Market Remains Under Pressure
The cryptocurrency market opened the week on uncertain ground as Bitcoin, Ethereum, and Ripple all sustained notable losses from the previous week. Steep sell-offs left Bitcoin down more than 14 percent, Ethereum lower by over 15 percent, and XRP reduced by more than 13 percent. These moves have shifted technical conditions firmly toward additional downside risk across major assets.
Ethereum in particular has continued its downward trajectory after breaching several important support zones and briefly testing a low near 1,505 dollars. The broader risk-off sentiment in digital assets shows little sign of easing, leaving traders focused on whether further weakness will develop in the days ahead.
BitMine Expands Ethereum Treasury
BitMine Immersion Technologies added 126,971 ETH to its treasury last week, marking the company’s largest weekly purchase of the year. The acquisition occurred while prices hovered near the 1,500-dollar region, demonstrating the firm’s willingness to increase exposure despite ongoing volatility.
Following the transaction, BitMine now controls 5.54 million ETH, equivalent to roughly 4.59 percent of Ethereum’s circulating supply. Company statements indicate management remains confident in reaching a long-term objective of 5 percent ownership before the end of the year, positioning BitMine among the largest corporate holders of the asset.
Technical Indicators Signal Caution
Price action shows Ethereum trading near 1,684 dollars after falling beneath multiple moving averages. The 50-day, 100-day, and 200-day exponential moving averages sit significantly higher at approximately 2,058 dollars, 2,189 dollars, and 2,441 dollars respectively. This alignment suggests any attempted recovery could encounter substantial selling interest from overhead resistance.
Momentum readings remain mixed yet lean negative overall. The daily RSI rests at 50, reflecting neutral conditions, while the MACD stays deeply negative and continues to favor bearish momentum. Bulls would need to reclaim several successive resistance points before regaining meaningful control of the trend.
On the downside, the next notable support zone lies near 1,385 dollars. Market participants will watch this area closely for signs of buying interest should selling pressure intensify in the near term.
