Ethereum Whales Buy Dip as ETH Tests $2,800 Support

Ethereum finds itself in a precarious position, fighting to hold the $2,800 level after a devastating correction that has wiped out more than 45% of its value since late August. The sharp decline has decisively flipped market sentiment bearish, with many traders fearing ETH has entered a prolonged downtrend. The lack of strong buy-side reaction and thinning liquidity across major exchanges has only intensified uncertainty, reinforcing the narrative that the cryptocurrency market remains deep in a risk-off phase.

Despite the heavy selling pressure and underwhelming price performance, Ethereum’s current stabilization attempt above the critical $2,800 zone suggests buyers are finally stepping in to prevent a deeper slide. The asset now sits at a fragile line of defense, having pulled back from the $4,800 region in a steep decline marked by several large red candles confirming aggressive distribution. The breakdown below both the 50- and 100-week moving averages highlights the intensity of the current selloff, with momentum clearly shifting in favor of bears over recent weeks.

While retail investors retreat, sophisticated market participants are taking a contrarian stance. Fresh on-chain data from Lookonchain reveals that Tom Lee’s Bitmine—a well-known crypto-focused investment operation—continues to buy ETH aggressively at current prices. The firm has purchased another 28,625 ETH worth $82.11 million, reinforcing its position as one of the few entities consistently adding to its holdings during the downturn.

Bitmine’s accumulation pattern signals strong conviction that Ethereum remains undervalued in the long term, despite the prevailing fear and relentless selling pressure. Large-scale buying during deep corrections has historically aligned with early reversal zones, and Bitmine’s continued investment adds weight to the idea that Ethereum may be approaching a significant turning point. This divergence between retail fear and whale accumulation is becoming increasingly notable as the market hovers at critical levels.

Ethereum’s weekly chart reveals the asset sitting on a crucial support zone that aligns closely with the 200-week moving average—a historically important area where ETH has often found long-term support. This zone previously acted as a launchpad during major market reversals in both 2022 and mid-2023, making its defense essential for maintaining broader structural strength. The $2,800 level represents not just a psychological barrier but a technical foundation that could determine the cryptocurrency’s medium-term direction.

For momentum to genuinely shift, Ethereum must not only hold the $2,800 area but also reclaim the $3,000 mark, which has now flipped into an important resistance zone. A decisive move above this level would signal that buyers are finally stepping back in with strength, potentially setting the stage for a broader trend reversal. However, failure to hold current levels could invite another wave of capitulation, potentially driving ETH toward the $2,400 region.

The coming days may determine whether Bitmine’s confidence translates into broader market stabilization or remains an isolated bet against the prevailing trend. While the whale accumulation offers a bullish signal, without confirmation from price structure, Ethereum continues to walk a tightrope between recovery and further decline. The defense of the 200-week moving average and subsequent reclaiming of $3,000 resistance will be critical indicators for traders watching for signs of genuine market turnaround.