In the Ethereum (ETH) market, large-scale withdrawals from staking continue, with approximately 400,000 ETH (about $1.3 billion) returning to the market over the past 20 days. Although ETH price fell 2.8% intraday to $3,227 as of the 11th, it has maintained a weekly gain of 3.1%. However, macro uncertainty and staking outflows remain a drag on the price, and the market continues to lack a clear direction.
Meanwhile, one of the world’s largest Ethereum holding companies, BitMine, is accelerating its accumulation. Founder Tom Lee considers the dip below $3,000 a “bottoming signal,” and last week alone, purchased 138,452 ETH (about $460 million). As a result, BitMine’s total holdings have reached approximately 3,864,000 ETH (3.2% of the total supply), further strengthening its presence as a DAT enterprise.
However, on-chain data paints a contrasting picture to Tom Lee’s bullish outlook. According to CryptoQuant, total staking amount has decreased from 36.3 million ETH at the end of November to 35.9 million ETH as of December 11. Continuous withdrawals indicate short-term selling pressure and increased liquidity demand, suggesting that a full reversal for ETH may take more time.
On the technical side, ETH is supported by the 20-SMA near $3,125, but the upside is capped by strong resistance at $3,360. The RSI at 57 indicates a mildly bullish momentum, and the MACD remains above zero, but the momentum is waning.
If ETH can hold above $3,125, a rebound toward $3,300–$3,360 is expected. Conversely, breaking below this level increases the likelihood of retesting $3,000. A clear break below $3,000 would put the next major support at $2,886, raising the risk of a stronger bearish trend.
Given the ongoing staking outflows and declining momentum, the short-term outlook for ETH remains fragile. A bullish reversal requires a break above $3,360, and until then, the market is likely to remain in a range with increased volatility. (CoinDesk)
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