Ethereum price forecast as BitMine buys 126,971 ETH: has ETH bottomed?

• BitMine tripled its weekly ETH buy to 126,971 tokens, now holding 4.59% of supply.
• Only 11% of ETH supply is in threefold profit, the lowest reading since Feb 2017.
• A weekly close below $1,500 could push ETH toward the $1,000 support zone.

The Ethereum price dropped to a low of $1,522 last week before bouncing back within the $1,670–$1,712 range at the beginning of this week.

While the recovery is modest, the ETH price is still down 15.3% over the past seven days and 28.1% over the past 30 days. From its all-time high of $4,946 set in August 2025, the token has now shed roughly 66% of its value.

Yet while most retail traders were heading for the exit, BitMine Immersion made a huge purchase.

BitMine makes its biggest ETH buy of 2026

According to the circulated press release, BitMine (NYSE: BMNR) acquired 126,971 ETH last week, tripling its previous week’s purchase of 26,497 ETH.

That brings the company’s total holdings to 5,543,872 ETH, approxim...