Overview
- Bitmine disclosed purchasing 50,928 ETH worth about $103 million, lifting its holdings to roughly 4.47 million ETH and helping price reclaim the $2,000 level.
- ETH briefly touched an intraday high near $2,072 before consolidating, with near-term resistance seen around $2,080–$2,120 and a potential extension toward $2,155 if broken.
- The asset has logged six straight red monthly closes, while a confirmed weekly head-and-shoulders pattern, a red Supertrend signal, and a negative Chaikin Money Flow reading flag ongoing selling pressure.
- Analysts highlight a compressed $1.8K–$2.1K range, with $1,940 viewed as a key pivot and downside targets near $1,800 and potentially $1,700 if resistance is not reclaimed.
- Leverage metrics show elevated volatility risk, with more than $85 million in 24-hour liquidations including about $57 million in shorts, alongside reports of a $39 million 20x ETH short with a liquidation level near $2,187.