Ethereum continues to show signs of weakness even as large institutional players increase their exposure. Ethereum treasury firm BitMine Immersion has doubled down on its long-term strategy by purchasing an additional 102,259 ETH over the past week — marking its largest accumulation since the previous disclosure.
This latest acquisition brings BitMine’s total Ethereum holdings to approximately 3.96 million ETH, valued at around $11.82 billion at current market prices. The company has made its ambition clear: to ultimately control 5% of Ethereum’s circulating supply.
In a statement released on Monday, BitMine Chairman Thomas Lee highlighted that 2025 is shaping up to be a pivotal year for digital assets, citing more crypto-friendly U.S. legislation, clearer regulatory frameworks, and growing support from Wall Street. According to Lee, these macro tailwinds reinforce BitMine’s conviction that the strongest phase of the crypto bull cycle may still lie ahead, justifying its aggressive ETH accumulation strategy — internally referred to as the company’s “5% alchemy goal.”
Beyond Ethereum, BitMine also holds 193 BTC, a $38 million investment in Worldcoin (WLD) treasury assets, stakes in Eightco Holdings, and approximately $1 billion in cash reserves.
Thanks to this latest ETH purchase, BitMine has become the second-largest crypto treasury company globally, trailing only Strategy, while officially ranking first in Ethereum treasury holdings, surpassing SharpLink Gaming.
However, this rapid expansion comes with notable risks. According to data compiled by Maartunn, a community analyst at CryptoQuant, BitMine is currently sitting on an unrealized loss of roughly $3 billion.
Reflecting market concerns, BitMine’s stock price fell 9% on Monday, coinciding with the release of the updated holdings report.
Ethereum Price Outlook: ETH Eyes the $2,850 Support After a 5% Drop
Ethereum saw $174 million in liquidations over the past 24 hours, with long positions accounting for $141.8 million, according to Coinglass data.
ETH’s recovery attempt was decisively rejected near the $3,100 resistance, triggering a sharp 5% decline on Monday. Price action is now hovering dangerously close to a key support zone around $2,850.
If ETH fails to hold above $2,850, downside pressure could intensify, potentially dragging price toward the $2,600 support area. A deeper correction may expose the next major demand zone near $2,380.
On the bullish side, Ethereum must reclaim $3,100 and break back above the 50-day, 100-day, and 200-day exponential moving averages (EMAs) to re-establish a sustainable uptrend.
From a technical perspective, the Relative Strength Index (RSI) has slipped below the neutral level, signaling weakening momentum, while the Stochastic Oscillator is approaching the oversold zone. A confirmed oversold reading could act as a catalyst for a short-term relief bounce.
Trading Plan – ETH/USDT (Short-Term Setup)
🔵 BUY SCENARIO (Support Reaction)
Buy Entry: 2,850 – 2,800
Take Profit 1: 3,000
Take Profit 2: 3,100
Stop Loss: 2,720
Bias: Short-term rebound / oversold bounce
🔴 SELL SCENARIO (Support Breakdown)
Sell Entry: Breakdown & retest below 2,800
Take Profit 1: 2,600
Take Profit 2: 2,380
Stop Loss: 2,930
Bias: Continuation of corrective move
⚠️ Always wait for confirmation and manage risk properly. Market volatility remains elevated.
Final Thoughts
Despite strong institutional accumulation, Ethereum’s price action is still driven by technical structure and liquidity conditions. Whether ETH holds the $2,850 zone or breaks lower will likely define the next major move.
What’s your take — is this smart money accumulation or just catching a falling knife?
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