Ethereum’s largest new treasury buyer keeps adding coins while a closely watched chart pattern defends a major retracement level. On-chain data from Arkham and wave analysis from Man of Bitcoin now point to a market where deep-pocket accumulation meets a potential inflection zone on the ETH chart. Bitmine Adds 96,800 ETH as Tom Lee Keeps Buying the Dip Blockchain analytics platform Arkham reported that ETH treasury company Bitmine bought 96,800 Ether in the past week, spending about $273.2 million at recent prices. The purchases came as ETH traded near $2,800, extending a steady accumulation pattern during recent market pullbacks. Bitmine Ethereum Treasury Dashboard. Source: Arkham/X The Arkham dashboard shows Bitmine now holding roughly 3.44 million ETH in its main wallets, with the position valued at around $10 billion. The portfolio screenshot lists ETH as the dominant asset, far ahead of smaller allocations to tokens such as IMAGE, IMPT, ELMO and MKR. Arkham linked the activity to strategist Tom Lee, noting that Bitmine still has about $880 million in dry powder earmarked for additional ETH purchases. Consequently, the on-chain data indicates that the firm has been buying into each downward move, with capacity to continue adding if the price weakens again. Analyst Says Ethereum Holds 78.6% Fib as Chart Signals Possible Wave-C Start Meanwhile, Ethereum reacted to the 78.6% Fibonacci retracement level, according to trader Man of Bitcoin, who highlighted the move inside a corrective Elliott Wave structure. His chart shows ETH pulling back sharply from the November recovery, then finding support near $2,716 before recovering toward the $2,800 area. The rebound formed at the exact 78.6% zone marked for wave B, which he treats as the key point that must hold for the structure to stay intact. Ethereum Elliott Wave Analysis Chart. Source: Man of Bitcoin The image displays a descending trendline capping price since November, with ETH now attempting to stabilize directly beneath it. At the same time, the chart outlines the three main Fib retracement levels of 0.5 ($2,849), 0.618 ($2,794) and 0.786 ($2,716). ETH briefly dipped through the first two levels before responding at the lowest one, suggesting the broader market still respects the deeper retracement band during this correction. His wave count labels the recent upward move as wave A and the current pullback as wave B within a larger wave iv. Because of that, he noted that ETH “should ideally remain above the last swing low” for the start of wave C to unfold. The chart also sketches a higher target zone near $3,167 to $3,356 for the next move, indicating where wave C could complete if the pattern holds and price breaks the descending trendline.
