Quick overview
- Las Vegas-based BitMine Immersion acquired 111,942 ETH over the past week, increasing total reserves to 5.39 million ETH.
- The company currently holds 4.7 million ETH, generating approximately $276 million in annual staking rewards
- Ethereum prices are currently between $2,070 and $2,073, facing resistance at key moving averages
- Cryptocurrency analyst Ali Charts notes that ETH should reclaim $2,500 and surpass $3,100 in case of bullish reversal
- The near-term critical support area is at $2,018, and the secondary support is at $1,909
Las Vegas-based Ethereum treasury firm BitMine Immersion has made a purchase worth 111,942 ETH over the past seven days. This acquisition brought the company’s total Ethereum position to 5.39 million ETH.
According to company data, BitMine remains committed to achieving 5% ownership of the total circulating supply of Ethereum — an internal milestone dubbed “5% alchemy” — with an estimated completion date in 2026.
Thomas Lee, Chairman of BitMine, shared his view on the acquisition: “We view ETH’s recent pullback to below $2,200 as an attractive opportunity.” Lee also stated that the company expects “a supercycle ahead of cryptocurrencies and Ethereum, driven by Wall Street tokens and proxy AI.”
of its entire property, Bitmain It currently holds 4.7 million ETH via the Made in America Validation Network (MAVAN). This stake infrastructure currently generates $276 million on an annual basis.
The company recently earned initial inclusion in the Russell 3000 and may advance to the Russell 1000 depending on market capitalization metrics. Such a rise would benefit the company’s stock, given that many institutional fund managers maintain investment policies limited to Russell 1000 components.
In addition to its position in Ethereum, BitMine holds a $200 million holding in Beast Industries, a $95 million investment in Eightco Holdings (ORBS), as well as $444 million in liquid cash reserves.
Ethereum price action is consolidating around the $2,070 level
At present, Ethereum is trading within a narrow range between $2,070 and $2,073, positioned below the 20-, 50-, and 100-day EMAs, which clock in at around $2,172, $2,216, and $2,303, respectively.
The Relative Strength Index is hovering around 35, indicating weak downside momentum. Meanwhile, the Stochastic indicator is reading near 16, which is within the oversold zone.
Recent market action has led to total liquidations of $71 million, with long positions accounting for $49.3 million of that number, according to Coinglass tracking data.
The $2018 price level represents crucial immediate support. A decisive break below this threshold could be exposed Ethereum to $1,909, followed by deeper technical levels at $1,741 and eventually $1,524.
Critical price thresholds are under analyst scrutiny
Ali Charts, a prominent cryptocurrency market analyst, has outlined specific requirements for Ethereum to create a bullish market structure. In a social media post on
Without clearing the $2,500 resistance level, upward price movements may remain restricted and short-lived. A successful push beyond $3,100 would signal real recovery momentum and re-establish ETH above a significant structural price platform.
The $2,000-$2,020 trading zone corresponds to the Fibonacci extension level at 1.618 and continues to act as vital support for the price in the short term.
Ethereum’s technical profile is currently displaying near-term bearish characteristics, with price action restricted below several key upper resistance layers.
