TLDR
- ETH currently changing hands near $1,691, showing a 1.4% gain over the past day while stuck in a prolonged downward trajectory
- BitMine acquired 126,971 ETH tokens during last week’s price decline, pushing total reserves to 5.54 million coins valued at approximately $9 billion
- Technical signals from MACD and Aroon metrics continue pointing toward bearish momentum with selling pressure dominant
- Market analyst Ali Charts identifies ETH price action beneath the 0.8 MVRV threshold as a historically favorable accumulation opportunity
- Breaking below $1,500 on a weekly timeframe could trigger further decline toward the $1,000 level
Ethereum has staged a recovery rally approaching $1,691 following last week’s dip to approximately $1,505. The digital asset has gained roughly 1.4% during the last 24-hour period, with price action confined between $1,656 and $1,713.
This rebound hasn’t managed to reverse the downward trajectory established in April. ETH continues trading beneath critical resistance thresholds that must be conquered for any meaningful trend reversal.
The immediate obstacle lies within the $1,700-$1,715 range. Securing a daily close beyond this zone could establish momentum toward $1,875, followed by the $1,900-$2,000 territory. Sustained price action above these markers would be necessary before confirming any bullish trend shift.
Market observer Ash Crypto highlighted parallels between present conditions and Ethereum’s June 2022 collapse, when the asset plummeted to $880 before mounting a comeback. He pointed out that ETH has surrendered roughly 68% from its August 2025 high near $4,953.
“Should ETH maintain the $1,500 level, we could witness a scenario mirroring June 2022,” Ash Crypto stated. He cautioned that losing $1,500 on a weekly closing basis might expose the next significant support around $1,000.
Ali Charts Identifies Prime Accumulation Territory
Cryptocurrency analyst Ali Charts shared on X that Ethereum’s position underneath the 0.8 MVRV pricing threshold represents a “high-probability long-term accumulation zone,” urging followers to “Buy the dip.” He additionally flagged a TD Sequential buy indicator two days prior, which may suggest exhaustion among sellers, though this doesn’t guarantee an upward reversal.
Blockchain metrics reinforce the current pressure. Merely 11% of Ethereum’s circulating supply presently maintains a three-times profit margin, marking the weakest reading since February 2017.
BitMine Secures More Than 126,000 ETH
BitMine Immersion Technologies executed its most substantial weekly Ethereum acquisition of 2026, securing 126,971 tokens throughout the recent price weakness. This transaction elevates the firm’s aggregate position to 5,543,872 ETH, representing approximately 4.59% of Ethereum’s projected circulating supply.
The organization pegs its ETH holdings at around $9.04 billion. Chairman Tom Lee disclosed that projected annualized staking returns have climbed to $230 million, with 4.7 million ETH currently locked in staking protocols.
ETF movement data presents a contrasting narrative. United States-based spot Ethereum ETFs registered $540 million in withdrawals throughout May, followed by an additional $168 million exodus in early June. Nonetheless, June 8 delivered $82.37 million in net daily deposits, elevating aggregate inflows to $11.28 billion with combined net assets reaching $9.36 billion.
The MACD indicator currently registers -141.09, positioned beneath the signal line at -118.04. The Aroon Oscillator displays -78.57, validating that sellers maintain market dominance. Near-term support establishes at $1,650, with subsequent floors at $1,580 and $1,505.
