BitMine Immersion Technologies BitMine Immersion Technologies is sitting on a massive paper loss tied to Ethereum. The company says it holds about 4.285 million ETH, worth roughly $9.9 billion at recent prices. But its average buy price was far higher, so the gap adds up to more than $6 billion in unrealized Ethereum losses, based on figures tied to its recent filing and updates.

An unrealized loss means the loss exists on paper. BitMine still owns the Ethereum. The loss becomes “real” only if it sells the Ethereum for less than it paid. That detail matters because BitMine has built its plan around holding, not flipping, even while the ETH price slides.

The company started as a crypto miner, but it shifted into an Ethereum treasury firm in 2025. Its goal is to reach 5% of Ethereum’s supply, which would be roughly 6 million ETH if supply stays near current levels. Supply trackers put Ethereum supply around the 118–121 million range in early 2026, which makes BitMine’s pile a major chunk of the network.

BitMine’s latest buy showed it is still adding Ethereum. It picked up 41,788 ETH, worth about $96 million at the time, even as the market fell. The company’s total now sits above 3.5% of Ethereum’s circulating supply, according to its own release and other reports tied to the same update.

The problem is simple math. BitMine built most of its Ethereum position at prices around $3,800 to $4,001 per coin, then ETH slid toward the mid-$2,000s. In one snapshot cited in reporting, the firm had bought about 3.7 million Ethereum for roughly $14.95 billion, and that same amount later valued closer to $8.8 billion. That difference drives the huge unrealized loss figure people now link to BitMine.

The company’s chairman, Tom Lee, has tried to keep the message steady. He argues that Ethereum fundamentals look stronger than the price action. He points to Ethereum on-chain activity and active wallets holding up, which is not what the market saw in past crypto winters. He also says the market is treating Ethereum like a risk asset even when its network use stays high.

BitMine also wants to earn yield by staking Ethereum. Staking is when you lock ETH to help run the network and validate blocks, and you get rewards in return. BitMine says it has staked about 2.9 million Ethereum and is building a validator setup it calls MAVAN. It also cited a composite staking rate around 2.81% and talked about annualized staking revenues that rise as more Ethereum moves into staking.

Big backers joined the trade. BitMine has highlighted support from firms like Ark Invest and Founders Fund, plus Galaxy Digital and the exchange Kraken. The company has used those relationships to fund its Ethereum treasury strategy, but backing does not stop losses when ETH drops fast.

Lee has blamed part of the recent slide on the hangover from a wave of crypto liquidations in October and on money moving into metals. Liquidations happen when traders borrow to bet on price moves, then get forced out when the market turns. At the same time, gold has been hitting records and moving with sharp swings, which can pull attention and cash from crypto markets.

BitMine says it did not use leverage to buy its Ethereum, which reduces the risk of forced selling. That sets it apart from some crypto treasury firms that borrow to stack coins, then face pressure when prices fall. Even without leverage, the market can still punish the stock. Shares of BMNR fell as Ethereum slid, and the stock has been volatile since the company first announced its Ethereum treasury pivot.

The stress is not limited to Ethereum treasuries. Michael Saylor and Strategy Inc. face their own test as Bitcoin trades around key levels and investors watch how leverage and debt stacks behave in a downturn. The difference is that BitMine’s bet centers on Ethereum, which tends to swing more than Bitcoin, so drawdowns can look harsher in a short window.

For now, BitMine’s story is a clear snapshot of what happens when a single company tries to corner a large share of Ethereum. The plan is to hold Ethereum, stake Ethereum, and ride out the cycle. The risk is that Ethereum can stay low longer than expected, turning a paper loss into a lasting drag on the business, the stock, and the wider Ethereum trade.

Ether trades near 2,378 USDT after a strong rebound from the 2,157 low. On the daily chart, buyers stepped back in and pushed the market higher. For traders following an ETH price prediction, the main clues are in ETH price action and volume.

The drop to 2,157 looks like a panic flush. Soon after, the price bounced and started to print higher lows. That shift matters. When the price stops making lower lows, it often signals that sellers are running out of force. The next pullbacks were smaller, and the ETH price kept closing above prior swing points.

