Overview

• ETH is consolidating near the $3,825–$4,300 band after a sharp drop that briefly reached roughly $3,500, with volatility still elevated.
• The sell-off was tied to heavy leverage and a large whale short reportedly totaling $600 million in BTC and $300 million in ETH, contributing to nearly $19 billion in liquidations and pressure linked to President Donald Trump’s proposed 100% tariff on Chinese imports.
• BitMine received 23,823 ETH from BitGo after an earlier 20,020 ETH purchase via FalconX, while on-chain trackers say its wallets withdrew more than 78,000 ETH from Kraken this week.
• Onchain Lens reports BitMine now controls over 2% of circulating ETH and continues buying through the drawdown despite sizable unrealized losses.
• Analysts flag a move back above $4,000 and a test of $4,260 as near-term hurdles, with recovery scenarios pointing to $4,500–$5,766 if buyers hold the current floor and momentum improves.