Ethereum price today trades near $1,824, down 0.35% in the past 4 hours as the token breaks below critical ascending trendline support. The move comes as BitMine Immersion Technologies continues aggressive accumulation despite sitting on over $8 billion in unrealized losses, while Ethereum spot ETFs recorded $49.48 million in net outflows.
ETF Outflows Hit $49.48M As Institutional Selling Continues
According to SoSoValue data, Ethereum spot ETFs recorded $49.48 million in net outflows on February 23, extending the pattern of institutional selling. Cumulative total net inflow stands at $11.48 billion, with total net assets at $10.46 billion, representing 4.66% of Ethereum’s market cap.
BlackRock’s ETHA recorded $45.38 million in outflows, leading the selling pressure. Grayscale’s ETHE saw zero flows, while other ETFs showed minimal activity. The daily total value traded reached $724.49 million, indicating reduced participation alongside declining price.
$ETH Derivative Analysis (Source: Coinglass)
Open interest dropped 2.15% to $23.40 billion, while volume surged 42.19% to $50.17 billion. The combination of rising volume and declining open interest typically indicates forced liquidations rather than organic selling. Options volume jumped 58.55% to $1.24 billion, with options open interest rising 3.06% to $6.44 billion.
Price Breaks Below Ascending Trendline Support
$ETH Price Dynamics (Source: TradingView)
The 4-hour chart shows Ethereum breaking below the ascending trendline that has provided support since the February 11 low near $1,588. Bollinger Bands show the middle band at $1,927, with the upper band at $2,037 and lower band at $1,818. Supertrend sits at $1,941, confirming bearish momentum.
The chart shows:
- Clean breakdown below ascending trendline support
- Bollinger Band lower support at $1,818 under pressure
- Supertrend bearish at $1,941
- $1,818 as critical support before retesting February lows
Ethereum dropped from above $4,300 in December to a low of $1,588 in February, marking a 63% correction. The current consolidation near $1,824 is testing whether the February low holds or if the combination of ETF outflows, BitMine losses, and tariff uncertainty triggers another leg lower.
A 4-hour close above $1,927 would reclaim the Bollinger middle band and place $1,941 Supertrend back in range. Breaking below $1,818 would expose the $1,588 February low and potentially Bitwise analyst Max Shannon’s $1,500 target.
BitMine Adds $98M $ETH But Losses Exceed $8 Billion
BitMine Immersion Technologies purchased 51,162 ether last week, approximately $98 million at current prices, bringing total holdings to over 4.42 million tokens as of February 22. The firm now controls 3.66% of Ethereum’s total supply, making it one of the largest single holders outside of exchanges and the Beacon deposit contract.
The company has spent an estimated $16.4 billion building its Ethereum treasury, which is now worth roughly $8.2 billion at current prices. This leaves BitMine with more than $8 billion in unrealized losses amid the market downturn. The firm said it is generating approximately $171 million in annualized revenue by staking over 3 million of its $ETH holdings.
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“In the midst of this ‘mini crypto winter,’ our focus continues to be on methodically executing our treasury strategy and steadily acquiring $ETH and in turn, optimizing the yield on our holdings,” BitMine chairman Thomas Lee said. BMNR stock is down 2% in pre-market trading and lower by about 60% over the past six months.
The continued buying despite massive unrealized losses represents conviction that current prices represent a long-term opportunity. However, the strategy has faced criticism as $ETH has dropped over 60% from highs, with no signs of a bottom despite BitMine’s relentless accumulation.
Outlook: Will Ethereum Go Up?
The next move depends on whether $ETH can hold $1,818 and reclaim $1,927.
- Bullish case: A hold above $1,818 with a close above $1,927 would flip the Bollinger middle band and place $2,000 back in range as BitMine accumulation continues providing support.
- Bearish case: A breakdown below $1,818 exposes $1,588, with further downside toward Shannon’s $1,500 target if ETF outflows persist. Losing $1,818 confirms the ascending trendline breakdown.
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