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

Ethereum price today: Where does ETH stand at $2,305?

• BitMine continued buying last week, adding 10,452 ETH alongside buybacks of 2.04 million shares.
• Institutional risk aversion forms the backdrop to the purchase, with ETH ETFs posting outflows for a fourth straight week.
• Following the loss of crucial support at $2,355, ETH is now testing its 200-day EMA.

Despite the risk-off mood across markets, Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) continued accumulating the leading altcoin last week and stepped up its share repurchases.

In an announcement on Monday, the company reported that its purchases over the preceding week totalled 10,452 ETH, extending an uninterrupted buying run dating back to June 2025. Its Ethereum reserves consequently reached 6.051 million ETH, valued at $14.01 billion at the time of writing. These holdings account for 4.95% of the circulating supply of 122.2 million ETH.

With these holdings, BitMine is roughly 0.05% short of its objective to acquire 5% of ETH's supply. Maintaining its purchase rate of the past month could see the company achieve that objective in around five to six weeks. Once the 5% threshold is reached, BitMine said it will cease accumulating ETH.

Last week, BitMine put an additional ~162,000 ETH from its holdings into staking. Its total staked balance rose to 5.227 million ETH, taking annualised staking revenues to $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 remains bullish: Can ETH withstand selling pressure?

Both crypto and equity markets were under pressure when BitMine made the purchase. According to BitMine Chairman Thomas Lee, the decline in crypto was set off 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.

SoSoValue data showed that US spot ETH exchange-traded funds (ETFs) registered net withdrawals of $220.61 million in their fourth consecutive week of outflows.

Over the weekend, Arthur Hayes, cofounder of the inactive crypto exchange BitMEX, disposed of several altcoins, including around 6,400 ETH, data compiled by Lookonchain showed.

Ethereum technical outlook: Can ETH avoid a close below the 200-day EMA?

Liquidations in Ethereum totalled $47.85 million over the past 24 hours, with long positions accounting for the bulk at $35 million, Coinglass data showed.

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

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

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

Near-oversold readings of 33 on the 14-day Relative Strength Index (RSI) and 13 on the Stochastic Oscillator (Stoch) suggest that downward 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.)