Ethereum price is down 3.4% over the past 24 hours to trade at $2,847 as of 3:50 a.m. EST, following a 31% increase in trading volume to $90.9 billion.
That drop in ETH price comes as Ark Invest continues to buy the dip by accumulating more shares in leading Ethereum treasury company BitMine Holdings.
Ark bought $10.56 million worth of BitMine shares through three exchange-traded funds (ETFs), adding to the $17 million acquired on Monday.
BitMine fell 6.6% on Wednesday to close at $29.32, down about 24% in the past five days.
Cathie Wood likes to buy Bitmine under $30!
ARK Invest bought 360,232 Bitmine shares today!
😏😏😏$ETH / $BMNR pic.twitter.com/ycy80niqJS
— Kodi (BMNR) 📌 (@SweatyKodi) December 18, 2025
Ark Invest’s continued accumulation reflects CEO Cathie Wood’s bullish stance. She expects a “real break” in inflation next year, which could favor high-growth and innovation-oriented assets such as crypto stocks.
BitMine Chairman Tom Lee echoed this optimism, pointing to the company’s continued weekly ETH purchases even during the market slump. He also cited improving regulatory clarity in Washington and stronger institutional participation as reasons why the “best days for crypto” still lie ahead.
Ethereum price offers strong support
Ethereum price is twith a rating of $2,847support after a prolonged bearish move. On the daily time frame, ETH remains within a bearish channel that has driven price action lower since its September peak near the $4,800-$5,000 region.
However, recent candles suggest a potential bullish reversal attempt from the lower boundary of this channel.
The ETH trading pair peaked near the R1 resistance zone, where strong selling pressure emerged. That rejection marked the start of a steady downtrend, marked by lower highs and lower lows.
The bearish channel clearly defines this trend, with the price respecting both the upper resistance line and the lower support line multiple times, reinforcing its technical validity.
Currently, ETH is bouncing off lower channel support, which also aligns with a key horizontal support level around $2,800-$2,850. This confluence strengthens the area as an important demand zone. Historically, similar responses from such confluence areas have led to short- to medium-term relief efforts.
ETHUSDT analysis source: Tradingview
The Fibonacci retracement, pulled from the big swing low to the recent high, highlights the 0.886 retracement level as a critical support area. The price remains just above this level, which often acts as a last defense for bulls in correction phases.
Sustained holding above this zone increases the likelihood of a reversal rather than a continuation of the crisis.
The RSI (14) is currently around 38-40, which is below the neutral 50 level but above deep oversold conditions. This indicates that bearish momentum is weakening rather than accelerating. Additionally, the RSI begins to flatten and curl slightly upward, which is often an early signal that selling pressure is easing.
For a bullish confirmation, ETH would need to break and close above the centerline and upper limit of the bearish channel, followed by reclaiming the $3,100-$3,300 resistance zone.
A successful breakout could open the door for a move towards $3,500, where previous support has turned into resistance.
On the other hand, failure to hold above $2,800 would invalidate the bullish reversal setup and expose ETH to deeper losses towards $2,500 and possibly $2,200.
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