Even after Ethereum fell below $2,000, institutional buying did not significantly decrease. Bitmine added another 25,000 ETH to its treasury, transferred from BitGo, with a value of approximately $47.98 million according to the article.
The article mentions that Bitmine had previously held a total of 5,416,901 ETH, worth approximately $11.6 billion at the time. Its digital asset allocation was highly concentrated, with ETH accounting for 99.9% and Bitcoin only 0.1%.
Spot buying is still underway.
According to trading data, although ETH has weakened, active buying in the spot market has not disappeared. The article cites the Spot Taker CVD indicator, stating that buyers are still absorbing sell orders on exchanges.
This means that some funds did not leave the market due to the decline, but continued to accumulate during the price pullback. However, this buying is currently insufficient to drive a sustained price rebound, and the overall market weakness continues to suppress the upward trend.
Exchange reserves fell to approximately $28.3 billion
On-chain and exchange data also show that the liquidity of ETH available for immediate sale is decreasing. The article states that exchange reserves have fallen by 7.97%, to approximately $28.3 billion.
Typically, when investors transfer assets out of exchanges, it often indicates a preference for holding rather than immediate selling. The decline in reserves echoes Bitmine's continued accumulation of holdings and is consistent with the situation where buying pressure on the spot market is met with selling pressure.
$1800 becomes the next level to watch.
In terms of price, ETH has fallen below the key level of $2,000. The weekly chart shows that its price once hovered around $1,844, indicating that the support level that had been held multiple times before has been broken.
The article suggests that the next major support level is around $1800. Meanwhile, $2000 has become the first major resistance level, with a higher target of $2400.
From a technical perspective, the RSI has dropped to 22.5, indicating that the market is clearly oversold. This usually reflects heavy selling pressure, but does not necessarily mean that the price will reverse immediately. Next, the market will focus on whether buying can help ETH stabilize around $1800.
