The cryptocurrency market has been stagnant over the past 24 hours, with Bitcoin trading between the $62,000 and $63,000 regions during that period.

Ethereum (ETH), the second-largest cryptocurrency by market cap, is up by less than 1% and continues to trade below $1,700, as per data from various crypto trading platforms,

Despite the positive fundamental news, technical indicators suggest that the bears remain in control of the market.

ETH’s poor performance comes despite the Ethereum treasury company BitMine Immersion Technologies significantly expanding its Ethereum position last week.

The company announced on Monday that it acquired 126,971 ETH as the cryptocurrency briefly fell toward the $1,500 level.

The purchase marks BitMine's largest weekly Ethereum accumulation of 2026 and increases its total holdings to approximately 5.54 million ETH. 

According to the company, it now controls about 4.59% of Ethereum's circulating supply, moving closer to its stated objective of owning 5% of all ETH in circulation by year-end.

BitMine Chairman Thomas Lee said the company viewed the recent decline as a buying opportunity rather than a sign of weakening fundamentals.

According to Lee, Ethereum's underlying network strength continues to improve despite the broader market correction. 

He described the current market environment as the early phase of a new crypto growth cycle and argued that Ethereum remains well-positioned for long-term adoption.

Lee also highlighted the potential impact of agentic artificial intelligence on blockchain adoption.

He argued that as autonomous AI systems become more sophisticated, demand could increase for decentralized and secure infrastructure capable of protecting users from vulnerabilities associated with centralized systems.

According to Lee, advanced AI agents may expose weaknesses in traditional financial networks and less-secure blockchain protocols, potentially increasing the value proposition of established decentralized networks such as Ethereum.

The chairman suggested that these developments strengthen Ethereum's long-term investment thesis and make the recent price weakness appear disconnected from the network's fundamentals.

Beyond Ethereum, BitMine reported holdings that include: 204 Bitcoin (BTC), a $180 million stake in Beast Industries, an $88 million stake in Eightco Holdings, and approximately $247 million in cash reserves

The ETH/USD 4-hour chart remains bearish and efficient as the market has stagnated over the past 24 hours. 

Ethereum continues to trade below its key short- and medium-term moving averages, preserving a bearish near-term structure.

Furthermore, momentum indicators indicate improving market conditions.

The RSI on the 4-hour chart reads 48, approaching the neutral 50 after entering the oversold territory during the weekend. 

If the market recovery grows stronger, Ethereum could encounter its first major resistance at $1,741, with another hurdle at $1.806. 

A daily candle close above these levels could pave the way for ETH to rally towards the $1,909 resistance before reclaiming the $2,000 psychological mark. 

However, if the bearish trend persists, immediate support remains at $1,524, a level successfully defended by buyers over the weekend

If selling pressure continues, buyers would need to defend the $1,405 support level to ensure that ETH doesn’t drop further.

The post Ethereum stays below $1,700 despite BitMine’s latest acquisition appeared first on Invezz

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