ETH at 2325—do you dare to add more?

Whales have just increased their staked holdings by $229 million; Belarus officially announced support for ETH banking services; and stablecoin supply has hit a new high— but what about the price? It’s still grinding back and forth inside the 2300-2400 range, like a balloon being pressed underwater that just won’t float up. KelpDAO was hacked for $160 million, and the hacker is going on a frenzy of money laundering through THORChain. Arthur Hayes even publicly undermined it, saying “ETH may drop out of the top three by 2030.”

First, look at the surface: there’s a pile of good news—yet the price is dead.

In the past 24 hours, ETH’s price has fluctuated by 0.25%, rising from 2318 to 2325—up by an utterly negligible amount. The 30-day gain is 6.5%, but that still leaves it more than cut in half versus the August 2025 peak of $4,946. RSI is ranging between 45 and 59. MACD is nearly forming a golden cross, but it has no strength. Trading volume has increased moderately—technically speaking, this thing is holding back a big move, but it’s hanging by a single breath.

First thing: institutions aren’t here to bottom-fish—they’re here to move assets.

Bitmine, a major institution, just within the last few hours directly increased its ETH staked amount by 98,352 ETH, about $229 million. Total staked holdings surged to 3.58 million ETH, worth $8.35 billion.

What does staking mean? Locking funds. What does locking mean? Less circulating supply.

Second thing: Belarus has given the green light—ETH is going into banks.

Belarus has decided to allow “crypto banks” to take ETH deposits, issue loans, and support ETH staking. This isn’t some backwater minor state—this is a legitimate sovereign nation treating ETH as a proper financial instrument. On Ondo Finance’s Global Market platform, among the top 20 tokenized stocks, 19 are running on Ethereum, with a total locked value nearing $500 million.

Third thing: KelpDAO was hacked for $160 million, and the hacker is frantically laundering.

This is the biggest bomb. A KelpDAO vulnerability led to about 68,900 ETH turning into bad debt, which were exchanged for BTC. Attackers exploiting the Balancer vulnerability are converting ETH to BTC via THORChain—laundering with reckless abandon. Security vulnerabilities + funds fleeing + market panic—a three-hit combo.

On one side: institutions adding to positions, countries recognizing it, and the ecosystem leading.

On the other side: hackers laundering, big names talking it down, and price moving sideways.

The key zone is 2280-2300—this is the final bottom line for both bulls and bears.

Short-term traders: buy in batches in the 2280-2300 range, stop loss at 2240, target 2400. If it breaks above 2400 with strong volume, chase it up to 2600-2800.

Long-term players: it’s time to build positions in batches now. Dollar-cost average in the 2200-2300 range; staking to earn annualized yield—double insurance.

ETH is now like it was in 2020. If you don’t get it, you think it’s old, slow, and being surpassed. If you do get it, you’re already earning staking returns.

Arthur Hayes says ETH could fall out of the top three? Back in 2018, he also said Bitcoin would go to zero. #加密市场行情震荡 #Gate13周年现场直击 $ETH