Ethereum under pressure after support breaks; BitMine buys 126,971 ETH
Ethereum (ETH) remains under pressure after double-digit weekly losses, with broader selling hitting BTC, ETH and XRP. Last week, BTC fell more than 14%, ETH dropped over 15%, and XRP slid more than 13%, leaving price action skewed toward further downside.
Despite an on-chain/treasury headline, technicals stay bearish for Ethereum. BitMine Immersion Technologies bought 126,971 ETH (its largest weekly purchase of 2026 at the time). BitMine’s ETH holdings rose to 5.54M, and it claims control of about 4.59% of Ethereum’s circulating supply, aiming for 5% before year-end.
For traders, ETH is around $1,684 after breaking multiple key support levels. Ethereum remains below the 50/100/200-day EMAs (around $2,058, $2,189, $2,441), which can cap any rebound. Daily RSI is near 50 (neutral), but MACD is deeply negative, reinforcing bearish momentum. Key levels: resistance at $1,747, then $2,000 and the EMA zones; support around $1,385 as the next major test.
Bearish
The news has a mixed flavor, but the price implications for ETH remain bearish. The positive angle—BitMine buying 126,971 ETH and claiming ~4.59% of circulating supply—adds a narrative of institutional accumulation. However, the latest setup is dominated by technical weakness: ETH has broken key support levels and is trading below the 50/100/200-day EMAs (around $2,058/$2,189/$2,441). With MACD deeply negative, rebounds are more likely to be sold into rather than sustain. Traders should treat the $1,385 area as the next key downside battleground; failure there would likely extend the downtrend. Until ETH reclaims the $1,747–$2,000 resistance zone and the EMA area, bearish momentum is likely to prevail in the short term, with long-term sentiment only modestly supported by accumulation.