$2,355 breached: Ethereum Price Forecast as ETH falls and BitMine keeps buying

$2,305: Ethereum price today

• 10,452 ETH was added to BitMine's holdings last week. The company also bought back 2.04 million shares.
• With ETH ETFs posting outflows for a fourth straight week, the acquisition comes against a backdrop of institutional risk aversion.
• Having broken key support at $2,355, ETH is now testing the 200-day EMA.

Alongside increased share repurchases, Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) continued its run of purchases of the leading altcoin last week.

10,452 ETH was acquired over the past week, the company said on Monday. This extended a buying run dating back to June 2025. Its Ethereum holdings now total 6.051 million ETH, valued at $14.01 billion at the time of writing, equivalent to 4.95% of the circulating supply of 122.2 million ETH.

With roughly 0.05% remaining before BitMine meets its target of owning 5% of ETH's supply, its purchasing pace over the past month suggests it could reach that threshold in roughly five to six weeks. Once the 5% target is met, BitMine said it will halt further ETH accumulation.

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

At an average of $22.48 per share, the Las Vegas-based company bought back 2.04 million shares over the same period. Cumulative repurchases in 2026 now stand at 22.9 million shares, costing $399.6 million in total.

BitMine Chairman stays bullish despite ETH selling pressure

Both crypto and equity markets were under pressure when BitMine made the purchase. According to BitMine Chairman Thomas Lee, the "risk-off forces" driving the sell-off in AI-related shares also triggered the crypto decline.

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 view, however, is not shared by all institutional investors.

A fourth straight week of net outflows from US spot ETH exchange-traded funds (ETFs) totalled $220.61 million, according to SoSoValue data.

Data compiled by Lookonchain showed that Arthur Hayes, cofounder of the inactive crypto exchange BitMEX, sold several altcoins over the weekend. These included about 6,400 ETH.

200-day EMA at risk: Ethereum technical outlook for ETH

Over the past 24 hours, Ethereum liquidations totalled $47.85 million, Coinglass data showed. Long positions accounted for the bulk, at $35 million.

Over the weekend, ETH closed beneath both the 100-day Exponential Moving Average (EMA) and the horizontal level at $2,355. The move removed a crucial support level that had held for the past two weeks.

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

Resistance stands at $2,355, followed by the 100-, 20- and 50-day EMAs. Support on the downside lies at $2,256, $2,096 and $1,971.

At 33, the 14-day Relative Strength Index (RSI) is hovering near oversold territory, as is the Stochastic Oscillator (Stoch) at 13. These readings suggest 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.)