As the price of Ethereum (ETH) retests a crucial support zone, BitMine revealed that it added an additional $110 million worth of ETH to its treasury holdings over the past week, inching closer to an important milestone for the company’s investment strategy.
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BitMine’s Ethereum bet continues
On Tuesday, BitMine, a Bitcoin and Ethereum network company that focuses on accumulating crypto for long-term investment, announced that its holdings had reached 4.2 million ETH tokens after acquiring 35,268 ETH, worth approximately $110 million, over the past week.
As a result, the company, which is the world’s largest Ethereum treasury company 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 to $3,211,193 Bitcoin (BTC), a $22 million stake in Eightco Holdings as part of its “Moonshots” initiative, and unencumbered cash worth $979 million.
After the latest purchase, BitMine now holds 3.48% of the total ETH supply and is getting closer to its goal of controlling 5% of the leading altcoin’s 120.7 million supply. In particular, he achieved almost 70% of his “5% Alchemy” objective in just six months.
BitMine President Thomas “Tom” Lee said that “the price ratio of Ethereum to Bitcoin, or ETHBTC, has been steadily increasing since mid-October. In our view, this reflects investors recognizing that tokenization and other use cases developed by Wall Street are built on top of Ethereum.”
As of January 19, 2026, the total ETH staked by BitMine stood at 1,838,003, worth $5.9 billion at $3,211 per ETH, an increase of 581,920 ETH over the past week.
ETH price at crucial support zone
Despite BitMine’s constant bet on the cryptocurrency, Ethereum retraced almost all of its 2026 gains after falling below $3,000. On Tuesday, ETH saw a 6.8% decline on the daily time frame, dropping from the $3,200 area to a three-week low of $2,980.
The king of altcoins has been trading between $2,600 and $3,350 since November pullbacks, reclaiming the upper region of that range during the rally earlier this year. Today, ETH is once again testing an important multi-support area that could define the cryptocurrency’s near-term performance.
The World of Charts analyst claimed that there are two “simple” possibilities for Ethereum. If the price loses the $3,000 zone, which serves as the middle zone of its local range and a key macro support and resistance level, then a retest of the $2,600 low becomes likely.
On the contrary, if the altcoin maintains this zone in the daily timeframe and momentum builds, it could retest the resistance of the upper boundary of the range.
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Amid the pullback, another pseudonymous market watcher 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 message, if the 50-day MA holds, a move to the 200-day MA, located around the $3,650 area, could occur next. “All eyes are on a close above the 50-day moving average, which would indicate a successful back-test,” he added.
At the time of writing, ETH is trading at $2,999, down 7% on the weekly time frame.
Featured image from Unsplash.com, chart from TradingView.com
