{"id":23048,"date":"2026-03-03T07:37:17","date_gmt":"2026-03-03T07:37:17","guid":{"rendered":"https:\/\/bitunikey.com\/news\/ethereum-price-outlook-as-bitmine-buys-another-103-million-worth-of-eth\/"},"modified":"2026-03-03T07:37:22","modified_gmt":"2026-03-03T07:37:22","slug":"ethereum-price-outlook-as-bitmine-buys-another-103-million-worth-of-eth","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/ethereum-price-outlook-as-bitmine-buys-another-103-million-worth-of-eth\/","title":{"rendered":"Ethereum price outlook as Bitmine buys another $103 million worth of ETH"},"content":{"rendered":"<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Ethereum price rebounded sharply back above the $2,000 psychological support on Monday as market risk-on sentiment improved and as Bitmine made another large purchase of over 50,000 ETH.\u00a0<\/p>\n<div id=\"cn-block-summary-block_db9d80a4a7ff43d833796b0776d25088\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Ethereum price has reclaimed the $2,000 supported by institutional dip buying and a brief Bitcoin recovery.<\/li>\n<li>A confirmed bearish head and shoulders continues to weigh on investor outlook.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>According to data from crypto.news, Ethereum (ETH) shot up 7.5% to an intraday high of $2,072 on Monday before stabilizing over the $2,000 psychological support zone. At the current price of $2,008, the leading altcoin lies nearly 8% above its drop that followed after U.S. President Donald Trump announced a major combat operation against Iran alongside Israel.\u00a0<\/p>\n<p>Despite recovering some of the losses from the past sessions, the altcoin has failed to sustain the uptrend so far.<\/p>\n<p>Ethereum price rebounded yesterday after Bitmine, the world\u2019s largest Ethereum treasury company, <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/BitMNR\/status\/2028469817057890618\" target=\"_blank\" rel=\"nofollow\">revealed<\/a> buying another 50,928 ETH worth approximately $103 million at that time.<\/p>\n<p>The latest purchase has raised its total ETH holdings to 4,473,587 ETH, worth nearly $9 billion today. Institutional buying tends to support retail sentiment.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>The recovery was also partly due to Bitcoin\u2019s rally following the U.S. market open on March 2, which saw the flagship crypto rally from intraday lows near $65,000 to over $69,800 in a matter of hours. Risk sentiment briefly returned after U.S. manufacturing data exceeded expectations.<\/p>\n<p>In the meantime, short traders were caught off guard as ETH price recovered. <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/liquidations\" target=\"_blank\" rel=\"nofollow\">Data<\/a> from CoinGlass shows that in the past 24 hours, over $85 million was liquidated from its leveraged markets, with short sellers accounting for $57 million of the figure.<\/p>\n<p>However, the momentum for Ethereum seems to be cooling off, especially after Bitcoin\u2019s failed attempt to break the $70,000 resistance for the third time this month. Meanwhile, capital is also rotating back into gold as a \u201csafe haven\u201d as Middle East tensions keep investors on edge.<\/p>\n<p>The seasonal outlook for Ethereum has also been grim so far, as the altcoin has now posted six consecutive red months starting from September 2025, its longest losing streak ever.<\/p>\n<p>While March has historically seen a median return of nearly 6% for ETH, the current uncertainty in market direction adds little clarity over whether the asset can finally break its downward cycle.<\/p>\n<h1 class=\"wp-block-heading\">Ethereum price analysis<\/h1>\n<p>On the weekly chart, Ethereum price has confirmed a giant head and shoulders pattern, which is a bearish reversal signal. Traders perceive this as a sign that the previous uptrend has exhausted itself and a significant price decline may be on the horizon.<\/p>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">Ethereum price has confirmed a head and shoulders pattern on the weekly chart \u2014 March 3 | Source: crypto.news<\/figcaption><\/figure>\n<p>The Supertrend indicator has also flashed red as Ethereum\u2019s price slipped below its threshold. When this metric shows a red signal, it means that selling pressure has largely outweighed buyers.<\/p>\n<p>At the same time, the Chaikin Money Flow index is showing a negative reading of -0.15, indicating ongoing capital outflows from the asset.<\/p>\n<p>For now, traders would be looking to defend the $1,800 support zone, which has been acting as a psychological floor over the past month. A drop below this key structural pivot point could trigger more downside, especially considering the stressed macro environment.<\/p>\n<p>Conversely, breaking past the $2,200 mark could invalidate the bearish forecast. This level is a key technical barrier because it sits at the 23.6% Fibonacci retracement, making it a vital spot for any trend reversal to take hold.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<div class=\"cn-block-disclaimer\">\n<div class=\"cn-block-disclaimer__icon\">\n            <svg class=\"icon icon-info\" aria-hidden=\"true\"><use xlink:href=\"#icon-info\"><\/use> <\/svg>        <\/div>\n<p class=\"cn-block-disclaimer__content\">\n            Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.        <\/p>\n<\/p><\/div>\n<p><!-- .cn-block-disclaimer --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price rebounded sharply back above the $2,000 psychological support on Monday as market risk-on sentiment improved and as Bitmine made another large purchase of over 50,000 ETH.\u00a0 Summary Ethereum&hellip;<\/p>\n","protected":false},"author":1,"featured_media":16299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-23048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/23048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=23048"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/23048\/revisions"}],"predecessor-version":[{"id":23049,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/23048\/revisions\/23049"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/16299"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=23048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=23048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=23048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}