Ethereum Price Prediction BitMine Buys 126,971 ETH: ETH Down?
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BitMine has tripled its weekly ETH purchase to 126,971 tokens, now holding 4.59% of supply. ETH supply is only 11% on a three-fold gain, the lowest reading since February 2017. A weekly close below $1,500 could push ETH towards the $1,000 support zone.
Ethereum price dropped to $1,522 last week before rebounding in the $1,670–$1,712 range earlier this week.
Although the recovery is modest, the price of ETH is still down 15.3% in the last seven days and 28.1% in the last 30 days. From its all-time high of $4,946 set in August 2025, the token has now shed 66% of its value.
However, while most retailers are heading for the exits, BitMine Immersion has made a big purchase.
BitMine will make the biggest ETH purchase of 2026
According to a press release, BitMine (NYSE: BMNR ) acquired 126,971 ETH last week, tripling last week’s purchase of 26,497 ETH.
That brings the company’s total holdings to 5,543,872 ETH, roughly 4.59% of Ethereum’s total supply.
BitMine has stated that it intends to reach 5% ownership before the end of 2026, which means it sits at 92% of its target today.
The company currently values its ETH position at $9.04 billion.
Of this, 4,718,677 ETH, approximately $7.7 billion, is actively held on BitMine’s MAVAN Institutional staking platform with a current 7-day yield of 2.99%, generating $230 million in annual stake income.
Chairman Tom Lee said that at full volume, the prize pool could reach $270 million a year.
Lee’s reason for buying is straightforward. He said the price decline “doesn’t indicate a strengthening of Ethereum’s fundamentals,” adding that the current environment represents the first phase of what he calls a “crypto spring.”
Lee also made a case for Ethereum’s long-term relevance in the AI era, as AI systems become more capable, the need for a robust, decentralized infrastructure grows, and Ethereum is positioned to benefit.
What Ethereum price charts and on-chain data are saying.
Despite the institutional buying, the technical picture for the price of Ethereum is weak.
On the daily chart, ETH is trading well below the 20, 50 and 100-day exponential moving averages (EMAs), which are clustered between $1,874 and $2,178.
The 14-day RSI is sitting around 27, and the Stochastic Oscillator is at 26, both in oversold territory, though neither has confirmed a reversal.
MACD reads -143.07, sitting below the signal line -118.76, while the Aroon Oscillator is at -78.57, showing that sellers are still dominant.
The data on the chain reinforces how tense this market is.
Currently, 11 percent of Ethereum’s supply sits at triple the profit margin, the lowest reading since February 2017.
Crypto analyst Ali’s charts point to this exact scenario, with trading below the 0.8 MVRV price band on X a “potential long-term accumulation zone.”
The TD sequence also identifies a buy signal, which may indicate sell-side weakness, although it does not in itself confirm a trend reversal.
Below the 0.8 MVRV price band is a long-term accumulation zone with high probability of Ethereum $ETH.
Buy the bait! pic.twitter.com/2GYDUzFnQi
— Ali Charts (@alicharts) June 8, 2026
Analyst Ash Crypto drew parallels between the current price action and Ethereum’s June 2022 crash, when Ethereum’s price dropped to $880 before recovering.
He said the current decline would represent 68 percent from a peak near $4,953 in August 2025.
Ash’s view is that if the price of ETH holds the $1,500 level at the close of each week, it may follow a similar recovery pattern.
However, he warned that a weekly candle closing below $1,500 could expose the next major support zone at $1,000.
$ETH has only done it once before in its history.
In June 2022, ETH broke every support level and fell to $880. Everyone had given up hope. That turned out to be the real bottom of the bear market.
Now it’s June 2026, same month, same division,… pic.twitter.com/v8IulXZuPl
— Ash Crypto (@AshCrypto) June 8, 2026
On the ETF side, the picture is mixed. US spot Ethereum ETFs saw net inflows of $540 million in May, followed by an additional $168 million in early June.
That said, June 8 saw a turnaround, with daily net income of $82.37 million, bringing total revenue to $11.28 billion, with total net assets of $9.36 billion.
Ethereum recorded nearly $66.3 million in liquidity over the past 24 hours, with $33.8 million on the long side, indicating continued volatility and the risk of any short-term falls being weak.
Ultimately, the seven-day trading range from $1,522–$1,980 was wide and the $1,500 zone was held and BitMine’s delinquent buying signaled a reversal.
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