It’s been a bearish week for crypto markets so far, with Bitcoin, Ether, and XRP all posting heavy losses in the past 24 hours.
Bitcoin, the top cryptocurrency by market capitalization, briefly fell below the $86,000 level on Monday after losing nearly 4% of its value.
Ether has performed worst among the top 10 cryptocurrencies by market capitalization, losing 6.9% of its value since yesterday.
The bearish performance has pushed Ether below $3,000 and further declines are expected in the near term.
BitMine acquires an additional 102,259 ETH
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Despite the cryptocurrency’s continued institutional accumulation, Ether is currently down nearly 7% in the past 24 hours.
Ethereum (ETH) treasury company BitMine Immersion announced on Monday that it has acquired 102,259 ETH since its last update.
Thanks to this latest development, the company currently holds 3.96 million ETH, worth approximately $11.82 billion at the time of issuance.
This latest acquisition brings BitMine closer to its goal of accumulating 5% of the circulating supply of ETH.
In a statement Monday, BitMine Chairman Thomas Lee said:
“2025 saw many positive developments in digital assets, including aggressive legislation passed by the US Congress, favorable regulations, and (…) increased support from Wall Street. These strengthen our belief that the best days are ahead for cryptocurrencies and why we continue to accumulate ETH towards our ‘alchemical 5%’ goal.”
The company also reported holdings of 193 Bitcoin (BTC), World Coin (WLD) Treasury, $38 million in equity in Eightco Holdings, and cash totaling $1 billion.
BitMine continues to be the leading player in Ethereum treasury, ahead of SharpLink Gaming. It also became the second largest crypto vault after Michael Saylor’s Strategy.
Despite its market position, Bitmine currently has approximately $3 billion in unrealized losses.
ETH is aiming for support at $2,720
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The ETH/USD 4-hour chart is bearish and inefficient as Ether has lost 7% of its value.
At the time of writing, ETH is trading at $2,929, with $174 million in liquidations in the past 24 hours, led by $141.8 million in long-term liquidations.
ETH faced strong rejection during its attempt to recover the $3,100 level over the weekend.
Unable to break above that level, it has fallen 7% in the past 24 hours and is now nearing the micro-support at $2,850.
If the support at $2,850 cannot be defended, Ether could fall further towards the $2,720 level. Further below is the psychological level of $2,600.
However, if the bulls recover and Ether regains the $3,100 resistance, it could move higher toward the next major resistance near $3,350.
The Relative Strength Index (RSI) on the 4-hour chart is below the neutral level and the Stochastic Oscillator (Stoch) is approaching oversold territory.
If these momentum indicators continue to decline, Ether could face further selling pressure.