BitMine's Ethereum Cache Swells Amidst ETH's $3,000 Price Challenge
As Ethereum (ETH) navigates a critical support juncture, crypto investment giant BitMine has significantly expanded its Ether holdings, adding another $110 million in value. This strategic move reinforces BitMine's position as a dominant holder in the Ethereum ecosystem, even as the market scrutinizes ETH's short-term price trajectory.
BitMine's Bolstering Bet on Ethereum
BitMine, a prominent Bitcoin and Ethereum network company focused on long-term crypto accumulation, recently announced its holdings had reached an impressive 4.2 million ETH tokens. This milestone follows the acquisition of an additional 35,268 ETH, approximately $110 million, over the past week. With these substantial assets, BitMine stands as the world's largest Ethereum Treasury company and the second-largest overall crypto treasury, boasting total crypto and cash holdings of $14.5 billion. The company's portfolio currently includes 4,203,036 ETH, 193 BTC, a $22 million stake in Eightco Holdings, and $979 million in unencumbered cash. BitMine now controls 3.48% of ETH's total supply, nearing its ambitious "Moonshot" goal to hold 5% of the altcoin's 120.7 million supply, having achieved nearly 70% of this target within six months. According to Chairman Thomas "Tom" Lee, the climbing ETH-to-Bitcoin price ratio signals growing investor recognition of tokenization and the expanding use cases built on the Ethereum blockchain.
ETH Price on the Brink: Key Support Levels Under Scrutiny
Despite BitMine's continued bullish stance, Ethereum's price has experienced a significant retracement, falling below the crucial $3,000 level and erasing most of its early 2026 gains. ETH recorded a 6.8% daily decline, dropping from the $3,200 area to a three-week low of $2,980. Since November's pullback, the "King of altcoins" has been trading within the $2,600 to $3,350 range, and is now retesting a vital multi-support area. Analysts from World of Charts suggest two primary outcomes: a loss of the $3,000 support could lead to a retest of the $2,600 lows, which represents a key macro support and resistance level. Conversely, if ETH successfully defends this zone and momentum builds, it could aim to retest the range's upper resistance. Technical analysis also points to ETH retesting its 50-day Moving Average (MA) at $3,089, a level previously reclaimed earlier in the year. Should this MA hold, a subsequent move towards the 200-day MA, situated around $3,650, could follow. As of this report, ETH is trading at $2,999, reflecting a 7% weekly decline.
