Ethereum Price Forecast: BitMine continues buying as ETH slips below $2,355

Ethereum price today: $2,305

• BitMine bought 10,452 ETH and repurchased 2.04 million shares last week.
• The purchase comes amid institutional risk-off sentiment as ETH ETFs record a fourth consecutive week of outflows.
• ETH is testing the 200-day EMA after losing key support at $2,355.

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) extended its buying streak of the top altcoin last week while expanding its share buybacks.

The company said Monday that it acquired 10,452 ETH over the past week, continuing a buying streak that stretches to June 2025. The purchase lifted its Ethereum holdings to 6.051 million ETH worth $14.01 billion at the time of writing and representing 4.95% of the 122.2 million ETH circulating supply.

That puts BitMine roughly 0.05% away from its goal of acquiring 5% of ETH's supply. The company could reach that target in roughly five to six weeks, considering its buying pace from the past month. BitMine said it will stop accumulating ETH after reaching its 5% goal.

From its holdings, BitMine staked an extra ~162,000 ETH last week, bringing its total stake to 5.227 million ETH and annualized staking revenues to $318 million.

The Las Vegas-based firm also repurchased 2.04 million shares during the period at an average price of $22.48 per share. That brings its total share buybacks in 2026 to 22.9 million shares at an aggregate price of $399.6 million.

BitMine Chairman maintains bull market stance as ETH sees selling pressure

The purchase comes amid weakness in crypto and equity markets. BitMine Chairman Thomas Lee noted that crypto's decline was triggered by the "risk-off forces" behind selloffs in AI-related stocks.

"In contrast to late-2025 and early 2026, crypto pullbacks have been comparatively shallow. ETH has fallen 13% from its recent peak while US semiconductors (SOXX) is down 20% in that same timeframe," said Lee. "We believe this is further evidence that a crypto bull market is underway."

But not every institutional investor shares Lee's sentiment.

US spot ETH exchange-traded funds (ETFs) recorded a fourth consecutive net outflows worth $220.61 million, per SoSoValue data.

Arthur Hayes, cofounder of inoperative crypto exchange BitMEX, sold several altcoins over the weekend, including about 6,400 ETH, according to data compiled by Lookonchain.

Ethereum technical outlook: ETH risks closing below the 200-day EMA

Ethereum saw $47.85 million in liquidations over the past 24 hours, dominated by $35 million in long liquidations, according to Coinglass data.

ETH closed below the 100-day Exponential Moving Average (EMA) and the $2,355 horizontal level over the weekend, losing a critical support level that held over the past two weeks.

A close below the 200-day EMA will put the top altcoin below all four key EMAs.

On the downside, support levels are at $2,256, $2,096 and $1,971. On the upside, the top altcoin faces resistance at $2,355, then the 100-, 20- and 50-day EMAs.

The 14-day Relative Strength Index (RSI) at 33 and the Stochastic Oscillator (Stoch) at 13 hover near oversold territory, hinting that downside momentum is stretched but not yet decisively reversing.

(The technical analysis of this story was written with the help of an AI tool. Know more.)