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

Key takeaways

• Ethereum (ETH) slipped 1.7% on Thursday, moving closer to the key $2,000 psychological threshold.
• Ethereum treasury holder BitMine Immersion Technologies posted a $6.3 billion annual net loss, largely driven by $6.23 billion in unrealized losses on its digital asset portfolio.
• ETH faces near-term overhead resistance at $2,101 and $2,204; failing to sustain a recovery could leave the asset vulnerable to deeper drops toward $1,971 and $1,828.

Ethereum (ETH) has fallen 1.7% over the past 24 hours and is now testing the psychological $2,000 level.

The lower prices followed a positive trading session for U.S. technology equities, where gains in chipmakers and AI infrastructure providers helped lift broader risk sentiment.

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

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

In its Form 10-K filing with the U.S. Securities and Exchange Commission (SEC), BitMine disclosed a net loss of roughly $6.3 billion.

The shortfall was principally caused by $6.23 billion in unrealized fair value losses tied to its cryptocurrency holdings.

By the end of August, BitMine held 5,901,837 ETH, carrying a total fair market value of approximately $14.6 billion.

During that fiscal period, Ethereum’s spot price tumbled about 44%, dropping from $4,390 to $2,466.

This steep decline reduced the overall valuation of BitMine’s digital asset reserves.

Because BitMine accounts for its holdings at fair value, swings in Ethereum market prices directly impact its income statement.

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

Ethereum’s technical perspective remains tilted to the downside as sellers keep firm control. On the daily chart, ETH trades below its 20-day, 50-day, and 100-day Exponential Moving Averages (EMAs), signaling an ongoing bearish trend.

The 20-day EMA is currently situated near $2,251, while the 100-day EMA rests around $2,327.

Meanwhile, the 50-day EMA sits at roughly $2,348, creating another overhead technical barrier.

This dense cluster of moving averages between $2,251 and $2,348 suggests that potential price rebounds could trigger strong selling pressure.

Momentum indicators also highlight ETH’s fragile technical setup. The 14-day Relative Strength Index (RSI) remains near 29, placing it in oversold territory.

Similarly, the Stochastic Oscillator trades around 18, pointing to oversold conditions and indicating that short-term downside momentum may be extended.

Initial resistance on the upside is located at $2,101, just above the psychological $2,100 level. A decisive move above this hurdle could clear a path toward the next key level at $2,204.

Beyond $2,204, ETH encounters technical resistance near $2,250, reinforced by the 20-day EMA at $2,251.

A sustained breakout above this zone would improve the near-term chart structure, potentially opening the door for rallies toward $2,327 and $2,348.

Additional upside resistance is marked at $2,355, with higher price targets sitting around $2,548, $2,636, and $2,781.

Conversely, Ethereum remains exposed to further downside if buyers fail to clear the $2,100 mark.

The first line of support lies near $1,971, a zone that could attract buyers if prices retest the $2,000 region.

However, a breakdown below $1,971 would worsen the technical picture, threatening a broader drop.

The next primary support level is located around $1,828, where buyers may attempt to mount a defense. A decline to this level would represent a major setback for Ethereum’s recovery attempts.