Ethereum tests the $2,000 level despite institutional accumulation… “Regulatory legislation is key to a rebound”

BitMine buys 50,000 more

“A core asset for the future… we’ll keep accumulating”

Whether it holds $2,000 is the key

Passage of the CLARITY Act could lift sentiment

Ethereum has moved into a crucial test around the $2,000 level as it gauges direction amid variables such as Trump tariff risks and delays in related legislation—despite steady institutional accumulation.

According to the crypto industry on the 3rd, Ethereum has recently fallen below $2,000. In South Korea, it has slipped back under the 3 million won level and is trading in the 2.8 million won range. Its year-to-date decline stands at 31%. Over the same period, Solana has fallen 29% and XRP (formerly Ripple) is down 23%. The Crypto Fear & Greed Index has remained in the “Extreme Fear” zone for the past month.

BitMine, the world’s largest Ethereum treasury company, bought an additional 51,162 ETH over the past week. That brought its total holdings to 4,422,659 ETH (about 12.45 trillion won), or 3.66% of total supply. BitMine is continuing its accumulation strategy with a medium- to long-term goal of securing 5% of total supply. Tom Lee, chairman of BitMine, said, “The current Ethereum price does not fully reflect key fundamentals such as Wall Street’s tokenization push and the potential to combine with artificial intelligence (AI),” adding, “Even in a ‘mini crypto winter,’ we view Ethereum as a core asset of future finance and will continue accumulating.”

Staking (crypto deposits) on the Ethereum network is also becoming more pronounced. According to on-chain analytics firm Santiment, the amount of Ethereum staked has recently exceeded 50% of cumulative issuance. At the same time, retail investor participation appears to be gradually increasing. Typically, as staking participation expands, the amount of potentially sellable supply circulating in the market decreases, which can be supportive for prices. However, this figure is based on cumulative issuance and may differ from calculations based on actual circulating supply.

Technical analysts say Ethereum’s near-term trajectory hinges on whether it can hold the $2,000 level. Crypto analyst Benjamin Cowen noted, “Ethereum’s fair value is estimated at around $2,000,” adding, “The current price is in the process of building a base in that zone.” Katie Stockton, founder of Fairlead Strategies, also said, “Extreme bearish sentiment can instead be conducive to forming a bottom,” and assessed that “over the medium to long term, there is a high likelihood Ethereum could outperform Bitcoin.”

Regulatory uncertainty, however, remains an overhang. With disagreements within the U.S. government continuing over whether stablecoins should pay interest, it is unclear whether the CLARITY Act—a market-structure bill for the crypto industry—will be handled in the first half of the year. Some warn that if the bill is not passed within Q2, before the U.S. midterm election cycle fully ramps up, legislative momentum could weaken. Others see significant upside for broader altcoin sentiment if the bill is enacted.

Amid mixed signals, the market is staying on the sidelines. Crypto analytics firm Swissblock said, “Bitcoin, the bellwether crypto, has entered a wait-and-see phase, and altcoins likewise remain cautious overall, with positive momentum still below the 25% threshold needed to turn into an uptrend.”

Kang Min-seung, BloombergBit reporter minriver@bloomingbit.io