Moving averages support this setup. The MA(7) sits near 2,353 and the MA(25) sits near 2,313. The price is above both lines, which points to short-term control by bulls. The MA(99) sits near 2,288, and the price is also above it. When the ETH price holds above the long average, it often means dips get bought faster than before.

Resistance is close. The chart marks a recent high near 2,396. That level is where the price may meet supply from traders who bought lower and want to take profit. If the ETH price breaks above 2,396 and closes strong, it can invite new buyers and trigger stops from short sellers. If the ETH price tags that level and fades fast, it can turn into a short pullback.

Volume gives the best reality check. During the rebound from 2,157, volume expanded, which suggests the move had real demand. As the ETH price climbed, green candles often came with firmer volume, while red candles came with lighter volume. That mix is healthy in an uptrend. It hints that sellers are not pressing, and buyers are willing to defend the trend.

The next test is whether volume shows up at the ceiling. A clean breakout usually needs a clear volume spike. If the ETH price tries to clear 2,396 on thin volume, the market can stall and chop. That kind of chop can still help, because it can build a base before another push. But for an ETH price prediction that leans bullish, traders want to see volume rise as the ETH price moves through resistance.

Support levels sit in layers below. The first ETH price support is near 2,353 around the MA(7). If the price pulls back and holds there, the uptrend stays intact. The next ETH price support is near 2,313 around the MA(25), which also matches a prior pause area. Below that, the 2,288 zone near the MA(99) is a deeper ETH price support. A daily close of the price below 2,288 would weaken this structure and raise odds of a drop back into the low 2,200s.

Traders also watch candle shape. Strong trend days often print wide green bodies and small wicks. If the ETH price starts printing long upper wicks near 2,396, it signals active selling at that level. If pullbacks show long lower wicks instead, it signals buying interest under the price.

In the near term, the slightly bullish path looks like this: the ETH price holds above 2,313, retests 2,396, then attempts a breakout. If volume expands, the ETH price can aim for 2,450 and 2,500, which are common round-number targets. If volume fades, the ETH price may range between 2,313 and 2,396 while the market waits for new flow.

This Ethereum price outlook stays calm but constructive. The trend has improved, volume has supported the rebound, and key averages sit under the ETH price. That does not remove risk. Crypto can move fast, and levels can fail. This is not financial advice.

The Ethereum price is trading near the middle of a wide range after a sharp sell off. On the latest Ethereum chart we see ETH price fall from a high near 2,880 dollars down toward 2,640 dollars before it bounced. That drop came with a clear spike in ETH trading volume, which shows strong selling pressure. Since that move, the Ethereum price has moved sideways in a tight band between 2,720 and 2,780 dollars. Buyers step in near the lower end of the band, but they do not push price back to the old high. This kind of price action often appears when a market needs time to cool after a big move.

From a technical analysis view, the pattern still leans bearish. The series of lower highs on the daily Ethereum chart tells us that each bounce loses strength. The Ethereum price prediction that fits this pattern points to more tests of support rather than a fast break higher. Volume supports this idea. The largest bars on the chart appear on red candles during sell offs. When ETH price tries to rally, the volume fades. Fewer traders feel ready to chase the move up, so rallies stall.

Short term support sits near 2,720 dollars, the area where buyers have already defended the Ethereum price several times. Just below that, around 2,700 dollars, sits the floor of the recent range. If ETH price breaks under this zone with rising volume, a new wave of selling can follow. In that case, a cautious Ethereum price forecast would look for a move back toward 2,650 dollars and the low near 2,640 dollars from the first spike down. Many traders will watch these levels as key support.

On the upside, the first resistance zone stands near 2,780 to 2,800 dollars. This is where the last bounce ran out of steam. For a more bullish Ethereum price prediction, bulls need to push price above that band and hold it there. They also want to see ETH trading volume expand on green candles instead of red ones. Without that shift, every rally attempt can draw in new sellers who see a chance to short near resistance.

The wider crypto market also shapes this Ethereum technical analysis. Bitcoin has paused after a strong run, and many large coins now trade inside ranges. When the crypto market moves this way, traders enter and exit positions fast. That flow shows up in the Ethereum price as quick spikes that fade. Until a clear breakout appears in the wider market, the base case Ethereum price forecast remains a range with a gentle downward tilt.

