Ethereum Reclaims $2,300 as Corporate Giant BitMine Defends the “Fundamentals Floor” Amid 2026 Turbulence
Ethereum (ETH) has made a timid comeback to roughly $2,300, gaining 1.8% in the last 24 hours following a devastating collapse that wiped
Quick overview
- Ethereum has rebounded to around $2,300 after a significant drop that saw over 10% of its value wiped out in one day.
- Large inflows to Binance indicate potential distribution by major investors, while some wallets are accumulating ETH, suggesting mixed market sentiment.
- Bitmine Immersion Technologies has significantly increased its ETH holdings, now owning 4.285 million ETH, solidifying its position as the largest Ethereum treasury.
- The technical outlook for ETH shows key support at $2,200 and resistance at $2,420, with potential for a cautious rise towards $2,800 if conditions stabilize.
Ethereum ETH/USD has made a timid comeback to roughly $2,300, gaining 1.8% in the last 24 hours following a devastating collapse that wiped more than 10% off its price in a single session. The disaster saw almost $255 million in ETH liquidations in just one day, the steepest forced unwind in weeks, and brought the token briefly below $2,174 until buyers stepped in. But beyond the short-term volatility, a broader tug-of-war between distribution and accumulation is silently defining Ethereum’s future move.
Binance Inflows Hit September Highs: Who’s Selling?
On February 1, around 357,000 ETH came into Binance – the greatest single-day deposit since September 2025. Exchange inflows of this magnitude are usually seen as an indication of distribution, suggesting larger investors are shifting assets onto trading platforms to decrease exposure or lock in profits. Shortly after, analytics firm Trend Research detected a transfer of 20,000 ETH directly to Binance, bolstering the thesis that whales are hedging near current levels.
Yet not all large wallets are retreating. A wallet marked ‘0xFB7’ stealthily accumulated 14,750 ETH worth around $33.9 million, bringing its total position to almost 150,000 ETH – a strong evidence of conviction buying during the dip.
Bitmine’s $10.7B Bet: The Largest ETH Treasury on Earth
While ordinary traders scrambled during the sell-off, Bitmine Immersion Technologies (BMNR) doubled down. The corporation now possesses 4.285 million ETH — around 3.55% of the entire circulating supply — and added 41,788 ETH in just the previous week alone. With total crypto and cash assets surpassing $10.7 billion, Bitmine has solidified itself as the world’s largest Ethereum treasury.
Executive Chairman Thomas Lee described the loss as a macro-driven correction, not a fundamental one. He referred to Ethereum’s daily transactions hitting an all-time high of 2.5 million and active addresses increasing to 1 million per day – data that generally anticipate price gains, not continuous falls. Bitmine’s staked ETH now stands at roughly 2.9 million tokens, providing annually staking revenues of $188 million.
ETH/USD Technical Outlook: $2,200 Support vs. $2,420 Resistance
From a charting viewpoint, ETH lost nearly 20% from recent highs before finding a floor near $2,200 – a zone presently acting as key near-term support. The MACD is still printing bearish momentum and the hourly RSI is still below 50, suggesting that sellers haven’t used up all of their supplies. A bearish trendline has formed in the $2,400–$2,420 range; any persistent closing above that level would convert the short-term structure bullish.
A break below $2,200 would open the door to deeper objectives around $2,050 or potentially the psychologically critical $2,000 line. Meanwhile, reactivated whale wallets posted over 45,000 ETH as collateral for coin-margined longs worth about $100 million – a contrarian bullish wager that might speed any rebound if support holds.
Ethereum Price Prediction: A Cautious Path Toward $2,800
The next important goal is the $2,550–$2,800 area, where ETH traded comfortably prior to the recent correction, if the $2,200 support holds and ETH breaks through the $2,420 barrier. A structurally bullish outlook for the upcoming months is indicated by BlackRock’s staking ETF filings, record on-chain activity, and expanding institutional treasury adoption (headed by Bitmine).
However, threats remain substantial. Precious metals leaping into all-time highs continue to operate as a competitive risk-on trade, and broader crypto leverage has yet to fully return following the October 2025 ripple effects. Until the global background stabilizes, ETH is likely to trade in a $2,100–$2,600 range in the near term, with a breakout over $2,800 depending on ongoing institutional inflows and clarification on U.S. stablecoin legislation.
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