Key takeaways
- Ether has fallen about 6% in the past 24 hours and is trading near $3,500.
- The coin may retest daily support around $3,350 in the near term.
Ether slips to $3,500
Ether, the second-largest cryptocurrency by market capitalization, dropped roughly 6% over the last 24 hours and is trading around $3,502. This decline reflects broader weakness across cryptocurrency markets as selling pressure persists.
The bearish move occurred despite a large purchase by Ethereum treasury firm BitMine Immersion (BMNR), which disclosed on Monday that it added 82,353 ETH to its balance sheet. That latest acquisition raises BitMine’s holdings to approximately 3.39 million ETH, representing about 2.8% of ETH’s circulating supply.
Commenting on the purchase, BitMine chairman Thomas Lee said:
Ethereum fundamentals continue to strengthen at an accelerating pace, with stablecoin supply on ETH rising more than 15% in the past eight weeks and application revenue reaching an all-time high. Most of the time, price leads fundamentals, but at times fundamentals move ahead and price converges higher.
BitMine has stated an objective of acquiring 5% of ETH’s circulating supply. It is currently the largest corporate holder of Ether, ahead of SharpLink Gaming (SBET), which holds 859,395 ETH, and The Ether Machine (ETHM) with 496,712 ETH.
Ether could retest the daily support at $3,350
On the 4-hour ETH/USD chart, the trend remains bearish as Ether has underperformed in recent weeks. The market saw approximately $292.6 million in liquidations over the past 24 hours, led by $269.2 million in long positions, signaling heavy losses for leveraged traders.
Technical indicators point to continued selling pressure. The daily RSI sits near 43, below the neutral 50 level and indicating a bearish bias. The MACD recently crossed into negative territory over the weekend, reinforcing sell signals for traders.
If the current selloff continues, ETH could retest daily support near $3,350, a level last tested on August 2. Conversely, if buyers regain control, Ether could rebound above $3,700 before challenging the more significant resistance around $3,900.