Ethereum Price Forecast: ETH Tests $2,300 as BitMine Buys 10,452 More Coins

Ethereum traded near $2,305 after falling below the $2,355 support level, putting its 200-day exponential moving average (EMA) under pressure. The decline comes as institutional demand weakens and crypto investors reassess risk exposure amid volatility in technology stocks. Yet BitMine Immersion Technologies continued accumulating ETH, purchasing 10,452 tokens in the latest reported week. The contrast between corporate buying and fund outflows leaves traders weighing whether long-term treasury demand can offset near-term selling pressure.

BitMine Expands Ethereum Holdings

BitMine announced on October 26 that it held approximately 6.05 million ETH, equal to 4.95% of Ethereum’s circulating supply of about 122.2 million tokens. Its latest purchase extended a weekly accumulation streak that began in June 2025. The company has said it intends to stop accumulating once it reaches its goal of owning 5% of the supply. BitMine’s announcement also reported that 5.23 million ETH were staked, generating estimated annualized staking revenue of $318 million at the reported yield.

The company also repurchased 2.04 million shares at an average price of $22.48 during the week. Its cumulative 2026 buybacks reached 22.9 million shares, costing approximately $399.6 million.

Chairman Thomas Lee maintained that crypto’s decline reflected broader risk aversion linked to technology and artificial-intelligence stocks. He said ETH had fallen 13% from its recent peak, compared with a 20% decline in the US semiconductor sector over the same period. That comparison is BitMine’s assessment, not proof that the market has reached a durable bottom.

ETF Outflows Keep Selling Pressure High

Corporate accumulation has not prevented institutional investment products from seeing withdrawals. According to the supplied SoSoValue figures, US spot Ethereum exchange-traded funds recorded approximately $220.61 million in net outflows, marking a fourth consecutive week of withdrawals. ETF flows matter because they provide a measure of investor demand through regulated investment products, although they do not capture every source of buying or selling.

Selling pressure has also appeared in derivatives markets. CoinGlass data cited in the supplied report showed $47.85 million in ETH liquidations over 24 hours, including about $35 million in long positions. Liquidations occur when exchanges forcibly close leveraged trades after traders can no longer meet margin requirements, potentially accelerating price moves.

Ethereum Technical Outlook: $2,300 Test

ETH has slipped below the $2,355 horizontal support and its 100-day EMA. The 200-day EMA is now a critical test: a decisive close below it would weaken the longer-term chart structure further. The 14-day Relative Strength Index (RSI) near 33 and Stochastic reading near 13 indicate oversold conditions, but neither guarantees an immediate rebound.

Key levels to monitor are:

• $2,355: Former support, now initial resistance.
• $2,256: First downside support.
• $2,096: Next potential support if selling continues.
• $1,971: Lower downside reference.
• 200-day EMA: A pivotal technical level for the broader trend.

Conclusion

BitMine’s continued buying signals confidence from one major treasury holder, but ETF withdrawals and leveraged liquidations point to persistent market caution. A recovery above $2,355 would help stabilize the outlook; a sustained break below the 200-day EMA could expose ETH to further losses.