Traders who watch ETH price today may focus on how price behaves near intraday support. If the Ethereum price keeps closing candles above 2,720 dollars and volume dries up, the market could build a base there. That would open the door for a test of 2,800 dollars and then 2,850 dollars. If price slices through support on strong volume, the path of least resistance turns down. Swing traders might then look for entries closer to 2,650 dollars or even 2,600 dollars, which lines up with older demand zones on the chart.

For now the message of price action and volume stays clear. Sellers still drive the sharp moves while buyers manage only short lived bounces. The Ethereum price trades below recent highs, and the trend of lower highs has not broken. Until that changes, the tone of this Ethereum price prediction remains slightly bearish. Traders who respect support and resistance levels and track ETH trading volume can navigate this range with more care while they wait for the next strong trend to appear.

Ethereum showed clear bullish momentum today as price action broke above recent resistance levels and continued to climb throughout the day. After testing support near $4,100 early in the session, buyers stepped in with strong conviction, driving the price steadily higher toward $4,250 by late afternoon. The consistent higher highs and higher lows on the chart suggest that demand is outpacing supply, and the uptrend remains intact.

The daily volume pattern adds weight to this move. The morning selloff occurred on lighter volume, while each rally through midday and into the afternoon came with rising participation, a sign that the market is confirming the move rather than fading it. Traders often look at this combination of rising price and expanding volume as one of the strongest indicators that momentum is genuine and sustainable. The volume peak around the early afternoon coincided with a decisive breakout through the $4,200 zone, which had previously capped several attempts higher. Once that resistance was cleared, price accelerated quickly, showing that sellers had stepped aside.

The 24-hour ETH price chart now reveals a structure typical of a trend reversal from consolidation to expansion. The earlier flat trading between $4,130 and $4,170 created a base of accumulation. That sideways range, marked by choppy but contained movement, absorbed selling pressure. Once volume returned and ETH broke above that ceiling, the move triggered stop orders and new long positions, helping fuel the surge toward $4,250. In technical terms, this kind of price action indicates a shift in market psychology from hesitation to confidence.

If we analyze the slope of the latest upswing, it suggests increasing momentum rather than exhaustion. The pullbacks along the way have been shallow, with price quickly finding bids near previous short-term resistance zones that are now acting as support. The most recent retrace held firmly near $4,210 before pushing back higher, reinforcing that bulls remain in control. When Ethereum maintains this pattern of reclaiming broken levels as support, it often leads to sustained upward moves over the following sessions.

Another notable element is the volume divergence between local peaks and troughs. The downswings in the early morning and late night occurred on declining volume, meaning there was little conviction from sellers. Conversely, every breakout leg occurred with expanding volume and clean follow-through. This balance shows accumulation rather than distribution and reflects a market preparing for continuation rather than reversal. Traders watching the order flow may interpret this as a signal of large players positioning ahead of further gains.

If Ethereum closes the day near or above $4,250, it would mark a significant technical breakout on both the intraday and daily timeframes. The next psychological and technical barrier stands near $4,300, followed by $4,400. These levels align with previous swing highs and Fibonacci retracement targets, making them natural areas for short-term profit-taking. However, the current strength of the rally and the broad participation suggest the market could test higher zones sooner than expected. The absence of sharp rejection candles or volume spikes at the top hints that the move is not yet overextended.

Momentum indicators, though not visible directly on the chart, would likely show a bullish bias. When price action produces a series of higher lows with corresponding increases in volume, moving averages often begin to cross upward, confirming trend strength. If short-term moving averages such as the 20-hour or 50-hour EMA continue to rise beneath price, Ethereum could attract more momentum traders who follow trend continuation setups. These crossovers tend to generate fresh buying interest as algorithms detect trend confirmation.

Ethereum’s recent correlation with broader crypto sentiment also supports the bullish outlook. Bitcoin’s steady performance above key support zones has reduced downside pressure on altcoins. Liquidity rotating into Ethereum often leads to outperformance during the mid-phase of a market cycle, as investors seek assets with both high liquidity and strong network fundamentals. On-chain data from recent sessions indicates stable exchange inflows and moderate gas usage, implying that current demand is driven by investment flows rather than speculative frenzy.

