It has been a bearish week for the cryptocurrency market so far, with Bitcoin, Ether, and XRP all recording heavy losses over the last 24 hours.
Bitcoin, the leading cryptocurrency by market cap, briefly dropped below the $86k level on Monday after losing nearly 4% of its value.
Ether is the worst performer among the top 10 cryptocurrencies by market cap, losing 6.9% of its value since yesterday.
The bearish performance has resulted in Ether dropping below $3k, with further downward movement expected in the near term.
BitMine acquires an additional 102,259 ETH
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Ether is currently down by nearly 7% in the last 24 hours despite continuous institutional accumulation of the cryptocurrency.
Ethereum (ETH) treasury company BitMine Immersion announced on Monday that it had acquired 102,259 ETH since its last update.
Thanks to this latest development, the company now holds 3.96 million ETH, worth about $11.82 billion at the time of publication.
This latest acquisition gets BitMine closer to its goal of accumulating 5% of ETH’s circulating supply.
In a statement on Monday, BitMine chairman Thomas Lee stated that,
“2025 saw many positive developments in digital assets, including positive legislation passed by the US Congress and favorable regulations, […] strengthening support from Wall Street. These strengthen our conviction that the best days for crypto are ahead and why we continue to accumulate ETH toward our ‘alchemy of 5%’ target.”
The company also reported holdings of 193 Bitcoin (BTC), a $38 million stake in Worldcoin (WLD) treasury, Eightco Holdings, and total cash of $1 billion.
BitMine continues to be the leading Ethereum treasury company, ahead of SharpLink Gaming. It has also become the second-largest crypto treasury behind Michael Saylor’s Strategy
Despite its position in the market, BitMine is currently sitting on unrealised losses of about $3 billion.
ETH eyes support at $2,720
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The ETH/USD 4-hour chart is bearish and inefficient, as Ether has lost 7% of its value.
At press time, ETH is trading at $2,929, resulting in $174 million in liquidations over the past 24 hours, spearheaded by $141.8 million in long liquidations,
ETH faced strong rejection over the weekend as it attempted to recover the $3,100 level.
Failure to surpass that level saw it decline by 7% in the last 24 hours, and it is now approaching the $2,850 micro support.
Failure to defend the $2,850 support could see Ether decline further towards the $2,720 level. Further down is the $2,600 psychological level.
However, if the bulls recover and Ether reclaims the $3,100 resistance, it could rally towards the next major resistance level around $3,350.
The Relative Strength Index (RSI) on the 4-hour chart has declined below its neutral level, while the Stochastic Oscillator (Stoch) is approaching oversold territory.
If these momentum indicators continue to decline, Ether could face further selling pressure.
