Important points
- Ethereum continues its downtrend after breaking through a major support level and testing the $1,505 low last week.
- The broader crypto market remains under pressure following last week’s massive sell-off.
This week’s cryptocurrency market is Bitcoin (BTC), Ethereum ($ETH), Ripple ($XRP) Following last week’s sharp decline, the stock continues to trade under heavy selling pressure.
Bitcoin is down over 14%, Ethereum is down over 15%, $XRP It fell more than 13%, and technical indicators remained firmly tilted toward further downside risks.
BitMine expands Ethereum holdings to largest size $ETH Purchase in 2026
Ethereum finance company BitMine Immersion Technologies significantly expanded its holdings last week, purchasing 126,971 shares. $ETH That’s as the second-largest cryptocurrency fell towards the $1,500 price range.
The acquisition marks BitMine’s largest weekly Ethereum purchase of 2026 and highlights the company’s continued efforts to accumulate digital assets despite recent market volatility.
After the latest purchase, BitMine’s total Ethereum holdings increased to 5.54 million $ETH. The company said it currently controls about 4.59% of Ethereum’s circulating supply, moving it closer to its long-held goal of owning 5% of the total. $ETH In circulation.
The company says it is on track to reach that milestone by the end of the year, further strengthening its position as one of the largest corporate holders of Ethereum.
Ethereum falls below key support area
Ethereum is also extending its bearish trend, trading around $1,684 after breaking below several key support levels. The second-largest cryptocurrency remains firmly below its 50-day, 100-day, and 200-day EMA, currently sitting around $2,058, $2,189, and $2,441, respectively.
The concentration of these moving averages above current price levels suggests that it could face strong selling pressure if it attempts a recovery. Meanwhile, Ethereum’s daily RSI is hovering at 50, indicating a neutral market situation, while the MACD is still significantly negative, indicating that bearish momentum is prevailing.
Ethereum will need to overcome several resistance levels for the bulls to regain control.
- The immediate resistance level is $1,747.
- $2,000 psychological resistance.
- The 50-day EMA is near $2,058.
- The 100-day EMA is approximately $2,189.
- The 200-day EMA is near $2,441.
On the downside, the next key support level lies around $1,385, a zone where buyers could try to delay or reverse further declines if selling pressure increases.
