Ethereum (ETH) slipped 1.7% over the past 24 hours on Thursday, drawing the cryptocurrency closer to the widely watched psychological $2,000 level. The decline followed a strong session for United States technology equities, where gains among semiconductor companies and AI infrastructure providers helped restore investor appetite for risk-sensitive assets.

BitMine Reports $6.3 Billion Annual Loss as Ethereum Holdings Shed Value

BitMine Immersion Technologies (BMNR), a company that holds Ethereum as a treasury reserve asset, reported substantial losses for its fiscal year ended August 31, 2026. According to the company's Form 10-K filing with the US Securities and Exchange Commission (SEC), BitMine recorded a net loss of approximately $6.3 billion for the period. The loss was driven primarily by $6.23 billion in unrealized fair value losses associated with the company's digital asset holdings. Unrealized losses reflect a decline in the recorded value of assets the company continues to hold, rather than losses realized through sales. The filing's figures date to the fiscal year-end, when Ethereum traded at $2,466; the asset has since moved closer to the $2,000 level.

BitMine held 5,901,837 ETH at the end of August, an amount reported at a fair value of approximately $14.6 billion. Ethereum's price fell from $4,390 to $2,466 over the course of the fiscal year, representing a decline of approximately 44%. The sharp drop weighed heavily on the reported value of BitMine's cryptocurrency portfolio. Because the company measures its digital assets at fair value, movements in Ethereum's market price flow directly into its financial results. That linkage illustrates how a treasury strategy built around a single digital asset ties a company's reported results to the asset's full market cycle.

Technical Outlook: Ethereum Faces Strong Resistance Near $2,100

Ethereum's technical outlook remains bearish, with sellers continuing to dominate. On the daily chart, ETH continues to trade below its 20-day, 50-day, and 100-day Exponential Moving Averages (EMAs), indicating that sellers retain control of the broader trend. These widely followed indicators weight recent price data more heavily, and their position above the spot price underscores the prevailing downward momentum. The 20-day EMA stands near $2,251, while the 100-day EMA is positioned around $2,327. The 50-day EMA sits at approximately $2,348, creating another significant resistance barrier above the current market price. The concentration of moving averages between $2,251 and $2,348 suggests that recovery attempts could encounter substantial selling pressure.

Momentum indicators also reflect the cryptocurrency's weak technical position. The 14-day Relative Strength Index (RSI) hovers near 29, within the oversold region. Readings below 30 on this momentum gauge are traditionally viewed as oversold. Meanwhile, the Stochastic Oscillator stands around 18, indicating oversold conditions and suggesting that short-term selling pressure may be becoming stretched. Oversold readings, however, can persist for extended periods while a downtrend remains in place, which is why momentum signals are typically read alongside the trend indicators described above.

The first immediate resistance stands at $2,101, close to the psychological $2,100 level. A sustained move above this barrier could encourage buyers to target the next horizontal resistance around $2,204. Beyond that level, ETH faces another hurdle near $2,250, reinforced by the 20-day EMA at $2,251. A successful breakout above this resistance cluster would improve the near-term technical structure and could open the door for a recovery toward $2,327 and $2,348. Further resistance stands at $2,355, followed by higher targets around $2,548, $2,636, and $2,781.

On the downside, Ethereum remains vulnerable to renewed selling pressure if buyers fail to reclaim the $2,100 resistance level. The first important support stands near $1,971, a level that could attract buying interest if the cryptocurrency experiences another pullback toward the psychological $2,000 region. A decisive breakdown below $1,971, however, would weaken the technical outlook further and expose ETH to a deeper correction. The next significant support lies around $1,828, where buyers may attempt to establish a stronger defensive position. A decline toward that level would represent a substantial setback for Ethereum's recovery prospects.

This article is based on reporting by CoinJournal.