Ethereum targets $2,000 following BitMine’s $6.3B loss

Key takeaways

• Ethereum (ETH) dropped 1.7% on Thursday, moving closer to the psychological $2,000 threshold.
• BitMine Immersion Technologies, an Ethereum treasury firm, announced a $6.3 billion annual net loss, primarily driven by $6.23 billion in unrealized losses on its digital asset portfolio.
• ETH encounters immediate resistance levels at $2,101 and $2,204, while failure to maintain a rebound could drag the digital asset down toward support levels at $1,971 and $1,828.

Ethereum (ETH) declined by 1.7% over a 24-hour period, bringing the cryptocurrency closer to the key $2,000 psychological mark.

This downward movement came in the wake of a robust trading session for US technology equities, where upward momentum among semiconductor firms and AI infrastructure providers helped revive investor appetite for risk-oriented assets.

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

BitMine Immersion Technologies (BMNR), an Ethereum treasury company, posted heavy losses for the fiscal year that ended on August 31, 2026.

Data from the firm’s Form 10-K filing submitted to the US Securities and Exchange Commission (SEC) reveals a net loss of roughly $6.3 billion.

This financial deficit stemmed largely from $6.23 billion in unrealized fair value losses tied to the company’s cryptocurrency reserves.

At the close of August, BitMine held 5,901,837 ETH, which carried an estimated fair value of about $14.6 billion.

Over the course of the fiscal year, the price of Ethereum slid from $4,390 down to $2,466, marking a decrease of approximately 44%.

This steep price contraction heavily impacted the recorded valuation of BitMine’s digital asset holdings.

Because the corporation values its digital assets at fair market value, fluctuations in the price of Ethereum flow directly into its financial statements.

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

The technical outlook for Ethereum stays bearish as selling pressure persists. On the daily timeframe, ETH continues to trade below its 20-day, 50-day, and 100-day Exponential Moving Averages (EMAs), signaling that sellers remain in command of the broader market trend.

The 20-day EMA sits close to $2,251, whereas the 100-day EMA rests around $2,327.

Concurrently, the 50-day EMA is positioned near $2,348, forming another formidable overhead resistance zone.

The clustering of these moving averages between $2,251 and $2,348 implies that any recovery attempts will likely encounter significant selling pressure.

Momentum indicators also highlight the digital asset’s fragile technical standing. The 14-day Relative Strength Index (RSI) hovers around 29, placing it squarely in oversold territory.

Meanwhile, the Stochastic Oscillator rests near 18, pointing to oversold conditions that indicate short-term selling exhaustion might be near.

The initial immediate resistance level is set at $2,101, which sits near the psychological $2,100 mark. A sustained breakthrough past this barrier could prompt buyers to aim for the subsequent horizontal resistance at $2,204.

Beyond that threshold, ETH confronts another barrier near $2,250, reinforced by the 20-day EMA at $2,251.

Conquering this resistance cluster would strengthen the near-term technical setup and potentially clear a path for a rebound toward $2,327 and $2,348.

Additional overhead resistance is located at $2,355, followed by higher targets at $2,548, $2,636, and $2,781.

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

The primary downside support level is situated near $1,971. This zone could attract buying interest if the cryptocurrency undergoes another dip toward the psychological $2,000 region.

Nonetheless, a decisive drop below $1,971 would further damage the technical outlook and expose ETH to an extended correction.

The subsequent major support rests around $1,828, where buyers may attempt to build a more resilient defense.

A slide toward this target would mark a major setback for Ethereum’s recovery prospects.