BitMine is the main purchaser of Ethereum, causing a slowdown in its momentum

Matrixport forecasts that Ethereum prices may continue to consolidate, as ETH ETFs are losing steam and BitMine is continuing to be the main buyer.

Matrixport recently reported that institutional demand for ETH had decreased in the last month. The on-chain analytics platform has identified BitMine, as one of the top ETH exchanges. “only consistent buyer” Tokens are a token. Also, the performance was subdued for ETH ETFs in October.

Historic data The ETH (ETHIn July and August net capital inflows to exchange-traded funds (ETFs) were strong, with amounts reaching up to $5.2 billion each month. The capital flow began to decrease around the end of September when it dropped to only $300 million.

Despite the fact that October’s inflows doubled, to reach $600 million dollars, this was not sufficient to push it forward. Platform noted that October saw a doubling of inflows to $600 million. However, it was not enough to catapult the amount further. “virtually no follow-through” It has fallen from millions.

Data From SoSo value, it is clear that this trend continues. Nine ETH-based ETFs generated $98.2 millions in outflows despite daily net inflows. The trend of outflows is not exclusive to ETH. Bitcoin’s (BTC) ETFs have also experience a wave of outflows, reaching $191.6 million in total last week.

Matrixport analyst note that Ethereum may be ready for a further consolidation, and even deeper corrections are possible. After falling below the $4,000 level just last week the token still hasn’t recovered. Platform seems to suggest that BitMine’s purchasing power is the one factor keeping the asset alive in terms of institution demand. But not for very long.

“BitMine’s NAV is only marginally above issuance levels, meaning the firm can still dilute shareholders and extract incremental capital, but that dynamic appears to be running on borrowed time,” Matrixport Analysts.

In the last 30 days the Tom Lee led Ethereum Treasury firm added 662169 ETH total to its account. holdingsThe total amount of ETH is now 3.1million, which is nearly 3%. Its most recent purchase was made on October 27 when the company bought 77.055 ETH, which is equal to about $285m based upon current market values.

Ethereum’s Fusaka upgrade, which is due on 3 December 2025 could lead to renewed buying and interest in the token. But nothing is certain.

Ethereum price Analysis

Ethereum Price is Currently trading Around $3,714 is below the moving 30-day average which stands at $3 847. It is a sign of continued bearishness as ETH continues to struggle to regain key resistance levels. ETH has fallen further below $3,800 after not being able to reach $4,000.

This pattern of decreasing highs, and lower lows from mid-October onwards confirms that the sellers still have control. The MA acts as dynamic support, rejecting attempts to move upwards repeatedly throughout the recent trading sessions.

The Relative Strength Index was 26.45 at the time of publication, which indicates that Ethereum is in oversold terrain. The Relative Strength Index is currently at 26.45, indicating that Ethereum has entered oversold territory.

The RSI has been unable to stay above neutral zone 50 over the last few weeks, indicating that the bullish trend is still weak. Each recovery was met with renewed selling. The RSI could continue to be suppressed at 40 or lower, confirming a bearish trend.

The $3,700-$3,680 area is a strong support range. The break-through of this range could lead to further declines, which could take Ethereum all the way down to the psychological $3,500 level.

But, if the buyers can defend the support area and get ETH to rise above the 30-MA level near $3.850 then a possible short-term reversal is likely to form. This could target the $3.950 – $4,000 resistance zone.

Ethereum continues to be in a phase of correction, fueled by the short-term sentiment that is bearish. The price appears headed towards a break-down below $3,700 or could bounce back up to $3,850. While momentum indicators remain bearish in nature, signals of oversold conditions suggest volatility as buyers seek value entry points.