Key takeaways
Ethereum continues its downtrend after breaking key support levels and testing a low of $1,505 last week.
The broader crypto market remains under pressure following last week’s massive dump.
The cryptocurrency market starts the week on a weak footing, with Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) continuing to trade under heavy selling pressure following steep declines last week.
Bitcoin lost more than 14%, Ethereum dropped over 15%, and XRP shed more than 13%, leaving technical indicators firmly tilted toward further downside risks.
BitMine boosts Ethereum holdings with largest ETH purchase of 2026
Ethereum treasury company BitMine Immersion Technologies significantly expanded its holdings last week, purchasing 126,971 ETH as the second-largest cryptocurrency declined toward the $1,500 price region.
The acquisition marks BitMine’s largest weekly Ethereum purchase of 2026, underscoring the firm’s continued commitment to accumulating the digital asset despite recent market volatility.
Following the latest purchase, BitMine’s total Ethereum holdings have climbed to 5.54 million ETH. The company stated that it now controls approximately 4.59% of Ethereum’s circulating supply, moving closer to its long-standing objective of owning 5% of all ETH in circulation.
According to the firm, it remains on track to achieve that milestone before the end of the year, further strengthening its position as one of the largest corporate holders of Ethereum.
Ethereum slides below critical support areas
Ethereum is also extending its bearish trend, trading around $1,684 after breaking several key support levels below. The second-largest cryptocurrency remains firmly below its 50-day, 100-day, and 200-day EMAs, currently positioned near $2,058, $2,189, and $2,441, respectively.
The concentration of these moving averages above current price levels suggests that any recovery attempts could face strong selling pressure. Meanwhile, Ethereum’s daily RSI sits at 50, indicating a neutral market condition, while the MACD remains deeply negative, reinforcing the dominance of bearish momentum.
For bulls to regain control, Ethereum would need to overcome 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 significant support level is located around $1,385, a zone where buyers could attempt to slow or reverse further declines if selling pressure intensifies.
