Bitmine’s latest 86,400 ETH staking transfer landed as Ethereum charts began flashing a clear shift in market structure. Together, on chain data and multi timeframe technical setups now point to growing momentum across both institutional flows and price action.
Bitmine sends 86,400 ETH to Ethereum staking deposit contract, post claims
Bitmine sent 86,400 ETH to Ethereum’s staking deposit contract about eight hours before a post from Crypto Patel on X highlighted the transfers, pointing to fresh on chain deposits tied to Fundstrat’s Tom Lee. The screenshot of the transfers list shows four separate deposits from Bitmine labeled addresses to a “BatchDeposit” destination, with values of 23.04K ETH, 21.12K ETH, 19.2K ETH, and 23.04K ETH, which add up to 86,400 ETH.
Bitmine Ethereum Staking Transfers. Source: Crypto Patel/X
The same transfer records show estimated dollar values near $71.02 million, $65.1 million, $59.18 million, and $71.02 million, totaling about $266.3 million for the batch. The “BatchDeposit” label appears alongside a shortened contract identifier, indicating the deposits routed through a batching method rather than a single transaction.
Crypto Patel’s post said Bitmine has now staked 1,080,512 ETH worth about $3.33 billion. The post also claimed Bitmine holds 4.144 million ETH, or about 3.43% of Ethereum’s total supply, valued at roughly $12.80 billion.
Ethereum breaks out of falling channel as chart signals higher price zone
Ethereum broke above a long running falling channel on the daily chart, according to a technical setup shared by Crypto King on X, pointing to a shift in short term price structure. The chart, based on ETH U.S. dollar data from Binance, shows price moving out of a downward parallel channel that had guided trading since late 2025. After the breakout, Ethereum pulled back slightly but held above the former channel boundary, a move that often marks confirmation rather than rejection.
Ethereum Downtrend Channel Breakout Chart. Source: Crypto King/X
The chart also highlights a completed falling wedge pattern inside the broader downtrend. As price compressed toward the lower end of the structure, volatility narrowed before the upside break. Fibonacci levels drawn on the chart place the 0.618 retracement near the mid channel area, which Ethereum has now reclaimed. Price trades around $3,090 on the latest candle, well above the recent range lows near $2,600.
Crypto King said consolidation appears complete and projected an upside target above $4,400 if the breakout holds. The forward path drawn on the chart shows a stepped advance, with an initial push toward the mid $3,600 area before a continuation higher. While the projection remains technical, the chart reflects a clear change in trend direction after months of lower highs and lower lows.
Ethereum weekly chart points to higher cycle targets based on long term structure
Meanwhile, Ethereum’s weekly chart suggests room for further upside in the current market cycle, according to technical analysis shared by the account Freedom By 40 on X. The chart, based on Ethereum U.S. dollar data from Bitstamp, outlines a broader rising structure that has remained intact since the 2022 market low. Price recently traded near $3,233, holding above a long term ascending trendline that has supported higher lows over multiple years.
Ethereum Weekly Cycle Projection Chart. Source: Freedom By 40/X
The chart applies Elliott Wave labeling and Fibonacci extensions to frame potential cycle targets. Markings show a completed corrective phase followed by a renewed impulse structure, with projected extensions ranging from the 1.0 level near $6,448 to higher bands above $9,000. The 1.236 and 1.38 Fibonacci extensions are also highlighted, placing longer term reference zones near $9,270 and $11,567, respectively. The analysis notes that even a move toward the lower extension would remain consistent with prior cycle behavior.
Freedom By 40 said a minimum target around $6,400 would still fall within a conservative range for the cycle, based on the technical setup shown. The chart compares the current structure with the previous cycle’s peak, marked as the last Elliott Wave all time high, and shows Ethereum continuing to respect a rising diagonal support. While the projections remain technical, the weekly structure reflects sustained higher highs and higher lows, keeping the broader uptrend intact.
Source: https://coinpaper.com/13669/bitmine-sends-86-400-eth-to-staking-as-ethereum-breaks-key-downtrend
