Ethereum defends $1900 as BitMine slows buying and ETF outflows grow

Bitcoin has lost 4% of its value in the last 24 hours and risks losing a key support level. However, Ethereum, the second-largest cryptocurrency by market cap, has maintained its price above $1,900 over the past few hours.

ETH is now trading at $1,979 and could surge higher in the near term if the current support level holds. 

The technical indicators suggest that the bears are still in control. However, the bearish trend might subside as the buyers hold ETH's price above a key support zone. 

ETH stays above $1,900 as BitMine slows Ethereum buying

ETH has maintained its price above $1,900 as it is up by less than 1% in the last 24 hours. The resilience comes despite BitMine Immersion Technologies (BMNR) reducing the pace of its weekly Ethereum (ETH) accumulation.

The company purchased 26,497 ETH last week—its third-smallest weekly buy since shifting to an ETH treasury strategy in 2025.

Despite the slowdown, the company’s total holdings have climbed to 5.41 million ETH, valued at approximately USD 10.7 billion (approx. $15.6 billion) at current prices.

BitMine also reported additional balance sheet exposures, including 203 Bitcoin (BTC), a USD 180 million (approx. $262.3 million) stake in Beast Industries, USD 93 million (approx. $135.5 million) in Eightco Holdings (ORBS) shares, and USD 446 million (approx. $650 million) in cash reserves.

BitMine Chairman Thomas Lee said Ethereum’s price does not reflect improving fundamentals.

However, he acknowledged the market is still in the early stages of what he described as a “crypto spring.”

Lee also indicated the company plans to slow its accumulation pace, noting BitMine is already ahead of its original target to acquire 5% of ETH’s circulating supply.

While BitMine continues to buy Ethereum, institutional investors have been offloading their spot Ethereum ETFs. 

Data obtained from CoinGlass revealed that US spot Ethereum ETFs have recorded three consecutive weeks of net outflows, suggesting that institutions are reducing their exposure to the crypto market. 

Ethereum price outlook: Bulls continue to defend the $1,900 support

Similar to Bitcoin, the ETH/USD 4-hour chart is bearish and efficient as the leading altcoin is trading below the $2,000 psychological level. 

The technical indicators suggest that the bears are still in control. Currently, Ethereum is trading below the 20-day ($2,098), 50-day ($2,172), and 100-day ($2,269) EMAs. 

The Relative Strength Index (RSI) OF 41 shows that Ethereum is bearish but is yet to enter the oversold region.

The MACD lines are also within the negative territory on the same timeframe. 

If the buyers regain control, Ethereum would encounter immediate resistance at $2,018, followed by $2,107 and the 50-day EMA at $2,172. 

A daily candle close above this level would allow Ether to attempt to recapture higher resistance zones at $2,211, $2,269, $2,388, and $2,746.

However, if the selloff persists, Ether could drop below the key support at $1,909.

A break below this level could open the path toward $1,741, with deeper downside targets at $1,524 and $1,404 if bearish momentum continues.