Ethereum Nears $1,800 as Bitmine Adds 76,881 ETH, Risks First-Ever Third Red Quarter

Ethereum News

Ethereum staged a sharp recovery, climbing roughly 5% in a single day to reclaim the $1,700 mark, yet the rally has reopened a familiar debate over whether a genuine trend reversal is underway. The token remains pinned below its 200-week moving average, a long-running line that has historically separated accumulation phases from sustained bull runs. Traders are watching the $1,715 to $1,740 band closely, since a volume-backed break above it would open room toward roughly $1,840. Strong demand sits near $1,640, but until ETH decisively reclaims $1,800, analysts caution that the bounce may prove a short-term technical move rather than a structural shift on the blockchain.

Ethereum researchers also unveiled SPHINCS-, a quantum-resistant signature scheme designed to harden wallets against future quantum computers. Today both Bitcoin and Ethereum rely on ECDSA, the system that proves a transaction genuinely came from its owner; a sufficiently advanced quantum machine could break it and undermine wallet security outright. Published to the research community on June 12, SPHINCS- adapts the NIST-standardized SPHINCS+ hash-based design to run natively on Ethereum by leaning on KECCAK256, which the EVM already supports. That allows smart contracts to verify signatures at around 150,000 gas, trimmed to roughly 127,000 gas in an optimized build, without protocol changes. The approach echoes the caution familiar to anyone using blind signing in everyday wallets.

Treasury accumulation remains a central driver. Tom Lee's BitMine Immersion Technologies, the largest Ethereum-focused treasury firm, purchased 76,881 ETH over the past week, worth roughly $136 million at current prices, lifting its holdings to 5.62 million ETH. Company disclosures show the haul was smaller than the prior week's 126,971 ETH, its biggest of 2026, yet still signals persistent buying as the firm closes in on its goal of owning 5% of Ethereum's supply. Lee said the elevated pace reflects a view that the recent pullback does not capture strengthening fundamentals, suggesting that this support-buying flow is not fading despite earlier hints of a slowdown.

BitMine financed the latest accumulation through a $274 million preferred stock offering carrying a 9.5% annualized dividend, a structure pioneered by Michael Saylor's Strategy. According to the company's investor-relations disclosure, the 9.50% Series A Perpetual Preferred Stock began trading on the New York Stock Exchange under the ticker BMNP, paying weekly cash dividends. Lee said the firm's Ethereum staking revenue helps underwrite those payouts, tying yield generated on-chain directly to obligations owed to equity holders. Alongside its ETH stack, BitMine reported 204 bitcoin, $502 million in cash and securities, and stakes in Beast Industries and Eightco Holdings, bringing total crypto, cash and investment holdings to $10.4 billion.

The macro backdrop is less forgiving. On-chain and market data show Ethereum heading toward three consecutive red quarters for the first time in its history, having fallen 28.28% in Q4 2025 and 29.26% in Q1 2026 before sliding another 18.4% so far this quarter. The prolonged drawdown has dragged ETH toward multi-year lows and pushed sentiment into deep fear, with one analyst noting the asset is tracking its second-worst first half since 2022. As a leading altcoin, Ethereum's underperformance versus Bitcoin this cycle has amplified concerns that technical bounces alone cannot confirm a durable turn.

History offers a counterweight to the bearish read. Ethereum has posted a positive quarter immediately after every prior instance of back-to-back quarterly losses, rebounding 24% in 2022 following two red quarters, with milder recoveries in 2019 and 2020. With about two weeks left before this quarter closes, ETH still has time to break the pattern. A broader risk-on lift, driven partly by reports of a US-Iran peace agreement, added 2% to total crypto market capitalization over 24 hours, with Ethereum outperforming slightly. Even so, any recovery would likely need to extend into Q3, historically Ethereum's weakest stretch, averaging just 7.44%, leaving the path higher far from guaranteed.

COINOTAG's proprietary 42-indicator composite scoring engine rates the $1,829 resistance at 74/100, the strongest overhead level, driven by the confluence of HVN 1, the Ichimoku Kijun and Fibo 0.382, with the $1,985 barrier scoring 70/100 on Supertrend and Fibo 0.500. Beneath price, the $1,748 support carries a 70/100 reading from Ichimoku Senkou A, the Cloud Bottom and a MACD cross. Derivatives show a positive 0.0037% funding rate, $7.03 billion in open interest and a long/short ratio of 2.24, meaning 69.2% of accounts sit long, a crowded stance that risks a squeeze. With RSI at 41.84, a bullish MACD but an Extreme Fear reading of 20, reclaiming $1,829 validates the bounce; losing $1,748 invalidates it.