Jan 30, 2026
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BEARISH 📉 : Ethereum struggles below $3,000 amid large-scale staking activity
Ethereum Price Action and Staking Dynamics
- Ethereum has dropped below $3,000 amidst a cautious crypto market.
- Despite price struggles, Bitmine has staked an additional 250,912 ETH worth roughly $745 million, indicating confidence in long-term yield generation over short-term trading.
- This staking activity reduces liquid supply and suggests a strategic focus on Ethereum's proof-of-stake model for network participation and cash-flow returns.
Impact of Large-Scale Staking
- Bitmine has staked a total of 2,582,963 ETH, valued at approximately $7.67 billion, representing about 61% of its Ethereum holdings.
- This move demonstrates a preference for yield generation and balance-sheet efficiency over tactical trading.
- Ethereum balances on exchanges continue to decline, suggesting constrained liquid supply and sensitivity to marginal flows during stress periods.
ETH Technical Analysis
- ETH is trading near the $2,900–$3,000 zone, facing resistance from key moving averages.
- The 50-day average has rolled over, reinforcing short-term bearish pressure, while the 100-day average acts as resistance around $3,200–$3,300.
- The 200-day moving average is rising but flattening, indicating that long-term trend support has not yet been reclaimed.
- Volume dynamics suggest a compression phase rather than aggressive accumulation.
Overall, Ethereum's current position reflects a balance between weak spot momentum and significant staking activity, with potential implications for future price stability.