- BitMine tripled its weekly ETH purchases to 126,971 tokens, which now hold 4.59% of the supply.
- Only 11% of ETH has tripled profits, the lowest reading since Feb 2017.
- A weekly close below $1,500 could push ETH to the $1,000 support zone.
The price of Ethereum dropped to $1,522 last week before rebounding to a range of $1,670-$1,712 earlier this week.
Despite the limited recovery, ETH’s price is still down 15.3% over the past seven days and 28.1% over the past 30 days. From its all-time high of $4,946 set in August 2025, the token has lost about 66% of its value.
However, while many retail traders are heading for the exit, BitMine Immersion bought more.
BitMine will buy its largest ETH in 2026
According to the publication Press releaseBitMine (NYSE: BMNR) acquired 126,971 ETH last week, triple its previous week’s purchase of 26,497 ETH.
This brings the total amount of the company to 5,543,872 ETH, about 4.59% of the total amount of Ethereum.
BitMine has stated that it aims to reach 5% ownership by the end of 2026, meaning it is at 92% of that goal today.
Currently, the company values its ETH position at about $9.04 billion.
Of that, 4,718,677 ETH, the value of about $7.7 billion, is quickly through BitMine’s MAVAN organizations staking platform currently 7-day yield of 2.99%, making an expected $230 million in annual staking money.
Chairman Tom Lee has said that at full scale, the grand prize could reach $270 million a year.
Lee’s approach to shopping is straightforward. He said that the drop in price “does not indicate a strengthening of the principles of Ethereum,” adding that the current position represents the first stages of what he calls “crypto spring”.
Lee also made a long-term case for Ethereum in the age of AI, arguing that AI systems are becoming more capable, the need for robust, scalable infrastructure will grow, and that Ethereum has the potential to benefit.
What shows the value of Ethereum and what is on-chain is saying
Despite buying institutions, the technical picture of the price of Ethereum remains the same.
On the daily chart, ETH is trading below the 20, 50, and 100-day exponential moving averages (EMAs), which are included between $1,874 and $2,178.
The 14-day RSI is sitting around 27, and the Stochastic oscillator is at 26, both in oversold areas, although neither has confirmed a reversal.
The MACD reads -143.07, sitting below its -118.76 signal line, while the Aroon Oscillator is at -78.57, indicating sellers still have the upper hand.
On-chain information confirms how pressured this market is.
Only about 11% of Ethereum currently available is at the triple profit price, the lowest reading since February 2017.
Crypto expert Ali Charts highlighted this situation, writing on X that ETH trading below the 0.8 MVRV price range is a “long-term accumulation zone.”
He also identified the TD Sequential buy signal, which can indicate trader fatigue, although it does not guarantee a change in trend.
Ethereum $ETH below the 0.8 MVRV Pricing Band is a long-term accumulation zone.
Buy dip! https://t.co/LNkygeXO5n pic.twitter.com/2GYDUzFnQi
– Ali Charts (@alicharts) June 8, 2026
Ash Crypto analyst drew parallels between price trends and the Ethereum crash in June 2022, when the price of Ethereum fell to $880 before breaking out and recovering.
He added that the current decline represents about 68% from the August 2025 peak near $4,953.
Ash’s opinion is that if the price of ETH has a level of $ 1,500 in the closing week, a similar recovery process will follow.
However, he warned that a weekly candle that closes below $1,500 could indicate a major support area near $1,000.
$ETH he has done this only once in his entire history.
Back in June 2022, ETH broke through all support levels and fell to $880. Everyone stopped. This marked the bottom of the entire bear market.
Now it’s June 2026, same month, same crash,… pic.twitter.com/v8IulXZuPl
– Ash Crypto (@AshCrypto) June 8, 2026
On the ETF side, the picture is mixed. US Ethereum ETFs saw $540 million in inflows in May, followed by $168 million in early June.
That said, June 8 changed again, where $82.37 million was recorded daily, bringing the total amount to $11.28 billion and the total assets standing at $9.36 billion.
Ethereum also recorded about $66.3 million in the last 24 hours, with $33.8 million on the long side, showing continued volatility and the risk that the short-term jump remains fragile.
Ultimately, the seven-day trading range of $1,522–$1,980 shows the extent of the reversal and whether the $1,500 zone is present, and whether BitMine’s confirmation is buying the reversal.
