As the Ethereum (ETH) price retests a crucial support zone, BitMine revealed it has added another $110 million worth of ETH to its treasury holdings over the past week, approaching an important milestone for the companyโs investment strategy.
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BitMineโs Ethereum Bet Continues
On Tuesday, BitMine, a Bitcoin and Ethereum Network Company with a focus on accumulating crypto for long-term investment, announced its holdings had reached 4.2 million ETH tokens after acquiring 35,268 ETH, worth roughly $110 million, in the past week.
As a result, the company, which is the largest Ethereum Treasury company in the world and the second-largest global treasury, has crypto and cash holdings totaling $14.5 billion at current prices.
According to the announcement, the company now owns 4,203,036 ETH at $3,211, 193 Bitcoin (BTC), a $22 million stake in Eightco Holdings as part of its โMoonshotsโ initiative, and unencumbered cash worth $979 million.
After the latest purchase, BitMine now holds 3.48% of ETHโs total supply, and nears its goal to control 5% of the leading altcoinโs 120.7 million supply. Notably, it has achieved nearly 70% if โAlchemy of 5%โ target in just six months.
BitMineโs chairman, Thomas โTomโ Lee, stated that โEthereumโs price ratio to Bitcoin, or ETHBTC, has been steadily climbing since mid-October. In our view, this reflects investors recognizing tokenization and other use cases being developed by Wall Street are being built on Ethereum.โ
As of January 19, 2026, BitMineโs total staked ETH stands at 1,838,003, worth $5.9 billion at $3,211 per ETH, an increase of 581,920 ETH in the past week.
ETH Price At Crucial Support Zone
Despite BitMineโs constant bet on the cryptocurrency, Ethereum retraced nearly all its 2026 gains after falling below the $3,000 barrier. On Tuesday, ETH recorded a 6.8% decline in the daily timeframe, dropping from the $3,200 area to a three-week low of $2,980.
The King of altcoins has been trading between the $2,600-$3,350 area since the November pullbacks, reclaiming the upper zone of this range during the start of the year rally. Now, ETH is retesting an important multi-support area that could define the cryptocurrencyโs short-term performance.
Analyst World of Charts affirmed that there are two โsimpleโ possibilities for Ethereum. If the price loses the $3,000 area, which serves as the mid-zone of its local range and a key macro support and resistance level, then a retest of the $2,600 lows becomes likely.
On the contrary, if the altcoin holds this zone in the daily timeframe and momentum builds, it could retest the rangeโs upper boundary resistance again.
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Amid the pullback, another pseudonym market observer also pointed out that ETH is currently retesting its 50-day Moving Average (MA), which was reclaimed at the start of the year and currently sits at the $3,089 level.
According to the post, if the 50-day MA holds, a move to the 200-day MA, located around the $3,650 area, could come next. โAll eyes [are] on a close above the 50-day MA, which will point to a successful back test,โ he added.
As of this writing, ETH is trading at $2,999, a 7% decline in the weekly timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
