Key takeaways
- Ethereum remains in a downtrend after breaking key supports and testing a low near $1,505 last week.
- The wider crypto market is under pressure following last week’s steep sell-off.
The cryptocurrency market begins the week on shaky ground. Major coins including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) continue to face heavy selling after sharp losses last week.
Bitcoin fell more than 14%, Ethereum dropped over 15%, and XRP declined by more than 13%, leaving technical indicators biased toward further downside risk.
BitMine boosts Ethereum holdings with largest ETH purchase of 2026
Ethereum-focused treasury firm BitMine Immersion Technologies substantially increased its ETH position last week, buying 126,971 ETH as prices approached the $1,500 area.
This purchase is BitMine’s largest weekly accumulation of Ethereum in 2026 and highlights the company’s ongoing strategy of accumulating the asset despite recent volatility.
After the acquisition, BitMine’s holdings rose to 5.54 million ETH, which the company reports is roughly 4.59% of Ethereum’s circulating supply. That puts BitMine within striking distance of its stated goal to hold 5% of all circulating ETH.
BitMine said it remains on course to reach that target before year-end, reinforcing its status among the largest corporate holders of Ethereum.
Ethereum slides below critical support areas
Ethereum extended its bearish momentum, trading near $1,684 after breaching several support levels. The token sits well below its 50-day, 100-day, and 200-day exponential moving averages, which are around $2,058, $2,189, and $2,441 respectively.
With these moving averages clustered above the current price, any recovery attempts could encounter strong selling pressure. The daily Relative Strength Index (RSI) is around 50, signaling a neutral short-term condition, while the MACD remains firmly negative, underscoring dominant bearish momentum.
For bullish momentum to return, Ethereum would need to clear several resistance levels:
- Immediate resistance at $1,747.
- Psychological resistance at $2,000.
- 50-day EMA near $2,058.
- 100-day EMA around $2,189.
- 200-day EMA near $2,441.
On the downside, the next meaningful support sits near $1,385, a zone where buying interest could emerge to slow or reverse further declines if selling intensifies.