Despite Ethereum falling below $2,000, institutional demand remained resilient as Bitmine added another 25,000 ETH to its treasury, worth approximately $47.98 million from BitGo.
This latest transfer extended a buying trend that continued even as Ethereum traded near multi-month lows.
Notably, an earlier AMBCrypto report revealed that Bitmine had accumulated 5,416,901 ETH valued at roughly $11.6 billion, making it the largest Ethereum treasury company.
The report also showed that Ethereum accounted for 99.9% of the firm’s digital asset holdings, while Bitcoin represented only 0.1%.
However, Bitmine’s latest purchase suggested that the company had remained committed to its accumulation strategy despite worsening market conditions.
Such aggressive buying activity continued, highlighting strong institutional conviction during a period when broader sentiment remained weak.
Ethereum spot demand continued absorbing sell pressure
Despite Ethereum’s [ETH] declining price action, spot market participants continued showing notable resilience.
Spot Taker CVD remained buy-dominant, indicating that aggressive buyers had continued absorbing available sell orders across exchanges.
Rather than stepping aside during the downturn, buyers consistently entered the market and accumulated Ethereum from sellers willing to exit positions. This behavior suggested that underlying demand had remained stronger than price performance alone implied.
However, the persistence of spot buying had not yet translated into a sustained recovery because broader market weakness continued weighing on sentiment.
Even so, the indicator showed that buyers had not abandoned the market.
Supply kept leaving exchanges
Ethereum’s exchange supply profile continued to reinforce the accumulation narrative.
Exchange Reserve declined by 7.97% to approximately $28.3 billion, reflecting a reduction in the amount of Ethereum available on trading platforms.
Investors often withdraw assets from exchanges when they intend to hold rather than sell immediately. Therefore, the declining reserve suggested that accumulation activity had persisted despite bearish price conditions.
The trend also aligned with Bitmine’s continued purchases and the broader buy-side pressure reflected by Spot Taker CVD.
Although shrinking reserves alone could not reverse a downtrend, they reduced the liquid supply available for immediate selling.
Ethereum cracks $2,000 as support weakens
Ethereum’s price structure deteriorated after sellers forced a breakdown below the key $2,000 support level.
The weekly chart showed ETH trading around $1,844 after losing an area that buyers had defended repeatedly throughout recent months.
Following the breakdown, the next major support zone emerged near $1,800, a level that previously attracted significant demand after February’s sharp decline.
Meanwhile, the former support at $2,000 now stood as the first major resistance, while $2,400 remained the broader recovery target.
RSI added another layer to the picture after falling to 22.5, placing Ethereum deep within oversold territory.
Such readings often reflected intense selling pressure rather than immediate reversals.
However, oversold conditions near a major support zone could encourage buyers to re-enter the market if selling activity begins easing.
Can accumulation trends defend $1,800?
Institutional buyers continued adding Ethereum, spot demand remained active, and exchange reserves kept declining throughout the market downturn.
Nevertheless, sellers still pushed ETH below the critical $2,000 level and drove the asset toward a key support area near $1,800.
If buyers successfully defend this zone, Ethereum could attempt a recovery toward $2,000 before targeting the larger resistance area near $2,400.
Otherwise, continued weakness would likely keep bearish pressure intact despite the encouraging accumulation trends developing beneath the surface.
Final Summary
- Bitmine continued accumulating Ethereum while exchange supply kept declining.
- Ethereum lost its $2,000 support, but oversold conditions emerged near $1,800.