Key Notes
- Ethereum rebounded 8% to $4,150 after Friday’s liquidation-driven crash, as Bitmine-linked wallets accumulated $480M in ETH.
- On-chain data shows 128,718 ETH withdrawn from FalconX and Kraken by wallets linked to Bitmine (BMNR).
- Institutional accumulation during volatility signals renewed confidence, potentially accelerating Ethereum’s recovery toward $4,200.
Ethereum price rebounded 8%, trading as high as $4,150 on Sunday, October 12, after plunging to $3,652 within the previous 24 hours. The broader crypto market cap also rose 4%, as traders found strategic re-entry points following record-breaking liquidations on Friday. Wallets linked to Ethereum treasury investor Bitmine (BMNR) capitalized on the market dip to accumulate ETH at discounted prices.
Bitmine Buys the Dip as Ethereum Rebounds Toward $4,200
On Sunday, October 12, crypto analytics platform Lookonchain alerted its 645,000 followers to a series of large ETH purchase transactions involving wallets linked to Bitmine (BMNR). Bitmine appears to have bought 128,718 ETH (worth approximately $480 million) after the market crash.
According to the post, six new wallets linked to Bitmine withdrew 128,718 $ETH ($480M) from FalconX and Kraken exchanges on Sunday.
Bitmine( @BitMNR ) appears to have bought 128,718 $ETH ($480M) after the market crash.
6 new wallets (likely belonging to #Bitmine ) withdrew 128,718 $ETH ($480M) from #FalconX and #Kraken .
— Lookonchain (@lookonchain) October 12, 2025
While the transactions remain unconfirmed pending U.S. trading hours reopening on Monday, the on-chain activity has already drawn market attention. Ethereum could attract positive tailwinds in the coming sessions as traders front-run the confirmation from Bitmine and other publicly listed firms that bought the dip.
If confirmed, Bitmine’s aggressive accumulation could incentivize other large holders to re-enter, accelerating a recovery from the panic-driven sell-offs triggered by U.S.-China trade tensions .
Ethereum Price Forecast: Bullish Reversal in Play if Bulls Clear $4,244 Resistance
Ethereum price needs a clean breakout above the Bollinger midline and 20-day SMA at $4,244 to confirm a bullish reversal. Until that confirmation occurs, the rising wedge formation shows downside risks toward the bearish correction target at $3,179.
Ethereum (ETH) Technical Price Analysis | Source: TradingView
More so, Ethereum’s Relative Strength Index (RSI) has recovered from oversold territory and now sits in the low-50s, suggesting improving momentum but still lacking confirmation of sustained bullish dominance.
In the bullish scenario, a daily close and hold above $4,244 would likely attract momentum traders and trigger short covering, clearing the path toward the upper Bollinger band around $4,753.
However, in the bearish scenario, failure to reclaim the $4,244 level could expose Ethereum to renewed pressure toward $3,734 and the highlighted target at $3,179.
