Ethereum (ETH) held steady near the $2,400 mark on Monday, despite a broader decline in digital assets. The stability came as BitMine Immersion (BMNR) acquired an additional 12,535 ETH last week, bringing its total holdings to 6.041 million ETH. This purchase aligns with BitMine's ongoing strategy to accumulate ETH, a goal they refer to as "the alchemy of 5%." The firm's chairman, Thomas Lee, described the recent crypto downturn as an "attractive risk/reward opportunity," citing resilient fundamentals and positive exposure to modern financial systems and agentic-AI.
The recent decline in crypto markets has been attributed to several factors, including rising AI capital expenditure, safety risks, US-Iran war activity, and anxiety ahead of US midterm elections. These pressures have led to selloffs in AI stocks, particularly in semiconductor- and memory-denominated Asian markets. Despite these challenges, BitMine remains optimistic about the long-term prospects of crypto assets.
Technically, Ethereum continues to struggle at the confluence of its 20- and 50-day Exponential Moving Averages (EMAs), which are currently at roughly $2,483 and $2,504, respectively. The 100-day EMA around $2,351, along with horizontal support at $2,355, provides immediate downside protection. The Relative Strength Index (RSI) and Stochastic indicators suggest that rallies may face selling pressure while these shorter EMAs cap the upside.
On the upside, initial resistance is seen at the 50-day and 20-day EMA levels near $2,504. A sustained break above these levels could open the way toward horizontal barriers at $2,548, $2,637, and $2,782. Conversely, immediate support is found at the $2,355, $2,351 band, with deeper cushions at $2,205, $1,972, and $1,828.