ETH Falls to $2,040 as Its Biggest Buyer Nears the 6.1 Million Ethereum Goal It Set

Three Things to Know

• BitMine now owns almost 5% of all ether in circulation and says it is nearly done with its accumulation goal.
• Ether trades under both long-term moving averages, with momentum oversold but sellers still in control.
• Bulls need the floor near $1,850 to hold, because the chart shows no mapped support beneath it.

BitMine Immersion Technologies, the largest corporate holder of ether, is closing in on the ownership target chairman Tom Lee set last year. The company has bought every week since mid-2025, but it shifted cash toward stock buybacks in October.

That shift lands as ether sinks to its weakest stretch in months. Traders now want to know whether BitMine keeps buying past its goal or the market loses its steadiest buyer.

BitMine Closes In on Its Ether Target

BitMine Immersion Technologies (NYSE: BMNR) held 6,070,092 ETH as of November 8, the company said. That stack equals 4.97% of the 122.2 million ether in circulation. Chairman Tom Lee, also head of research at Fundstrat, set the "Alchemy of 5%" goal in July 2025. BitMine now says it is 99% of the way there, after just under 15 months.

The firm added 9,587 ETH in the first week of November. It says it has bought ether every single week since June 30, 2025. BitMine pays for those purchases mainly by selling new shares above its net asset value, and it avoids debt. It stakes most of its ether and also holds 216 BTC plus $475 million in cash and securities.

That makes BitMine the largest ether treasury. Only Strategy, with 849,327 BTC, holds a bigger crypto reserve.

The pace changed in October. BitMine slowed its ether buying and spent more on repurchasing its own stock. Lee has said purchases could continue past the target. Investors still cheered the company, and BMNR shares closed up 6.33% on November 11.

Ether Slips Under Both Long-Term Averages

Ether traded near $2,040 on Wednesday, flat over the past day but well off its autumn levels. The coin now sits below its 50-day average, near $2,330. It also trades under its 200-day average, around $2,300. A moving average tracks the mean closing price over a set period. When price falls under one, that average tends to act as a ceiling on rebounds.

Losing both lines at once is a bearish setup. Short-term and long-term buyers are now holding at a loss on average. That shift formed during the same weeks BitMine eased its weekly purchases and turned toward buybacks.

The slide has been steady. Ether changed hands near $2,500 a month ago and has shed about 17% since then. Most of that drop came in the last week, which alone took off roughly 16%. Sellers have controlled the 30-day range, and the latest leg lower came fast.

Rebounds have struggled to hold. Ether tried to push back above $2,100 in recent sessions and failed each time. That pattern shows traders are using bounces to sell. Until price clears that zone and then the long-term averages above it, the path of least resistance points down.

Oversold, Yet Sellers Still Hold the Wheel

The daily RSI, a 0 to 100 gauge of momentum, sits near 29. That reading counts as oversold. It means sellers have pushed hard and fast, and stretched moves like this often draw at least a short relief bounce. An oversold reading only shows exhaustion, though. It does not mark a bottom on its own.

Momentum still points down. The MACD, which compares short-term and longer-term price trends, remains below its signal line. The broader trend is strong, and sellers lead it.

The flat day reads as a pause in selling, with no strong buying yet. Any bounce from here needs follow-through above recent highs before traders can treat it as more than a breather.

$1,850 Becomes the Floor Bulls Must Defend

Support sits near $1,850, and it is the only floor the data maps below current prices. No second level shows up beneath it. If ether closes under that mark, the chart offers little guidance on where buyers might regroup.

Slower treasury demand raises the stakes. A weekly buyer of BitMine's size once helped absorb dips like this one. With that bid thinning, the floor has to hold on its own.

On the upside, first resistance stands near $2,280, just under both long-term averages. A clean break there would put the next ceiling, around $2,400, in view. Reclaiming that zone would undo much of the recent breakdown and hand the trend back to buyers.

Which Way the Next Three Days Can Break

Oversold momentum and a seller-led trend leave two clear paths.

• Bullish: A relief bounce lifts ether back through first resistance. That would open a run at the next ceiling higher up. The setup fails if price slides back below current levels and heads toward support.
• Bearish: A daily close under the support floor would leave no mapped level below. That could invite a deeper flush as stops trigger. A recovery above first resistance would cancel this view.

A Whale Near Its Target Leaves Ether Exposed

The bias stays bearish until ether wins back its long-term averages. Oversold momentum is the only cushion for now, and it can fade fast.

BitMine is the swing factor. A full turn toward buybacks would strip out the market's steadiest weekly bid. A firm pledge to keep buying past its target could do the opposite and spark a sharp squeeze higher.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.