Ethereum (ETH) traded lower on Wednesday, sliding further into negative territory amid broad crypto market pressure and bearish technical signals. At the time of writing, ETH is changing hands near $1,951.90, marking a 3.09% drop in the past 24 hours as sellers dominate the short-term trend.
Intraday price activity showed an early low of $1,932.36 and an intraday high of $2,045.21. On the ETH daily chart, long red candlesticks outnumber green bars over the past sessions, a pattern consistent with sustained selling pressure. The altcoin has also seen key moving averages flatten and converge, prop up short-term bearish bias as trend lines slope downward.
Analyzing the ETH/USDT 1 day char, technical indicators show ETH trading below its key simple moving averages. The 50-day SMA stands near $2,839.37, the 100-day SMA around $2,967.94, and the 200-day SMA near $3,582.45. Price remains significantly below all three averages, indicating sustained medium- and long-term weakness. The downward slope of the 50-day and 100-day averages suggests continued bearish trend alignment.
Meanwhile, the RSI histogram reading is approximately -32.23, remaining in negative territory and signaling weak buying momentum. Zooming in, the immediate support is seen around the $1,930–$1,950 zone, aligning with today’s intraday low. A break below that level could expose the psychological $1,900 area and a deeper loss could pull ETH to $1,700 zone. On the upside, near-term resistance is forming around $2,020–$2,050, in tune with today’s intraday high and recent breakdown levels. Broader resistance levels remain near the 50-day moving average at $2,839.
Bitmine Keeps Buying and Staking Ethereum
Despite Ether’s negative price action, institutional interest in Ethereum persists in other forms. Bitmine Immersion Technologies, the publicly listed Ethereum treasury firm chaired by Fundstrat co-founder Tom Lee, continues to accumulate and stake large amounts of ETH, a sign of long-term conviction.
According to on-chain data, Bitmine staked an additional ~140,400 ETH, valued at roughly $282 million, bringing its total staked balance to over 2.97 million ETH. This represents more than 68.7% of its total ETH holdings.
In the past week, Bitmine also acquired over 40,000 ETH, lifting total holdings to about 4.366 million. Bitmine’s total ETH inventory is now approximately worth about $8.5 billion in value, indicating ongoing accumulation even amid weakness in ETH price.
While short-term price action remains weak, the backdrop of significant institutional accumulation and staking underlines continued long-term interest in Ethereum among major holders.
