Key Takeaways
- Ethereum plunged beneath $2,000, reaching an intraday bottom at $1,955
- BitMine acquired 26,497 ETH during the past week — marking its third-smallest weekly accumulation since implementing its ETH treasury strategy
- BitMine’s Ethereum position currently shows unrealized losses approaching $9 billion
- Spot Ethereum ETFs in the United States experienced their third consecutive week of negative net flows
- Critical support zone established at $1,909; failure to hold could trigger decline toward $1,741
Ethereum has slipped beneath the $2,000 threshold following renewed selling momentum that drove prices down to $1,955. The digital asset continues to face headwinds as bearish sentiment dominates across various trading intervals.
BitMine Immersion Technologies (BMNR) added 26,497 ETH to its reserves over the previous seven days, elevating its aggregate position to 5.41 million ETH, currently valued at approximately $10.72 billion. This weekly accumulation represents the company’s third-smallest purchase volume since transitioning to an Ethereum-focused treasury approach in 2025.
Thomas Lee, BitMine’s Chairman, explained the reduced acquisition rate by noting the firm has already surpassed its timeline for reaching 5% ownership of ETH’s total circulating supply. Lee further stated that Ethereum’s current market valuation fails to align with the network’s strengthening fundamentals.
Nonetheless, the company’s Ethereum holdings currently reflect unrealized losses of approximately $9 billion, according to figures from CryptoQuant.
Market analyst Rekt Capital highlighted on X that Ethereum has now concluded two monthly periods below its long-term ascending trendline within the last five months. He cautioned that bounce attempts from this support structure are losing strength and emphasized that ETH must defend its 2026 lows or successfully recapture the trendline to prevent additional downside movement.
Institutional Withdrawals Amplify Downward Momentum
Spot Ethereum exchange-traded funds in the United States have registered negative net flows for three straight weeks, according to SoSoValue tracking data. This trend highlights ongoing reluctance among institutional market participants.
Strategy, which maintains the largest cryptocurrency treasury by asset value, revealed it liquidated 32 BTC during the prior week, generating $2.5 million to satisfy preferred stock dividend obligations. This transaction contributes to the broader narrative of digital asset treasury holders experiencing financial strain.
Ethereum recorded $106.3 million in forced liquidations throughout the preceding 24-hour period. Long position liquidations comprised $90.3 million of this figure, based on Coinglass analytics.
Critical Technical Levels Under Scrutiny
Examining the daily timeframe, Ethereum is positioned beneath its 20-, 50-, and 100-day exponential moving averages at $2,098, $2,172, and $2,269 respectively. Having all three primary moving averages overhead generally indicates a negative trend structure.
The 14-period Relative Strength Index currently hovers around 30 while the Stochastic Oscillator remains entrenched in oversold ranges. Although these readings confirm substantial selling pressure, they do not independently guarantee an imminent trend reversal.
Regarding overhead resistance, barriers are positioned at $2,000, $2,020, $2,050, and $2,080. Successfully breaking above $2,050 could pave the way toward $2,120 or $2,150.
On the support side, initial defense stands at $1,955, with subsequent floors at $1,920 and $1,909. A decisive breach below $1,909 would bring $1,741 into play, with additional downside targets at $1,524 and $1,404 should selling intensify.
ETH was most recently changing hands around $1,980, positioned beneath the 100-period Simple Moving Average on the hourly chart, where a descending trendline resistance has formed near $2,010.
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