ETH Struggles at $3,000 While BitMine Deploys $12 Billion

Ethereum faces repeated rejections at critical resistance as institutional players continue aggressive accumulation despite mounting sell pressure across the market.

The second-largest cryptocurrency remains trapped in a decisive range that could determine its trajectory through year-end. ETH trades near $2,930 as of December 24, down over 1% in 24 hours, marking another failed attempt to establish stability above the psychological $3,000 threshold.

According to TedPillows on X, the digital asset continues facing rejection from the $3,000 level. The crypto observer warned that without reclaiming this zone soon, Ethereum could slide below $2,800.

$ETH keeps on getting rejected from the $3,000 level. If this level isn't reclaimed soon, Ethereum will drop below the $2,800 zone.

Price compression between descending trendline resistance and horizontal support near $2,500 has created a consolidation structure reflecting market indecision. Each rally attempt meets renewed selling pressure near $3,000, confirming that distribution continues to overwhelm accumulation at higher levels.

The rejection pattern carries technical significance beyond short-term price action. Repeated failures to breach resistance often precede extended downtrends when volume participation declines and momentum indicators weaken.

Corporate Buyer Absorbs Market Selling

BitMine Immersion Technologies disclosed holdings of 4,066,062 ETH valued at approximately $12 billion as of December 21. The Tom Lee-backed firm acquired 98,852 tokens in recent days at an average price of $2,991 per unit, according to company filings.

This accumulation continues despite Ethereum trading near BitMine's cost basis, suggesting the company maintains conviction regardless of short-term volatility. The treasury now represents 3.37% of total ETH supply, positioning BitMine two-thirds toward its stated "Alchemy of 5%" target.

According to TedPillows on X, the scale of institutional buying highlights intense selling pressure facing the asset.

BitMine has bought $1,200,000,000 in $ETH into this range. This shows the intense selling happening in Ethereum.

Chairman Tom Lee stated the firm sees favorable regulatory conditions and strengthening Wall Street support as reasons to look past current price weakness. BitMine plans to deploy its Made in America Validator Network staking infrastructure in early 2026.

Technical Setup Points to Range Extension

The daily timeframe shows ETH compressed between a long-respected descending trendline and static support around $2,500. This technical structure has absorbed selling pressure repeatedly, preventing deeper continuation while also capping upside attempts.

Volume contraction accompanies the current consolidation, indicating reduced speculative participation rather than aggressive distribution. Trading activity has declined in recent sessions, with 24-hour volume sitting near $20 billion compared to the 30-day average of $22.6 billion.

The asset trades below all major exponential moving averages on daily charts. The 20-day EMA near $3,028 and 50-day EMA around $3,195 serve as immediate overhead resistance levels that must be reclaimed to shift momentum structure.

MACD remains below the zero line, though bearish momentum has slowed, indicating early stabilization signs. Stochastic RSI has reached overbought territory on shorter timeframes, preparing for potential bearish crossover that could extend range-bound conditions.

ETF Outflows Signal Reduced Institutional Appetite

Spot Ethereum ETF products recorded net outflows exceeding $600 million during the week beginning December 15. BlackRock's ETHA fund alone saw approximately $467 million exit, representing the largest single-fund outflow in recent months.

These withdrawals occurred as ETH traded near $2,800, suggesting institutional participants reduced exposure rather than accumulating during price weakness. Sustained negative flows at the start of weekly candles weaken buy-side liquidity and pressure support zones.

The timing amplifies concerns about institutional conviction. Large capital allocators typically stabilize volatile assets during corrections, but current flows indicate risk reduction rather than opportunistic accumulation at lower levels.

Until ETF activity returns to positive territory, Ethereum faces elevated probability of testing deeper support. The visible hesitation among institutions to deploy capital at current prices stands as a clear warning signal for near-term price action.

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** Key Takeaways:**

1. Ethereum rejected multiple times at $3,000 level with risk of falling below $2,800 if resistance not reclaimed
2. BitMine accumulated $12 billion worth of ETH, now holding 3.37% of total supply despite intense selling pressure
3. Spot Ethereum ETF outflows exceeded $600 million in one week, with BlackRock's fund seeing $467 million exit

** #Ethereum #ETH #Cryptocurrency #BitMine #ETFOutflows