Important requirements
- BitMine bought 76,881 ETH, raising its holdings to 5.62 million ETH.
- The company now controls about 4.66% of Ethereum in circulation.
- ETH is trying to hold above $1,800 while facing resistance near $1,900.
BitMine adds about 77,000 ETH to its reserves
Ethereum investment company BitMine Immersion Technologies significantly increased its Ether holdings last week, buying 76,881 ETH during a period of weakness in the major crypto market.
The acquisition increased the company’s total Ethereum holdings to 5.62 million ETH, worth about $10.35 billion at current prices.
According to BitMine, the site now represents about 4.66% of Ethereum in circulation, moving the firm closer to its goal of controlling 5% of ETH supply.
Despite lowering its purchase price through leverage in the recent market downturn, BitMine still reports unrealized losses of more than $9 billion on its Ethereum holdings.
In addition to its large Ethereum holdings, BitMine disclosed ownership of 204 Bitcoins as well as large amounts of cash.
The company currently has 204 BTC, a $180 million stake in Beast Industries, $88 million worth of Eightco Holdings shares, and $502 million in cash and marketable securities.
A small amount of interest was paid mainly by the recently completed offers.
BitMine recently closed the offering of 3.5 million 9.5% Series A Perpetual Preferred Stock at $80 per share.
After accounting for fees, commissions, and other similar expenses, the company generated approximately $273.8 million in net income.
Chairman Thomas Lee described the offer as a way to diversify the company’s income while maintaining an aggressive Ethereum accumulation strategy.
“The Series A Preferred Stock is a good diversification for BitMine,” Lee said in a statement. He added that the expected annual awards of approximately $219 million are expected to be reinvested to support distributions that correspond to preferred shares.
Ethereum technical outlook: Bulls look for a break above $1,800
The ETH/USD 4-hour chart is bullish as Ethereum is currently trying to stabilize after a strong rebound from below $1,600.
Although the long-term indicators have improved, the stock remains constrained by several layers of high resistance.
The Relative Strength Index (RSI) has returned to the 67 level, while the Stochastic oscillator continues to move higher, showing a strong correction but not confirming a stable bullish trend.
If the rally continues, that resistance is near $1,909. Additional support levels are near $2,018 and $2,107, followed by further resistance at $2,211.
If the bullish momentum is strong, Ethereum may eventually target major resistance levels near $2,388 and $2,746.
However, if the bears regain control, traders will be watching closely to see if ETH can maintain the daily closing above $1,806. The next major support is near $1,741.
A break below that level would expose Ethereum to deeper support areas around $1,524 and $1,404, while $1,155 remains important for the long term if market conditions worsen.
