Ethereum (ETH) is currently trading at $2,361.73 on Monday, up 2.89%, with 24-hour trading volume reaching $56.91 billion, marking a 17.2% increase, according to CoinMarketCap data.

Despite this intraday gain, the cryptocurrency has declined 18.2% over the past week, having traded near $2,372.40. Analysts note that ETH is attempting to stabilize after a steep drop, with the weekly low around $2,156 providing critical support.

Ethereum Faces High-Timeframe Downtrend

In X post, Crypto analyst Lennaert Snyder observed that Ethereum, like Bitcoin, remains in a high-timeframe downtrend characterized by lower highs and lower lows. “Shorting at this support level makes little sense.

We are watching for potential long triggers if ETH reclaims higher liquidity zones,” Snyder said. Market participants are monitoring the $2,473 level as a potential resistance point that could unlock a rebound toward $2,761.

Ethereum’s chart currently suggests two short-term scenarios. If buyers step in at $2,156, ETH could attempt a rebound toward $2,473, where stop-loss hunting and resistance selling may occur. Breaking above this level could open a path toward $2,761, signaling a potential trend reversal or retracement.

Conversely, failure to hold support at $2,156 could accelerate the downtrend, triggering additional stop-losses and pushing prices lower. Analysts note the possibility of a minor double-bottom or consolidation at the weekly low, which may provide a high-probability reversal setup for future long positions if buyer demand returns.

BitMine Boosts Ethereum Holdings

Las Vegas–based BitMine Immersion Technologies strengthened its Ethereum position this week, adding 41,788 ETH and raising its total holdings to 4.285 million ETH.

Purchases averaged $2,317 per coin, valuing the stake at roughly $9.9 billion as of Monday, Feb, 2. The company’s total crypto, cash, and “moonshot” investments now stand at $10.7 billion, including smaller Bitcoin holdings.

A significant portion of BitMine’s ether, approximately 2.9 million ETH, is now staked, generating estimated annualized revenue of $188 million through its Made in America Validator Network (MAVAN), scheduled for early 2026 rollout.

Executive Chairman Thomas Lee said the buying strategy reflects Ethereum’s current undervaluation relative to on-chain activity. “We view this pullback as an opportunity to strengthen exposure while fundamentals improve,” Lee stated.

BitMine’s accumulation emphasizes growing institutional interest in Ethereum and highlights the $2,156 support as a potential near-term floor for investors amid ongoing market volatility.

Also Read | Ethereum (ETH) Faces Brutal Plunge but Eyes 10% Rebound

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Filed under: Bitcoin - @ February 2, 2026 10:11 pm