Ethereum Struggles Below $4,000, But Big Investors Keep Buying
Ethereum (ETH) is still under pressure, trading below the $4,000 mark after a sharp sell-off on October 10. That drop wiped out many leveraged trades and broke the upward trend ETH had been building since summer.
Since then, Ethereum’s momentum has weakened, and analysts worry that prices could fall further if buyers don’t defend key support levels soon.
However, behind the scenes, on-chain data tells a different story. Big investors — including funds, companies, and crypto institutions — are still buying ETH during this price dip. This shows growing confidence in Ethereum’s long-term value even as prices remain shaky.
Bitmine Keeps Buying ETH During the Dip
According to Lookonchain data, the institutional investor Bitmine recently bought 44,036 ETH, worth about $166 million, during the latest market pullback.
This brings Bitmine’s total holdings to around 3.16 million ETH, valued at roughly $12.15 billion, making it one of the largest Ethereum holders in the world.
While short-term traders worry about ETH staying below $4,000, long-term investors like Bitmine see this as a chance to buy more, not panic.
This pattern is visible across the market — data shows more ETH moving off exchanges, increased accumulation by large holders, and steady spot inflows — all signs that investors still believe in Ethereum’s long-term potential.
Ethereum Tests Key Support Levels
Currently, ETH trades near $3,847, testing an important support zone after being rejected from the $4,200 level earlier this week.
Ethereum has also fallen below its 50-day and 100-day moving averages, signaling weaker short-term momentum. If ETH drops below $3,800, the next support levels are around $3,500 and $3,200.
Even so, ETH remains above its long-term trend line, meaning the overall bullish structure is still intact.
For a recovery, bulls need to push prices back above $4,000 and then $4,200. Until that happens, the market is likely to stay cautious and move sideways.
Despite near-term weakness, growing institutional buying, strong staking demand, and expanding Layer-2 projects continue to support Ethereum’s long-term outlook.
