The crypto market started the week on a strong note, but the excitement has cooled off as prices begin to pull back. Bitcoin couldn’t break past the $107,000 mark and is now trading below $105,000. Ether, the second-largest cryptocurrency, also struggled to move beyond the $3,660 resistance level and has now fallen to around $3,550.
Despite the dip, institutional interest in Ether is growing. BitMine Immersion, a Nevada-based Ethereum treasury company, has just added over 110,000 ETH to its holdings. The company said it took advantage of the recent price decline to expand its Ethereum balance.
In total, BitMine now holds more than 3.5 million Ether, roughly 2.9% of the total ETH in circulation. The firm’s goal is to own 5% of all ETH over time. Its chairman, Thomas Lee, said the recent drop in prices gave the company “an attractive buying opportunity.”
Along with this purchase, BitMine also reported holding $398 million in cash, 192 Bitcoin, and a $61 million stake in Worldcoin’s treasury and Eightco Holdings (ORBS). It remains the world’s largest Ethereum treasury firm, ahead of SharpLink Gaming, which holds 859,395 ETH, and The Ether Machine, which holds 496,712 ETH.
The company’s aggressive accumulation strategy has caught investor attention. Ark Invest, led by Cathie Wood, recently increased its stake in BitMine, signaling growing institutional confidence in the firm’s approach and in Ethereum’s long-term potential.
On the technical side, Ether’s short-term outlook looks mixed. The 4-hour chart shows that ETH has lost about 2% in the last 24 hours. The Relative Strength Index (RSI) is at 57, indicating fading bullish momentum after failing to break resistance at $3,660. The MACD indicator still shows a slight bullish bias, but momentum appears to be weakening.
If buying strength returns, Ether could rise again toward the next resistance around $3,910 and possibly test $4,271 in a stronger rally. However, if bulls fail to defend current levels, ETH could fall further, first testing support near $3,197 and then potentially dropping to the November 5 low of $3,059.
For now, Ether seems to be pausing for a correction before any new rally attempts. While short-term traders may face volatility, long-term investors like BitMine are viewing the current dip as an opportunity to accumulate more at lower prices.