6.6B in value.
- Ethereum outlook strengthens as analysts see a breakout forming toward $5,600 and $6,000.
The ETH price is making waves once again, having taken a calculated pullback that is now the center of discussion among market participants and whale circles. Having surged almost 40% from August lows of $3,357 into a local high of $4,793, ETH has since dropped about 13%, currently holding above $4,200, right after bouncing off the 0.5 Fibonacci retracement level.
This level intersects with what was once major resistance but is now major support, thus becoming a major battleground for bulls and bears. Analysts view this cooling-off period as a healthy retracement, most probably intending to expunge overleveraged positions before the next leg up.
ETH Price Chart (Source: TradingView)
Backing such a sentiment, on-chain data shows that whales have resumed buying ETH, which is a fairly bullish indication of confidence in the long-term upside of the token. Should buyers seize control at this juncture, Ethereum could very well be on track to resume the next round of the ascent in the weeks to come.
Ethereum Whale Buys Confirm Institutional Confidence
Adding to the institutional interest, analyst TedPillows pointed toward renewed Ethereum accumulation after Bitmine completed a $220 million buy. Blockchain data shows that the buy added approximately 52,476 ETH to its reserves, which were funneled through several large transfers from BitGo hot wallets into Bitmine addresses.
The latest batch of inflows included three standout transactions—23,237 ETH worth $97.45 million, 22,542 ETH valued at $94.54 million, and 6,697 ETH totaling $28.09 million. Analysts underscored that these movements represent one of the most aggressive single-day acquisition streaks by Bitmine in recent months.
ETH Whale Accumulations (Source: X)
TedPillows further confirmed that Bitmine’s Ethereum stash has now crossed $6.6 billion, cementing its role as one of the most prominent institutional holders. Activity on the charts also highlighted steady inflows across the past week, with Galaxy Digital’s OTC desks transferring 3,354 ETH ($14.41 million) alongside two separate moves exceeding $30 million each.
The FalconX hot wallets strengthened this trend further, with transfers amounting to more than 14,232 ETH per transaction, with each transaction valued at $62.83 million. Market analysts see these aggressive buys as a clear signal of conviction.
ETH Price Rally Builds on Dump-and-Retest Moves
Analyst MerlijnTrader emphasized that Ethereum can absorb resistance and convert it to support. In his analysis, the retracements in all cases followed three steps: dump, retest, and breakout. The chart reflected three pullbacks over the past few months, where each time the price found support at previous points of resistance, it launched toward new highs.
ETH Price Chart (Source: X)
The ETH price is now consolidating above the $4,200 mark after rejection near $4,800, which is a strong support zone that recently acted as a resistance. According to MerlijnTrader, this structure shows strength and not weakness, with dips serving as the fuel for the forthcoming upward leg.
The outlined pathway suggests that it should test the support once more before heading toward $5,600, on its way to $6,000 in the next few weeks. The mass inflows into the market, along with the rising demand from the whales, maintain the probability of a strong rally. Market observers state that if Ethereum manages to remain above its new support zones, the breakout pattern that has repeatedly dictated its recent rallies would then likely be confirmed.
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