Ethereum slipped to $1,848 after losing the $1.9K support level, even as Fidelity-linked wallets shifted $499.55 million in ETH between wallets. Bitmine kept buying while SharpLink Gaming stayed on the sidelines, and short-term technicals point to further pressure below $1.8K.
Ethereum fell to $1,848, a level last seen two weeks ago, after losing the $1.9K support level. At press time, the token traded near $1,865, down 1.9% daily.
Even as Ethereum's upside momentum stayed weak, institutional activity suggested some large investors remained optimistic.
Why Fidelity moved $499M in ETH
According to Onchain Lens, Fidelity-linked wallets moved 260,000 ETH, worth $499.55 million, into three wallets that had been funded six months earlier. However, the transfers did not indicate an intention to sell — the movement instead suggested internal custody rebalancing. Such transfers often attract market attention but generally have a neutral effect on prices.
Bitmine keeps buying as rivals retreat
Several treasury companies halted accumulation or reduced their ETH holdings as the downtrend dragged on. SharpLink Gaming, the second-largest corporate holder, has not purchased ETH since October 2025. Unrealized losses exceeded $1.4 billion, pushing the company to cut exposure. Bitmine, by contrast, continued buying.
A Bitmine-linked wallet purchased 10,460 ETH, worth $19.48 million, through Falcon. The purchase lifted the entity's holdings to 5.5 million ETH, valued at approximately $10.3 billion. That demand coincided with persistent exchange outflows: Exchange Netflow remained negative for six consecutive days, near -3,200 ETH. A similar outflow stretch in early July preceded a move from $1.7K to $1.9K, and if demand persists, Ethereum could recover from its latest decline.
Technicals point to further short-term pressure
ETH traded below its 20-day moving average, while the MACD-SMA indicator reflected continued seller control. The Bulls v Bears indicator also formed a bearish crossover, reinforcing the possibility of further short-term pressure. If this weakness persists, ETH could fall below $1.8K, placing the next support level near $1,750.
However, ETH remained above its 200-day moving average, which suggested the broader market structure was still bullish. Sustained demand from Bitmine could help ETH defend its 50-day moving average and reclaim its 20-day moving average — under that scenario, Ethereum could retest $1,950 before targeting a move above $2,000.
Source: AMBCrypto
Trading involves risk.
Risk Disclaimer
