Ethereum Faces Resistance at $1,700 as BitMine Bets Big Against the Bears

Ethereum is currently trading around $1,691, rebounding from a June low near $1,505 but still failing to break above a resistance zone that has repeatedly capped upside moves since April.

At the same time, BitMine Immersion Technologies has intensified its Ethereum accumulation, purchasing 126,971 ETH in a single week—its largest weekly buy of 2026. Despite this aggressive dip buying, technical indicators remain weak, with the MACD still firmly negative and the Aroon Oscillator pointing to continued seller dominance.

This creates a clear divergence: strong institutional accumulation on one side, persistent bearish momentum on the other. The market is now approaching a point where one of these forces will likely give way.

Ethereum News: BitMine Expands Its Multi-Billion Dollar ETH Position

BitMine Immersion Technologies added 126,971 ETH during last week’s price decline, marking its largest weekly accumulation this year.

Its total holdings now stand at roughly 5,543,872 ETH, equivalent to about 4.59% of Ethereum’s circulating supply.

Chairman Tom Lee highlighted that staking yields are now generating an estimated $230 million in annualized revenue, adding a yield component to the company’s strategy that distinguishes it from traditional crypto treasury models focused solely on price exposure.

At this scale, BitMine has effectively become a major structural holder in the Ethereum market. Its continued buying during downturns signals strong long-term conviction, even as near-term price action remains under pressure.

On-chain analyst Ali Martinez noted that ETH trading below the 0.8 market-value-to-realized-value band has historically aligned with accumulation zones. He also pointed to a TD Sequential buy signal, which may suggest early signs of seller exhaustion.

However, similar accumulation phases earlier in 2026 failed to reverse the broader downtrend, as selling pressure eventually regained control.

$1,500 or $2,000: Key Levels Defining Ethereum’s Next Move

If Ethereum holds above $1,650, reclaims $1,715 on strong volume, and ETF inflows continue following the June 8 reversal, the next upside targets are $1,875, followed by the $1,900–$2,000 resistance zone. A clean break above $2,000 would begin repairing broader market structure and open the path toward the 200-week moving average near $2,471.

If momentum remains mixed—with institutional buying offset by ETF outflows and weak trend signals—ETH is likely to stay range-bound between $1,500 and $1,700. In that case, upcoming US CPI data could act as the catalyst that determines the next directional breakout.

A failure to hold $1,650 would likely trigger a retest of the June low at $1,505. A weekly close below $1,500 would open a deeper bearish scenario, with limited structural support until the $1,000–$1,100 range. Current volume behavior suggests that any breakdown could accelerate quickly.

Overall, the technical structure still leans bearish. Momentum remains weak, ETF flows have been largely negative through June, and on-chain profitability is at multi-year lows. While BitMine’s accumulation provides a strong underlying bid, it has not yet been enough to shift the trend.

BitMine now controls approximately 4.59% of Ethereum’s total supply and stakes nearly all of it, generating around $230 million in annual revenue. Whether this proves to be a successful long-term positioning strategy or a prolonged averaging-down phase will largely depend on whether the $1,500 support level holds.

For now, the weekly close remains the most important signal in the market.