Ethereum Drops, BitMine Adds 7,391 ETH: Is This a Bullish Signal?

The price of Ethereum came under pressure again after ETH dropped about 2.6% towards $1,870 on August 11, 2026. 

At roughly the same time, BitMine actually increased its holdings by 7,391 ETH, bringing the company's total deposits to 5,805,238 ETH, approximately 4.8% of the total Ethereum supply.

This divergence in direction leads the market to a crucial question: is the weakening price of Ethereum merely short-term pressure, while institutional investors still see long-term prospects for ETH?

Key Takeaways

• Ethereum price drops 2.6% after failing to hold above $1,900, still facing resistance at $1,900-$1,950.
• BitMine purchased an additional 7,391 ETH, now holding 5.8 million ETH or about 4.8% of the total supply.
• Support at $1,850 is a key level, while a break above $1,950 could open the door for a recovery towards $2,000 and higher.

Ethereum Price Drops, $1,850 Becomes Key Support

Ethereum lost momentum after failing to sustain gains above $1,900. According to a report from crypto.news, ETH briefly approached $1,935 on August 10 before dropping back to around $1,870 in the following session.

This movement extended ETH's consolidation phase between roughly $1,850 and $1,950. While Ethereum price is still in a recovery trend since hitting around $1,520 in late June, the rally has yet to produce a convincing breakout above the July peak near $1,970.

Pressure intensified after ETH lost the psychological $1,900 level. Long positions opened with leverage in anticipation of a breakout then came under pressure.

Technical indicators on the 4-hour chart also show weakness. Bull Bear Power is at -25.44, while the Supertrend indicator has turned bearish with dynamic resistance around $1,925.

Read Also: Ethereum Breakout from Accumulation Zone: Will ETH Continue to Rise?

On the daily chart, ETH also remains below the 20-day SMA around $1,892.52 and the 100-day SMA around $1,895.32. The 200-day SMA sits higher at approximately $2,040.56.

Therefore, the $1,850 area becomes critically important. If this support holds, Ethereum still has room to retest $1,900. Conversely, a daily close below $1,850 could open the path towards the 50-day SMA around $1,810.

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BitMine Adds 7,391 ETH, Total Holdings Reach 5.8 Million ETH

While Ethereum prices weakened,BitMine continued its ETH accumulation strategy.

BitMine added 7,391 ETH in its latest update. The purchase brought the company's total Ethereum holdings to 5,805,238 ETH, equivalent to approximately 4.8% of the total Ethereum supply.

This amount brings BitMine closer to the target the company calls its "Alchemy of 5%" strategy, which is to control about 5% of the ETH supply.

The strategy has been ongoing consistently. In July 2026, BitMine also bought 7,430 ETH, bringing its holdings to 5,777,468 ETH. At that time, the company stated the amount was equivalent to about 4.8% of Ethereum supply.

The latest purchases show that BitMine is maintaining its accumulation, although the pace is relatively slower compared to some previous periods.

Read Also: Can Ethereum Beat Bitcoin in Q3 2026?

The company is not just holding ETH. About 5.07 million ETH of its total holdings have been placed in staking. This position is estimated to generate around $257 million in annual staking income based on the latest reported data.

This means BitMine's strategy has two potential sources of profit. The company gains exposure to ETH price appreciation while also generating income from its staked assets.

Does BitMine's Purchase Signal a Bullish ETH?

The purchase of 7,391 ETH can be read as a positive signal for institutional sentiment, but it is not enough to conclude that Ethereum's price will definitely rise.

There is a difference between institutional accumulation and short-term price momentum.

BitMine has a longer investment horizon. In contrast, ETH's current price movement is still influenced by technical resistance, leverage positions, ETF flows, and macroeconomic conditions in the United States.

A crypto.news report noted that US spot Ethereum ETFs received about $244.9 million in inflows during the week ending August 7. This flow indicates that institutional demand for ETH still exists, although it is not yet strong enough to push the price past the $1,950 resistance.

This situation presents a fairly unique market picture. Ethereum prices are under pressure, but institutional accumulation has not stopped.

If ETH can hold $1,850 and recapture $1,900, BitMine's purchase could reinforce the narrative that the decline is a consolidation phase.

However, if $1,850 is breached, BitMine's accumulation cannot automatically halt selling pressure. The crypto market still moves based on the balance of supply and demand, not on who is buying the most. Unfortunately, price charts have no obligation to respect the convictions of large investors.

Read Also :Arthur Hayes Sells 6,000 ETH at a US$606K Loss, Then Buys Back 1,900 ETH at US$1,920

Ethereum Price Outlook: $1,850 or $1,950 as the Decisive Level

Ethereum is now in a fairly clear range.

On the downside, $1,850 is the main support. Crypto.news noted the area around $1,857 as a concentration of downside liquidity, so a decline toward that area could potentially trigger liquidations of long positions.

If $1,850 fails to hold, the next support is around $1,810, coinciding with the 50-day SMA.

More significant pressure could bring ETH back to test the $1,700 area. In a more extreme bearish scenario, analysts cited by crypto.news see the $1,550 region as a level to watch.

Conversely, Ethereum needs to recover above $1,900 before it can test the next resistance.

The $1,925 level acts as dynamic resistance based on the 4-hour Supertrend, while the $1,940-$1,950 area is a stronger barrier.

Convert 1 ETH to IDR - Indonesian Rupiah Exchange Rate 

If ETH manages to break and hold above $1,950, the path towards $2,000 reopens. Movement above $2,000 could then direct market attention towards the $2,100-$2,190 range.

There are also macroeconomic factors to consider. The market is awaiting US inflation data that could influence expectations for Federal Reserve policy. Higher inflation could reinforce expectations of higher-for-longer interest rates and pressure risk assets, while lower data could improve sentiment towards crypto.

Therefore, Ethereum's direction in the short term is likely highly dependent on a combination of macroeconomic data, institutional fund flows, and price reactions in the $1,850-$1,950 range.

Read Also: Futures Trading for Beginners: How It Works, Tips, and Risks

Conclusion

Ethereum is facing pressure after dropping 2.6% towards $1,870 and failing to maintain the $1,900 level. The technical structure shows $1,850 as key support, while $1,950 is an important threshold to confirm a stronger recovery.

At the same time, BitMine added 7,391 ETH, bringing its total holdings to 5,805,238 ETH, approximately 4.8% of Ethereum supply. This accumulation indicates that institutional confidence in ETH's long-term prospects persists.

However, BitMine's purchases cannot yet be considered a guarantee that Ethereum's price will become bullish soon. ETH still needs to overcome technical resistance and faces risks from macroeconomic conditions before the next upward trend can be truly confirmed.

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FAQ

Is the Ethereum price currently dropping?

Yes. Ethereum dropped about 2.6% towards $1,870 on August 11, 2026, after failing to maintain the $1,900 level.

How much ETH did BitMine buy?

BitMine purchased an additional 7,391 ETH, bringing its total holdings to 5,805,238 ETH or about 4.8% of the total Ethereum supply.

What is the important support level for Ethereum currently?

The $1,850 area is an important support for Ethereum. If this level is breached, the price could potentially test the $1,810 area.

What is the important resistance level for Ethereum?

Ethereum faces resistance around $1,900-$1,950, with $1,925 acting as dynamic resistance from the 4-hour Supertrend. A breakout above $1,950 could strengthen the chances of reaching $2,000.

Is BitMine's purchase a bullish signal for ETH?

BitMine's accumulation is a positive signal from a sentiment perspective, but it is not enough to guarantee ETH's price will rise as the market remains influenced by technical, macroeconomic factors, leverage, and ETF flows.