Ethereum remains under pressure, trading near $3,847 after failing to sustain above $4,000 and retreating from the $4,200 resistance earlier in the week.

The broader market shows a divergence: price weakness contrasts with strong institutional buying, implying a wait-and-see stance until key support holds and macro catalysts stabilize.

Bitmine, a major institutional holder, added about 44,036 ETH worth roughly $166 million during the pullback, lifting its total holdings to about 3.16 million ETH (roughly $12.15 billion) and underscoring long-term accumulation despite short-term price weakness.

Long-term fundamentals remain supportive, with rising institutional participation, stronger staking demand, and expanding Layer-2 ecosystems reinforcing Ethereum’s investment case even amid near-term softness.

On-chain and institutional flow data show continued large-scale accumulation during dips, suggesting a potential recovery path driven by buyers even as retail and leveraged traders face pressure.

Technical momentum weakened as Ethereum broke below the 50-day and 100-day moving averages, heightening downside risk toward the $3,800 support and potentially to $3,500 or the 200-day average near $3,200 if support fails.

A bullish scenario would require reclaiming $4,000 and pushing toward $4,150–$4,200 to invalidate the current series of lower highs and restore upside momentum; failure to defend support could extend the downturn.