• BitMine purchased 51,162 ETH last week, lifting its total stash to 4.42 million.
• ETH has an implied 12-month return of 81% and an 87% win rate, according to Fundstrat.
• ETH's next direction could be determined by a move above $2,746 or below $1,404.

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) scooped up 51,162 ETH last week, marking its largest purchase since December.

The latest purchase has pushed the company's stash of the top altcoin to 4.42 million ETH acquired at an average cost of $3,821 per ETH. With ETH's over 50% decline in the past few months, BitMine is holding unrealized losses of roughly $8.4 billion, according to data cited by smart money tracker Lookonchain.

Despite that, BitMine's Chairman Thomas Lee noted in a Monday statement that the firm won't halt its treasury strategy of acquiring ETH. "In the midst of this 'mini crypto winter,' our focus continues to be on methodically executing our treasury strategy and steadily acquiring ETH and in turn, optimizing the yield on our ETH holdings," said Lee.

BitMine also reported holdings of 193 Bitcoin (BTC), a $200 million stake in Beast Industries, a $17 million stake in Worldcoin (WLD) treasury, Eightco Holdings (ORBS), and total cash of $691 million.

Lee's comments follow a report last week by Fundstrat analyst Sean Farrell, which suggested ETH could be nearing a bottom. Using the onchain realized price, ETH is trading about 22% below the average cost basis of investors. That figure isn't far from implied lows of 21% and 39% in 2025 and 2022, the report states.

Applying these figures to ETH's current realized price of about $2,241, the report highlighted implied "lows" of $1,770 and $1,367, respectively. Farrell also highlighted that ETH has an implied 12-month return of 81% and an 87% win rate.

Meanwhile, Ethereum exchange-traded funds (ETFs) recorded net outflows of $123.3 million last week, according to SoSoValue data.

Ethereum Price Forecast: ETH's next direction could be determined by a move outside $2,746 or $1,404

Ethereum saw $135.8 million in liquidations over the past 24 hours, led by $112 million in long liquidations, according to Coinglass data.

In the daily chart, ETH trades at $1,896. The 20-day Exponential Moving Average (EMA) at $2,087 slopes lower, keeping the bias negative as price holds beneath it.

The Relative Strength Index (RSI) at 31 (near oversold) underscores weak momentum while the Stochastic (Stoch) at 17 remains depressed, indicating sellers retain control, though oversold readings could fuel corrective bounces.

Immediate resistance aligns at $2,107, followed by $2,388. Support is seen at $1,741, then at $1,524. On extension, resistance stands at $2,746, while further weakness could extend toward support at $1,404. A sustained break of these markers would set the near-term directional bias.

(The technical analysis of this story was written with the help of an AI tool.)