Ethereum Continues Bearish Trend Amid Market Weakness

Ethereum's price continues to slide after breaking key support levels and testing a low of $1,505 last week.

The cryptocurrency market is starting the week on shaky ground, with Bitcoin (BTC), Ethereum ($ETH), and Ripple ($XRP) facing heavy selling pressure following their steep declines in the previous week. According to the data, Bitcoin lost over 14%, Ethereum dropped more than 15%, and $XRP shed over 13%.

Despite this turmoil, BitMine Immersion Technologies has taken a significant step to increase its holdings of Ethereum, purchasing 126,971 units as part of its efforts to accumulate the digital asset. This latest acquisition marks the firm's largest Ethereum purchase of 2026 and brings its total holdings to 5.54 million $ETH.

The company now controls approximately 4.59% of Ethereum's circulating supply, moving closer to its goal of owning 5% of all $ETH in circulation by the end of the year. This development underscores BitMine's commitment to accumulating Ethereum despite recent market volatility and reinforces its position as one of the largest corporate holders of the digital asset.

In terms of technical analysis, Ethereum is trading below several key support levels, including the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs). The current price of $1,684 indicates that any potential recovery attempts could face strong selling pressure. To regain control, bulls would need to overcome resistance at various levels, including $1,747, $2,000, the 50-day EMA near $2,058, and the 200-day EMA near $2,441.