Ethereum Price Forecast: ETH falls below $2,355 as BitMine maintains buying spree

Ethereum trades at $2,305 today

• Last week, BitMine acquired 10,452 ETH alongside buybacks of 2.04 million shares.
• With ETH ETFs posting their fourth successive week of outflows, the acquisition comes against a backdrop of institutional risk aversion.
• Having broken below crucial support at $2,355, ETH is now testing the 200-day EMA.

Another week of Ethereum (ETH) purchases extended BitMine Immersion Technologies' (BMNR) accumulation of the leading altcoin, as the treasury firm also stepped up share buybacks.

In its Monday announcement, the company reported acquiring 10,452 ETH over the previous week, extending an uninterrupted run of purchases dating back to June 2025. Its Ethereum holdings consequently reached 6.051 million ETH, valued at $14.01 billion at the time of writing and equivalent to 4.95% of the circulating supply of 122.2 million ETH.

BitMine is therefore roughly 0.05% short of its target of owning 5% of ETH's supply. At the pace of purchases seen over the past month, it could meet that objective in approximately five to six weeks. Once the 5% target is reached, BitMine said it would cease accumulating ETH.

An additional ~162,000 ETH from BitMine's holdings was staked last week. This took its total staked holdings to 5.227 million ETH, with annualised staking revenue reaching $318 million.

During the same period, the Las Vegas-based company bought back 2.04 million shares at an average of $22.48 per share. Its cumulative repurchases for 2026 now stand at 22.9 million shares, costing a total of $399.6 million.

BitMine Chairman retains bullish view despite ETH selling pressure

Both crypto and equity markets have been under pressure as BitMine makes its latest purchase. According to BitMine Chairman Thomas Lee, the crypto downturn was prompted by the same "risk-off forces" driving the sell-off in AI-related shares.

Lee said: "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," adding: "We believe this is further evidence that a crypto bull market is underway."

Lee's optimism, however, is not shared by all institutional investors.

Data from SoSoValue showed net outflows of $220.61 million from US spot ETH exchange-traded funds (ETFs), marking their fourth consecutive week of withdrawals.

Meanwhile, data compiled by Lookonchain showed that Arthur Hayes, co-founder of the inactive crypto exchange BitMEX, sold several altcoins over the weekend, among them about 6,400 ETH.

Ethereum technical outlook: ETH faces risk of a close beneath the 200-day EMA

Coinglass data showed $47.85 million in Ethereum liquidations over the past 24 hours. Long positions accounted for the bulk of that amount, at $35 million.

Over the weekend, ETH finished below both the 100-day Exponential Moving Average (EMA) and the horizontal level at $2,355. The move breached a crucial area of support that had held for the previous two weeks.

Should ETH close beneath the 200-day EMA, the leading altcoin will sit below all four key EMAs.

Support on any further decline lies at $2,256, $2,096 and $1,971. A recovery would encounter resistance at $2,355, followed by the 100-, 20- and 50-day EMAs.

With readings of 33 for the 14-day Relative Strength Index (RSI) and 13 for the Stochastic Oscillator (Stoch), both indicators are close to oversold territory. This suggests downside momentum is stretched, although a decisive reversal has yet to emerge.

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