Ethereum (ETH) has broken below a key technical support level, closing under $3,000 for the first time since early December. The price currently trades near $2,957.50, marking an 8% decline over two weeks and a bearish shift in its technical structure as it slices through the support of a descending channel that had contained price action since December.
Despite the sell-off, significant institutional buying is occurring. BitMine Immersion, a New York Stock Exchange-listed firm, disclosed a purchase of 35,268 ETH last week, worth approximately $106.2 million to $108 million at current prices. This acquisition brings BitMine's total Ethereum holdings to a treasury worth around $6.38 billion, with 99.9% of its assets held in ETH.
This move is part of a broader wave of corporate accumulation. On-chain data from Arkham Intelligence confirmed the purchase days before the official announcement. Ethereum funds overall welcomed $496 million in inflows in the seven days leading to January 19, reversing previous negative trends and signaling renewed institutional confidence in the asset's medium-term momentum.
Analysts point to a converging bullish pennant pattern on Ethereum's chart, suggesting a significant price move could be imminent. Given that ETH has spent recent months in oversold territory, any breakout is anticipated to be upward, with price predictions targeting $3,500 by the second quarter and $4,500 by the second half of the year.
