Ethereum is experiencing significant selling pressure as it trades near $3,880, with institutional investors and analysts divided on its short-term prospects. On-chain data reveals that BitMine Immersive Technology has acquired 203,826 ETH, valued at $820 million, increasing its holdings to 3.24 million ETH, or 2.7% of the circulating supply. Despite this accumulation, Ethereum's price has dipped below key resistance levels, testing the $3,900 support. The decline follows substantial outflows from U.S. spot Ethereum ETFs, which saw a net outflow of $145.6 million on October 20, contributing to a two-week total outflow of nearly $500 million. Analysts point to mixed whale activity and the Ethereum Foundation's recent transfer of 160,000 ETH, worth $650 million, to wallets associated with exchange sales as factors contributing to the current market weakness.