- Ethereum recovered its $2,850 support level, trading around $2,910, but faces resistance near $3,000 amid market volatility.
- BitMine boosted its ETH holdings to 3.63 million tokens and plans to begin staking in early 2026.
Ethereum (ETH) has reclaimed its $2,850 support level, signaling resilience amid broader market volatility. Currently trading around $2,910, showing recovery from recent dips while facing resistance near the $3,000 psychological barrier.
BitMine Boosts ETH Treasury to 3.63 Million Tokens
BitMine Immersion Technologies significantly expanded its ETH holdings last week. The firm acquired 69,822 ETH, bringing its total holdings to 3.63 million ETH, representing approximately 3% of Ethereum’s circulating supply. BitMine aims to eventually hold 5% of all ETH.
In addition to Ethereum, the company maintains a diversified portfolio, including 192 Bitcoin, a $38M stake in Worldcoin (WLD) treasury, Eightco Holdings, and $800M in unencumbered cash. Despite the portfolio’s broad exposure, declining crypto prices have resulted in an unrealized loss of over $3.4 billion on its ETH treasury, with total assets valued at $11.2 billion.
Staking Plans Could Strengthen ETH Holdings
Looking ahead, BitMine plans to begin staking its Ethereum assets in early 2026 through the Made in America Validator Network (MAVAN). The initiative aims to optimize staking infrastructure and improve returns, potentially helping BitMine recover its average cost basis for ETH.
“The downside for ETH is around 5% to 7%, while the upside could align with Ethereum’s long-term supercycle,” said BitMine Chairman Thomas Lee, highlighting the asymmetric risk-reward potential for investors.
Market Sentiment and Technical Indicators
Ethereum’s recent rebound above $2,850 suggests that accumulation addresses and whales defended key levels, stabilizing the market. However, ETH faces resistance near $3,000, with $3,100 forming a further barrier reinforced by the 20-day Exponential Moving Average (EMA).
Technical indicators show that the RSI and Stochastic Oscillator have recovered from oversold conditions but remain below neutral levels, reflecting modest bearish pressure. Over the past 24 hours, Ethereum recorded $74 million in liquidations, led by $53.17 million in short liquidations, indicating heightened market activity around these key price levels.
As the market navigates these resistance points, BitMine’s aggressive accumulation and upcoming staking strategy may influence ETH’s price trajectory. Investors are watching closely to see if Ethereum can break through the $3,000 threshold and sustain upward momentum into the next quarter.
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