The cryptocurrency market has been ranging over the past two days, with many coins and tokens currently in the red.
Bitcoin, the leading cryptocurrency by market cap, is stuck below the $69k level as it is up by less than 1% in the last 24 hours.
Meanwhile, Ether, the leading altcoin by market cap, is down by 1% and is now trading around $2,011 per coin.
BitMine adds more Ether to its treasury
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The bearish performance comes despite Ethereum ($ETH) treasury firm BitMine Immersion Technologies (BMNR) adding to its digital asset stash last week, acquiring 40,613 $ETH.
BitMine is now closing in on its 5% total Ethereum supply target as it now holds 4.32 million $ETH, worth about $8.9 billion at the time of publication.
In addition to that, the Nevada-based firm has staked 2.89 million $ETH, about 67% of its entire stash.
This latest acquisition comes as Ether’s price has declined in recent days, aligning with the bearish trend in the broader cryptocurrency market.
Ether has lost 62% of its value since reaching a new all-time high last August.
However, Ethereum’s daily active addresses and transactions have surged to record levels.
While commenting on the current market conditions, BitMine’s Chairman Thomas Lee stated that drawdowns are annual for $ETH, highlighting that the recent decline marks the eighth time $ETH has seen a 50% decline or more from a recent high.
He added that,
“$ETH sees V-shaped recoveries from major lows. This happened in each of the 8 prior declines of 50% or more. A similar recovery is expected in 2026. The best investment opportunities in crypto have presented themselves after declines. Think back to 2025, the single best entry points in crypto occurred after markets fell sharply due to tariff concerns.”
With its latest acquisition, BitMine is sitting on unrealized losses of over $7 billion on its $ETH holdings.
The company also holds 193 Bitcoin (BTC), a $200 million stake in Beast Industries, a $19 million stake in Worldcoin (WLD) treasury, Eightco Holdings (ORBS), and total cash of $595 million.
$ETH could dip below $2k
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The $ETH/USD 4-hour chart remains bearish as Ether has dropped below $2,100 following Monday’s rally. At press time, $ETH is now trading at $2,011 per coin.
Failing to overcome the $2,195 resistance could see Ether face further selling pressure in the near term, with the support level at $1,770 a likely pull for the bears.
The RSI of 41 is below the neutral 50, indicating that the bearish trend is growing.
The MACD lines also remain below the neutral zone, adding further bearish confluence to the pair.
However, if the daily candle closes above $2,100 in the near term, Ether could rally towards the next daily resistance level at $2,388.
