Ethereum eyes $2k amid BitMine’s $6.3 billion loss

Key takeaways

Ethereum (ETH) is down 1.7% on Thursday, approaching the $2,000 psychological level.

Ethereum treasury company BitMine Immersion Technologies reported a $6.3 billion annual net loss, largely driven by $6.23 billion in unrealized losses on its digital asset holdings.

ETH faces immediate resistance at $2,101 and $2,204, while a failure to sustain the rebound could expose the cryptocurrency to further losses toward $1,971 and $1,828.

Ethereum (ETH) is down 1.7% in the last 24 hours and is now approaching the $2,000 psychological level.

The bearish performance followed a strong session for US technology equities, with gains in semiconductor companies and AI infrastructure providers helping restore investor appetite for risk-sensitive assets.

BitMine reports $6.3 billion annual loss as Ethereum holdings lose value

Ethereum treasury company BitMine Immersion Technologies (BMNR) reported substantial losses for its fiscal year ended August 31, 2026.

According to the company’s Form 10-K filing with the US Securities and Exchange Commission (SEC), BitMine recorded a net loss of approximately $6.3 billion.

The loss was primarily driven by $6.23 billion in unrealized fair value losses associated with its digital asset holdings.

BitMine held 5,901,837 ETH at the end of August, with a reported fair value of approximately $14.6 billion.

During the fiscal year, Ethereum’s price declined from $4,390 to $2,466, representing a loss of approximately 44%.

The sharp decline significantly affected the reported value of BitMine’s cryptocurrency portfolio.

Because the company measures its digital assets at fair value, changes in Ethereum prices are reflected in its financial results.

Ethereum price forecast: ETH faces strong resistance at $2,100

Ethereum’s technical outlook remains bearish as the sellers continue to dominate. On the daily chart, ETH continues trading below its 20-day, 50-day, and 100-day Exponential Moving Averages (EMAs), indicating that sellers retain control of the broader trend.

The 20-day EMA stands near $2,251, while the 100-day EMA is positioned around $2,327.

Meanwhile, the 50-day EMA sits at approximately $2,348, creating another significant resistance barrier above the current market price.

The concentration of moving averages between $2,251 and $2,348 suggests that recovery attempts could face substantial selling pressure.

Momentum indicators also reflect the cryptocurrency’s weak technical position. The 14-day Relative Strength Index (RSI) hovers near 29, within the oversold region.

Meanwhile, the Stochastic Oscillator stands around 18, indicating oversold conditions and suggesting that short-term selling pressure may be becoming stretched.

The first immediate resistance stands at $2,101, close to the psychological $2,100 level. A sustained move above this barrier could encourage buyers to target the next horizontal resistance around $2,204.

Beyond this level, ETH faces another hurdle near $2,250, reinforced by the 20-day EMA at $2,251.

A successful breakout above this resistance cluster would improve the near-term technical structure and potentially open the door for a recovery toward $2,327 and $2,348.

Further resistance stands at $2,355, followed by higher targets around $2,548, $2,636, and $2,781.

Ethereum remains vulnerable to renewed selling pressure if buyers fail to reclaim the $2,100 resistance level.

The first important downside support stands near $1,971. This level could attract buying interest if the cryptocurrency experiences another pullback toward the psychological $2,000 region.

However, a decisive breakdown below $1,971 would weaken the technical outlook further and expose ETH to a deeper correction.

The next significant support stands around $1,828, where buyers may attempt to establish a stronger defensive position.

A decline toward this level would represent a substantial setback for Ethereum’s recovery prospects.

The post Ethereum eyes $2k amid BitMine’s $6.3 billion loss appeared first on CoinJournal.