TLDR
- BitMine Immersion purchased 111,942 ETH last week, bringing its total holdings to 5.39 million ETH
- The firm is staking 4.7 million ETH, earning $276 million in annualized staking revenue
- ETH is trading around $2,070–$2,073, struggling to hold above key moving averages
- Analyst Ali Charts says ETH needs to reclaim $2,500 and break $3,100 to turn bullish
- Immediate support sits at $2,018, with $1,909 the next level below
BitMine Immersion, an Ethereum treasury firm based in Las Vegas, bought 111,942 ETH last week. That purchase pushed its total holdings to 5.39 million ETH.
The company said it is still on track to reach 5% of ETH’s circulating supply — a target it calls “the alchemy of 5%” — sometime in 2026.
BitMine Chairman Thomas Lee commented on the purchase, saying: “We view the recent pullback of ETH to below $2,200 as an attractive opportunity.” Lee added that the firm expects a “supercycle ahead for crypto and Ethereum, driven by Wall Street tokenization and agentic-AI.”
Of its total holdings, BitMine has staked 4.7 million ETH through its Made in America Validator Network (MAVAN). That staking operation is currently generating $276 million in annualized revenue.
BitMine has also been added to the preliminary list for the Russell 3000 index and could move up to the Russell 1000 based on its market cap. That would be a positive for the stock, as many fund managers only buy equities listed on the Russell 1000.
The company also holds $200 million in Beast Industries, a $95 million stake in Eightco Holdings (ORBS), and $444 million in cash.
ETH Price Struggles Near $2,070
Ethereum is currently trading near $2,070–$2,073 and is below its 20-, 50-, and 100-day EMAs, which sit at around $2,172, $2,216, and $2,303.
The RSI is near 35, showing weak downside momentum. The Stochastic Oscillator is near 16, which is in oversold territory.
ETH has seen $71 million in liquidations recently, with $49.3 million coming from long positions, according to Coinglass data.
The $2,018 level is the key short-term support. A break below that could open the door to $1,909, and then deeper levels at $1,741 and $1,524.
Key Levels Analysts Are Watching
Crypto analyst Ali Charts outlined what ETH needs to do to turn bullish. On X, Ali Charts posted that Ethereum needs two things: reclaiming the 200-week SMA at $2,500 and a clean break above the 50-week SMA at $3,100.
The path for Ethereum $ETH to turn bullish requires two triggers:
• Reclaiming the 200-week SMA at $2,500.
• A clean break above the 50-week SMA at $3,100. https://t.co/LNkygeXO5n pic.twitter.com/oQ66UTj8rU— Ali Charts (@alicharts) May 26, 2026
Until ETH clears $2,500, any rallies may stay limited. A break above $3,100 would show a stronger recovery and place ETH back above a key price shelf.
The $2,000–$2,020 zone aligns with the 1.618 Fibonacci extension and remains important for short-term support.
ETH currently shows a bearish near-term bias, with price capped below multiple overhead trend levels.