If the bullish pattern persists, traders will look for Ethereum to establish a higher daily close and begin forming a new support zone above $4,200. Sustained closes above that level could open the door toward $4,400 and possibly retests of $4,500 in the coming week. Any brief pullbacks toward $4,180–$4,200 would likely attract buyers who missed the breakout, reinforcing the structure. The market remains sensitive to overall risk sentiment, but current technicals favor further upside.

Ethereum continues to show the classic signs of a strengthening uptrend: higher highs, rising volume, and resilient pullbacks. As long as volume remains supportive and price respects new support levels, ETH appears poised to extend its rally. The chart reflects confidence returning to the market, and the path of least resistance remains higher.

The ETH price chart shows a clean break lower after a flat range. Through most of the day, the ETH price moved sideways with weak highs and a series of lower peaks. Each bounce lost strength. Volume thinned into the U.S. session, then the ETH price failed near $4,350 and turned down. The drop accelerated once $4,250 gave way. Sellers stepped in as resting bids thinned. The last leg took the ETH price under $4,150 and printed fresh lows near $4,100. The tape shows heavy selling pressure and a lack of real demand on the way down. That is bearish for the next sessions.

This pattern looks like a distribution range that ended with a breakdown. The ETH price built a shelf between $4,250 and $4,350. Bulls could not reclaim the prior swing high. Each rally topped out faster. That points to supply sitting over the market. The wick near the top of the session hints at rejection. When price slipped under the mid-range, volume picked up. That confirms sellers had control. Ethereum technical analysis favors follow-through when a range breaks with rising volume and weak bids below.

Support now sits at $4,100, then $4,000. I expect the ETH price to test those levels soon. If $4,000 breaks on a closing basis, the next zone is $3,900 to $3,850, where we last saw active buying. Below that, a pocket sits near $3,750. This pocket lines up with a gap from a fast move up earlier in the month. Fast moves often get filled when momentum flips. The current ETH price action shows that flip. Lower highs, lower lows, and a failing retest of broken support define the trend. Trend followers will likely sell rips back into $4,200 to $4,250.

Momentum tools would back this read. After a failure at $4,350, a simple moving average cross on short time frames likely turned down. A daily RSI near prior overbought readings would be rolling over. A MACD bear cross would trail the price move and add fuel for system sellers. These are common signals in an Ethereum technical analysis playbook, and they tend to stack after a failed breakout and a volume spike down.

Volume tells the rest of the story. During the drift higher, traded volume faded. On the drop, volume expanded. That is classic bearish confirmation. The ETH price fell faster than it rose. That change in character often marks the start of a larger pullback. Liquidity near $4,000 looks thin. If sellers press, stops below round numbers can turn into market orders. That kind of flow can push the ETH price to $3,900 without much pause. If buyers want control again, they need to win back $4,250 with strong volume and hold it as support. Until that happens, sellers have the edge.

Order flow bias favors supply. The failed attempt to hold $4,200 shows that passive bids stepped away. Large players tend to distribute inside ranges, then let price slide once inventory is offloaded. The ETH price structure fits that script. A bounce can happen at any time, but rallies into prior support now act as supply zones. I would watch $4,180 to $4,220 for signs of absorption and fresh selling. If the ETH price tags that band and volume dries up, the next leg down could follow.

For traders, risk is clear. Bears can lean on the $4,250 cap. Bulls need to wait for acceptance back above that line. Ethereum price prediction models that rely on trend and volume would mark down the path of least resistance as lower. The ETH price forecast over the near term points to a grind down into $4,000, a stop run through that level, and a test of $3,900. If panic hits, $3,750 comes into view. Only a strong reclaim of $4,250 to $4,300 would shift this Ethereum price outlook back to neutral.

The market has moved far, yet the technicals do not show capitulation. That keeps risk skewed to the downside. ETH price action is weak, volume supports the move, and key levels have flipped to resistance. Until buyers print a wide green candle on real volume and defend it, the base case remains a bearish breakdown with rallies sold. Ethereum technical analysis points to more downside risk than upside reward at current levels.