BitMine Immersion Technologies went on a buying spree last week, scooping up 126,971 ether — its biggest weekly Ethereum purchase of 2026. The move came as the broader crypto market bled, with ETH briefly touching $1,505 before bouncing. BitMine now holds 5.54 million ETH, roughly 4.59% of all ether in circulation, and says it wants to own 5% before the year is out.
Last week’s rout
It wasn’t just Ethereum. Bitcoin lost more than 14%, Ethereum dropped over 15%, and XRP shed more than 13% last week. For ETH, the slide broke key support levels that had held since early spring. The low of $1,505 marked the weakest price in months, and the recovery since then has been tepid — ether is now trading around $1,684.
BitMine’s big bet
BitMine’s latest purchase is its largest weekly Ethereum buy this year, and it pushes the firm closer to a stated target of holding 5% of all ETH in circulation. At current prices, 126,971 ETH is worth roughly $214 million. The company now controls a stake that would take years for a single institutional investor to amass through regular open-market buys.
Where Ethereum stands technically
Ethereum remains below its major moving averages. The 50-day EMA sits at $2,058, the 100-day at $2,189, and the 200-day at $2,441 — all well above current levels. The daily RSI is neutral at 50, but the MACD is deeply negative, signaling that momentum hasn’t turned yet. On the upside, the first real resistance is $1,747, with $2,000 acting as a psychological ceiling. If sellers step back in, the next major support to watch is around $1,385.
The timing of BitMine’s accumulation — buying into a sharp drawdown — suggests the firm sees a floor forming. But with the market still skittish and no clear catalyst on the horizon, it’s an open question whether $1,385 holds or gives way to a deeper retest.
