The cryptocurrency market has been stagnant for the past 24 hours, with Bitcoin trading between $62,000 and $63,000 during this period.
Ethereum ($ETH), the second-largest cryptocurrency by market capitalization, continues to trade below $1,700, with an increase of less than 1%, according to data from various crypto trading platforms.
Despite the positive fundamental news, technical indicators suggest that bears continue to dominate the market.
BitMine added approximately 127,000 $ETH to the Ministry of Finance
$ETHThe poor performance comes despite Ethereum finance company Bitmine Immersion Technologies significantly increasing its Ethereum position last week.
The company announced Monday that it had acquired 126,971 companies. $ETH The cryptocurrency briefly fell towards the $1,500 level.
This purchase marks BitMine’s largest weekly Ethereum accumulation of 2026, increasing its total holdings to approximately 5.54 million $ETH.
According to the company, it currently controls approximately 4.59% of Ethereum’s circulating supply and is close to its stated goal of owning 5% of the total supply. $ETH It is expected to be in circulation by the end of the year.
Bitmine Chairman Thomas Lee said the company views the recent decline as a buying opportunity rather than a sign of declining fundamentals.
According to Lee, despite the broader market correction, Ethereum’s underlying network strength continues to improve.
He described the current market environment as the early stages of a new crypto growth cycle and argued that Ethereum remains well-positioned for long-term adoption.
Lee also highlighted the potential impact of agent-based artificial intelligence on blockchain adoption.
He argued that as autonomous AI systems become more sophisticated, there is likely to be an increased demand for decentralized and secure infrastructure that can protect users from vulnerabilities associated with centralized systems.
According to Lee, advanced AI agents could expose weaknesses in traditional financial networks and less secure blockchain protocols, potentially increasing the value proposition of established decentralized networks such as Ethereum.
The chairman suggested that these developments strengthen Ethereum’s long-term investment thesis and make the recent price slump seem disconnected from the network’s fundamentals.
In addition to Ethereum, BitMine reported holdings that include 204 Bitcoin (BTC), $180 million in Beast Industries stock, $88 million in Eightco Holdings stock, and approximately $247 million in cash reserves.
Ethereum price outlook: $ETH Encounters resistance near $1,740
of $ETHThe /USD 4-hour chart remains bearish and efficient as the market has been stagnant for the past 24 hours.
Ethereum continues to trade below key short-term and intermediate-term moving averages, maintaining a bearish structure in the short term.
Additionally, momentum indicators indicate improving market conditions.
The RSI on the 4-hour chart is at 48 and is approaching the neutral 50 after entering oversold territory over the weekend.
If the market recovery strengthens further, Ethereum could encounter the first major resistance at $1,741 and then the $1.806 hurdle.
The daily candlestick closing price above these levels is $ETH It needs to rally towards the resistance at $1,909 before reclaiming the psychological mark of $2,000.
However, if the bearish trend continues, the immediate support remains at $1,524, a level that buyers successfully defended over the weekend.
If the selling pressure continues, buyers will definitely need to defend the $1,405 support level. $ETH It won’t go down any further.
