Ethereum faces resistance at the $2400 mark... on-chain "supply locking" accelerates

Ethereum(ETH), repeatedly hindered at the $2,400 recovery level, is seeing rapid progress in on-chain “supply locking,” with market opinions divided. The price trend is clearly hesitant, but internal network data shows whale confidence.

According to Arkham Intelligence, Bitmine recently staked an additional 112,656 ETH. At current prices, this is worth about $260 million, and is considered a continuation of the “Ethereum Treasury Strategy” launched by the company earlier this year.

Bitmine adds 110k ETH to staking… “Continuous staking” reduces circulating supply

Bitmine’s actions are not a one-time event but a repeated accumulation of “large-scale staking” through price fluctuations and weak market conditions, intensifying market tension. It executes this in a manner of one action followed by continuous ones, with no significant change in speed or direction.

While Ethereum has failed to break through the resistance near $2,400, as one of the main holders, Bitmine has locked its chips into the network, creating a structural tension. Although this is not yet fully reflected on charts, on-chain data alone shows that the reduction in circulating supply cannot be ignored.

Cumulative staking of 3.81 million ETH… a structure formed by 75% of holdings “locked”

Currently, Bitmine’s total staked amount is 3,814,245 ETH. Valued at approximately $110k, this accounts for 75% of its total holdings invested in validator infrastructure.

Staking differs from holding for trading; it involves delays such as unbonding waiting periods, which signals that they view Ethereum as a yield-generating, network-participation asset rather than pursuing “short-term arbitrage.” Some market comparisons relate this to Strategy company’s accumulation of Bitcoin(BTC), but analysts note that Bitmine’s approach goes beyond mere holding, directly linked to protocol operations, making its nature different.

$2,280 this week… the $2,100 to $2,400 range will determine the next direction

In terms of price, Ethereum’s weekly chart shows trading around $2,280, testing the long-term moving average range. After being resisted in the $3,800 to $4,000 zone in the previous cycle, it sharply retraced to around $1,500, then rebounded but with weak momentum, showing continued volatility.

Currently, the $2,100 to $2,400 range is seen as a “battlefield” where buyers and sellers are contesting power. In the $2,400 to $2,600 zone, supply pressure and resistance are strong; if it fails to hold above $2,100, it may re-affirm the demand zone below. However, the large-scale staking by Bitmine is steadily reducing circulating supply, adding a key variable to how supply and demand will influence price fluctuations in the future.

Summary by TokenPost.ai

🔎 Market interpretation - ETH repeatedly fails to break through the $2,400 resistance, with ongoing tug-of-war within the $2,100 to $2,400 range - Meanwhile, on-chain data shows that large-scale staking by Bitmine continues, with signals of decreasing “circulating supply” strengthening - That is, the price(chart)hesitates, while on-chain data(shows supply locked in accumulation, and the “divergence” between the two is widening 💡 Strategy key points - Key price range check: whether it can recover and break above $2,400, which may test the $2,400 to $2,600 supply resistance); or if it falls below $2,100(, it may re-affirm the demand below) - Supply and demand perspective: large holders expanding staking, reducing short-term sellable chips, which may increase “supply shocks” during volatile ranges - Risk management points: staked chips are difficult to sell immediately due to unbonding delays, but market psychology and macro variables may also cause the lower end of the range to be broken first 📘 Terminology explanations - Staking(: The act of depositing Ethereum into the network to participate in validation and earn rewards), which reduces circulating supply( - Validator): Participants who perform block creation/validation to maintain network security( - Unbonding): The waiting period to unbond staked assets until they can be withdrawn(, representing liquidity constraints) - On-chain data(: Verifiable transaction/holding/transfer/deposit data on the blockchain network) - Range(: A specific price zone), e.g., trading within $2,100 to $2,400(, with resistance above and support below, repeatedly tested during sideways movement

💡 FAQ)

Q. What does “divergence between charts and on-chain data” mean in this article? On the price chart, Ethereum failed to break through the $2,400 resistance and is sideways within the $2,100 to $2,400 range; but on-chain, whales like Bitmine are staking large amounts of ETH, reducing the chips available for immediate market sale(, i.e., circulating supply). In other words, confidence in price is still lacking, but supply-demand structure is tightening signals are emerging.

Q. How will large-scale staking by Bitmine affect the price? Staked ETH cannot be sold immediately(, as it requires waiting for unbonding), which reduces the amount of tradable chips in the market. During periods of demand surge or increased volatility, this supply shortage may enhance price elasticity; conversely, if the market turns weak, it may first test the lower range(, such as $2,100). Therefore, the price direction is jointly determined by “supply and demand + market psychology.”

Q. For beginners, which range should they focus on now? According to the article, the core battleground is between $2,100 and $2,400. Whether it can recover and stabilize above $2,400 signals an upward breakout; failure to hold above $2,100 is seen as a risk of testing the lower demand zone again. Additionally, observing on-chain data(staking scale / circulating supply changes) can help grasp early signs of supply-demand shifts before price moves.

TokenPost.ai notes: This article is summarized based on TokenPost.ai’s language model. It may omit key points from the original or differ from actual facts.