Ethereum Price Plunges Amid Technical Selling Pressure

Ethereum's price has been hovering around $1,855 due to technical selling pressure after failing to break above the key resistance zone of $1,889-$1,927. This comes as BitMine continues to accumulate Ethereum, holding a significant 4.8% of the total supply worth approximately $53.87 million.

The company's stake through Coinbase Prime is valued at around $53.87 million and is nearing its target of accumulating 5% of the total ETH supply. The move has put pressure on Ethereum's price, which has dropped by 2% in recent trading sessions.

Ethereum's price action is being closely watched as investors await macroeconomic clarity. A strong jobs number in the upcoming U.S. Nonfarm Payrolls report could reinforce hawkish Fed expectations and put further pressure on risk assets like Ethereum.