BitMine Sparks Market Buzz With Large ETH Buy as Ethereum Struggles at $1,700

Ethereum is trading near $1,691, recovering from a June low around $1,505, but still struggling to break through a resistance zone that has repeatedly rejected rallies since April.

At the same time, BitMine Immersion Technologies has ramped up its Ethereum accumulation, purchasing 126,971 ETH in a single week—its largest buy of 2026. Despite this aggressive dip buying, momentum indicators remain weak, with the MACD still firmly negative and the Aroon Oscillator indicating sustained seller control.

The market is now split between two opposing forces: institutional accumulation versus persistent bearish trend pressure, with neither side yet in clear control.

Ethereum News: BitMine Expands Its Billion-Dollar ETH Position

BitMine Immersion Technologies added 126,971 ETH during last week’s downturn, marking its biggest weekly accumulation this year.

This takes its total holdings to roughly 5,543,872 ETH, or about 4.59% of Ethereum’s circulating supply.

Chairman Tom Lee noted that staking yields are now producing an estimated $230 million in annualized revenue, giving BitMine’s strategy a yield component that separates it from standard treasury-style accumulation focused purely on price exposure.

At this scale, BitMine has become a major structural force in the Ethereum market. Its continued buying during drawdowns reflects strong long-term conviction, even as short-term price action remains under pressure.

On-chain analyst Ali Martinez pointed out that ETH trading below the 0.8 market-value-to-realized-value band has historically coincided with accumulation phases. He also highlighted a TD Sequential buy signal, which may indicate early seller exhaustion.

However, similar accumulation-driven setups earlier in 2026 failed to reverse the broader downtrend, as selling pressure eventually regained dominance.

$1,500 or $2,000: Key Levels That Will Shape Ethereum’s Next Move

If ETH holds above $1,650, reclaims $1,715 on strong volume, and sees continued ETF inflows following the June 8 reversal, upside targets open at $1,875, followed by the $1,900–$2,000 resistance zone. A decisive break above $2,000 would begin repairing market structure and open the path toward the 200-week moving average near $2,471.

If conditions remain mixed—with institutional buying offset by ETF outflows and weak trend signals—ETH is likely to continue consolidating between $1,500 and $1,700. In this scenario, macro catalysts such as US CPI could determine the eventual breakout direction.

A breakdown below $1,650 would likely send price back toward the June low at $1,505. A weekly close under $1,500 would open a deeper downside path, with limited support until the $1,000–$1,100 region. Current volume dynamics suggest that any breakdown could accelerate sharply.

Overall, the technical picture still leans bearish. Momentum remains weak, ETF flows have been negative through June, and on-chain profitability sits at multi-year lows. BitMine’s accumulation provides a strong underlying bid, but it has not yet been enough to shift the broader trend.

BitMine now holds roughly 4.59% of Ethereum’s total supply and stakes nearly all of it, generating about $230 million annually. Whether this turns into a successful long-term positioning strategy or a prolonged averaging-down phase depends heavily on whether the $1,500 level holds.

For now, the weekly close remains the most critical signal in the market.

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