Ethereum Golden Pocket In Play – Can ETH Turn The Tide Above $2,800?

Bitcoin has reached a critical juncture as it breaks down from a rising wedge pattern, leading to a significant price drop into a key support zone. This decline marks Bitcoin's first major post-all-time high drawdown of over 33%, a level historically associated with increased volatility and prolonged weakness in the market.

BitMine, a treasury firm focused on Ethereum, has announced the cryptocurrency industry's first-ever dividend payment, marking a significant milestone in the evolving landscape of digital assets. This development comes amidst a tumultuous year for the cryptocurrency sector, characterized by fluctuating performances of digital asset treasuries (DATs).

XRP has faced a significant sell-off, with major whale wallets offloading nearly 200 million XRP, valued at approximately $400 million, within 48 hours. This sell pressure has contributed to a 10.32% decline in XRP's price, dropping below the crucial $2 psychological level. The market sentiment remains bearish, exacerbated by the influx of sell-side liquidity from wallets holding between one million and ten million tokens.

Glassnode co-founders Jan Happel and Yann Allemann assert that the current cryptocurrency crash is driven by a singular source of sell pressure, primarily affecting Bitcoin. They argue that this situation reflects a mechanical unwind rather than a narrative shift in the market. Their analysis indicates that the sell-off is not a natural market response but rather a forced exit by a participant, as evidenced by unusual momentum indicators.

Despite a decline in Ethereum's price, interest in staking the cryptocurrency remains high, with many investors willing to lock in their ETH holdings. This period marks one of the highest levels of Ethereum locked in staking contracts, indicating sustained demand for the leading altcoin.

The XRP price has faced bearish momentum, dipping below the $2 mark, which has heightened negative sentiment among traders. Despite this decline, a crypto analyst suggests that the movement is not alarming, as XRP has been trading within a range of $1.90 to $3.50 for nearly a year. The recent drop is viewed as a revisit to a familiar support area rather than a sign of a deeper downturn.

Hyperliquid trader profits have decreased significantly from $100 million to $38.4 million as long positions in Ethereum and XRP have incurred losses during a market downturn.

BitMine, led by Tom Lee, has reported a profit of $328 million and is set to launch MAVAN Ethereum staking in the first quarter of 2026. This strategic move aims to enhance profitability and shareholder dividends, potentially establishing new benchmarks in the cryptocurrency sector.