Ethereum is rallying after weeks of pressure selling. A price chart shows uncertainty. The chain reaction recorded this week shows something.
More information from Arkham Intelligence has found one purchase that differs from the current market: an unidentified wallet acquired $106.98 million worth of ETH in one transaction. There is no announcement. There is no public view. One address, one move, nine figures.
Personally, selling a large bag doesn’t guarantee anything. Instead, it requires care. When an unknown address makes $ 107 million in ETH at a time of price weakness and negative market sentiment, it is not the behavior of a student who believes that the current situation will continue forever. Bags of such size do not accumulate and become weak by accident. They do it by design.
What Arkham data can’t confirm is what’s behind the address. What can be determined is the size, time, and method – the buyer of the size of the institutions, contrary to the prevailing opinion, at the price of the big market last weeks it seems like a ceiling and not a floor.
This difference between what the price is doing and what the capital is doing is the kind of signal that leads to systemic change. It does not guarantee one. But it changes the conversation.
The Model Has a Name. The question is if this name has a face
Arkham State analysis they go a little further than identifying the product. It identifies a behavioral signature: the method of buying an anonymous address is similar to the previous buying methods of Bitmine – a Bitcoin and digital asset company led by Tom Lee, one of the most famous and popular voices in the crypto markets.
That equality is not a guarantee. It’s a flag – and for most chains, this comparison against a well-known expert is the closest thing to an explanation that data can support.
The importance of Bitmine in the market continues to exceed its limits. Tom Lee has spent many years as one of the few well-known financial figures to take an interest in financial institutions and to publicly defend them. When capital is linked to its movement, the market takes notice. Not only because of the growth of the dollar, but because of what it shows at the institutional level. The ETH collection of $ 107 million, if it comes from Bitmine, will represent a direct vote of confidence in Ethereum at current prices from the buyer and all the support and loyalty of the people to move the opinion.
The question Arkham is putting on the table – did Tom Lee just buy $100 million in ETH – cannot be answered definitively. But it’s a valid question, and chain proof is why it’s being asked.
Ethereum’s Weekly Chart Puts This Time Into Its Ideal Values
Ethereum is trading at $2,075 on a weekly basis, up 1.03% on a candle that opened at $2,053 and hit $2,199 before pulling back. The major weekly resistance at $2,199 – exactly where the market tried and failed – is what the daily chart cannot show. A weekly candle does not heal. It is struggling.
The big picture explains what wrestling means at this level. ETH peaked around $5,000 in early 2022, below $1,000 in mid-2022, recovered throughout 2023-2024, and reached $4,800 again in late 2024. The decline has erased all of the 2024 bull run and returned ETH to the levels seen in late 2023.
The change in the center of the weekly chart is the most dangerous signal to see. The price has definitely broken below the 50-week MA and is now testing the 100-week MA – the green line, which is descending to the area of $2,200-$2,300 – from the bottom, after failing to recover this week. The 200-week MA, the long-term red line, continues to rise slowly from the $2,600 area and represents the level of ETH that has not traded since the beginning of 2026.
All three weekly MAs are turning downward. The price is below all of these. Until the 50-week MA is retaken at the end of the week, the chart has no ability to support a recovery.
Image from ChatGPT, TradingView.com chart
