Ethereum is trading near $1,691, recovering from a June low around $1,505, but still struggling to break above a resistance zone that has repeatedly rejected upside moves since April.

Meanwhile, BitMine Immersion Technologies has stepped up its Ethereum accumulation, buying 126,971 ETH in a single week—its largest weekly purchase of 2026. Despite this aggressive dip buying, technical indicators remain weak, with the MACD still deeply negative and the Aroon Oscillator continuing to reflect strong seller dominance.

The result is a clear standoff: institutional accumulation on one side, persistent bearish momentum on the other. The market now appears to be approaching a critical inflection point.

Ethereum News: BitMine’s $9 Billion ETH Position Expands Further

BitMine Immersion Technologies acquired 126,971 ETH during last week’s downturn, marking its biggest weekly accumulation this year.

This brings total holdings to approximately 5,543,872 ETH, or about 4.59% of Ethereum’s circulating supply.

Chairman Tom Lee stated that staking rewards are now producing an estimated $230 million in annualized revenue, giving BitMine’s strategy a yield-generating component that distinguishes it from traditional corporate crypto treasuries focused purely on price appreciation.

With this scale, BitMine has become a major structural holder in the Ethereum market. Its consistent buying during drawdowns signals strong long-term conviction, even as short-term price trends remain under pressure.

On-chain analyst Ali Martinez noted that ETH trading below the 0.8 market-value-to-realized-value band has historically aligned with accumulation phases, and highlighted a TD Sequential buy signal that may indicate seller exhaustion.

However, similar accumulation-driven setups earlier in 2026 failed to reverse broader bearish momentum, as sellers ultimately regained control.

$1,500 or $2,000: The Levels That Will Decide Ethereum’s Direction

If ETH holds support at $1,650, reclaims $1,715 on strong volume, and sees continued ETF inflows after the June 8 reversal, upside targets open at $1,875, followed by the $1,900–$2,000 resistance range. A breakout above $2,000 would begin repairing market structure and bring the 200-week moving average near $2,471 into view.

If conditions remain mixed—with institutional buying offset by ETF outflows and weak trend signals—Ethereum is likely to continue consolidating between $1,500 and $1,700. In that case, macro data such as US CPI could determine the next directional move.

A breakdown below $1,650 would likely retest the June low at $1,505. A weekly close under $1,500 would open a deeper downside scenario, with limited support until the $1,000–$1,100 zone. Current volume patterns suggest that if this level fails, downside acceleration could be sharp.

Overall, the technical picture still leans bearish. Momentum remains weak, ETF flows have been largely negative through June, and on-chain profitability is near multi-year lows. BitMine’s accumulation provides a strong structural bid, but it has not yet shifted the broader trend.

BitMine now holds roughly 4.59% of Ethereum’s supply and stakes nearly all of it, generating about $230 million in annualized revenue. Whether this becomes a successful long-term positioning strategy or an extended averaging-down phase depends largely on whether the $1,500 level holds.

For now, the weekly close remains the most important signal in the market.