Ether Holds Support as BitMine Extends Buying Streak

Key Moments

BitMine Extends ETH Buying Spree

Ethereum (ETH) is trading near $2,400 on Monday, erasing a modest rebound from the early Asian session, even as digital asset treasury firm BitMine Immersion (BMNR) continued to add to its Ether holdings.

The Las Vegas-based company acquired 12,535 ETH last week, extending a weekly accumulation pattern that has been in place since June 30, 2025. Following the latest purchase, BitMine now controls more than 6.041 million ETH, valued at approximately $14.47 billion and accounting for 4.9% of the 122.1 million ETH supply at the time of writing.

This latest move brings BitMine closer to its self-described objective of holding 5% of ETH’s circulating supply, a target it refers to as “the alchemy of 5%.”

Macro Pressures and Crypto Market Sentiment

BitMine’s buying has come against a backdrop of broad risk-off sentiment in recent weeks. The firm cited pressure on risk assets from rising AI-related capital expenditures and safety concerns, ongoing US-Iran war activity, investor nerves ahead of US midterm elections, and higher bond yields across global markets.

According to BitMine Chairman Thomas Lee, these factors have contributed to selloffs in AI-related equities, particularly in semiconductor and memory-focused Asian markets.

“Crypto is widely held in the US, Korea and Taiwan. So naturally, when investors in those regions de-risk, this creates spillover pressures in crypto markets,” said Lee. “In the past, whenever fundamentals remain resilient and strong, while price declines, these have historically been attractive risk/reward opportunities. And given crypto’s positive exposure to both modernizing global financial system rails and to agentic-AI, we believe this will again prove to be the case.”

At the same time, US spot ETH exchange-traded funds (ETFs) recorded approximately $320 million in net outflows last week. It was the third straight week of negative flows, according to SoSoValue data.

Flows and Positioning Snapshot

Technical Setup: EMAs Cap the Upside

In derivatives markets, Ethereum futures registered $87 million in liquidations over the past 24 hours, with more than $71 million stemming from short positions.

On the daily timeframe, ETH retains a bearish near-term bias. Price is trading below both the 50-day and 20-day Exponential Moving Averages (EMAs), which sit near $2,483 and $2,504, respectively. The 100-day EMA, located around $2,351, lies just beneath the current spot level and is closely aligned with horizontal support around $2,355, forming an initial technical support zone.

Momentum indicators are subdued, with the Relative Strength Index (RSI) holding in the high-30s and the Stochastic oscillator near the low-20s. This configuration suggests that rebounds are likely to encounter selling interest while the shorter EMAs continue to act as overhead resistance.

Key Levels to Watch

On the upside, the first resistance band is concentrated around the 50-day and 20-day EMAs near $2,504. A decisive move above this confluence would expose higher horizontal resistance levels at $2,548, followed by $2,637 and $2,782.

On the downside, the immediate support area is defined by the cluster around $2,355 – $2,351, where the horizontal level meets the 100-day EMA. Below this zone, a deeper support region is seen at $2,205.

If selling pressure intensifies, market focus could shift toward more significant downside reference points at $1,972 and $1,828.

The technical analysis in this article was prepared with the assistance of an AI tool, as disclosed in the original note: (The technical analysis of this story was written with the help of an AI tool. Know more.)

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