Ethereum regained the $3,000 level following a strong market reaction to the improving macro environment, giving investors a much-needed change in momentum. The move came just days after the Federal Reserve officially ended quantitative tightening (QT), a policy shift that immediately boosted liquidity expectations for all risk assets. The market is pricing in an impending rate cut, confidence is starting to return, and ETH is one of the first major assets to react to this.
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This recovery does not only reflect macro easing. According to Arkham data shared by Lookonchain, Bitcoin continues to accumulate Ethereum at its current price, increasing bullish sentiment while many traders remain cautious. Bitmine’s sustained buying during the correction period has been one of the most influential signals for on-chain analysts, suggesting that major players are seeing long-term value even as the market struggles with volatility.
The $3,000 recovery puts Ethereum back above key psychological levels, and the combination of supportive macro policy and whale accumulation provides the market with stronger foundations than it had just a few weeks ago.
Bitcoin-linked wallet expands Ethereum holdings
According to Arcam data reported by Lookonchain, Bitmine purchased an additional 18,345 ETH (worth approximately $54.94 million) just a few hours ago. This marks yet another big buy in the series of aggressive accumulation moves Bitmine has made during the correction period. Their continued willingness to buy at current levels, even as the market weathers increased volatility, shows strong confidence in Ethereum’s long-term value.
Shortly after this report, Lookonchain highlighted activity from the newly created wallet 0x52B7, which withdrew 30,278 ETH (worth $91.16 million) from Kraken. The size and timing of the withdrawals have led analysts to speculate that the wallet may be connected to Bitcoin or part of a broader accumulation strategy.
Large withdrawals from an exchange typically indicate that the owner intends to hold the asset off-exchange, often for long-term storage or staking, rather than in preparation for sale.
If the wallet is actually connected to Bitmine, the latest total accumulation would be close to 50,000 ETH in one day. Such actions suggest strategic positioning ahead of potential macro-driven upside and internal confidence in Ethereum’s recovery.
This type of synchronized whale activity often precedes large price movements, reinforcing the idea that major companies are preparing for stronger phases in the market.
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ETH regains $3,000 but still faces major resistance
Ethereum’s 3-day chart shows a notable improvement after reclaiming the $3,000 level, but there are still signs of weakness in the broader trend. The recent rally came after a significant correctional move that took ETH from the $4,500 region to the $2,700-$2,800 support zone, where buyers finally had the confidence to intervene. A strong bottom core in this area confirms that demand remains strong, but Ethereum has not yet fully recovered its bullish structure.
Currently, the price is trading just below the 50 SMA, which is located near the $3,100 to $3,150 zone, which is a key short-term resistance. A clean break above this moving average would signal renewed momentum and increase the likelihood of a retest of the $3,400-$3,600 range. Meanwhile, the 100 SMA and 200 SMA are still slightly above price, reflecting the broader downtrend that has prevailed since September.
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Volume has increased slightly during the recovery, but remains subdued compared to the spike in selling seen during the drawdown. This indicates cautious buying rather than aggressive accumulation at these levels. To confirm a trend reversal, ETH would need to close above the 50 SMA and then challenge the resistance group around $3,200-$3,300.
Featured image from ChatGPT, chart from TradingView.com
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