{"id":31222,"date":"2026-06-09T06:59:45","date_gmt":"2026-06-09T06:59:45","guid":{"rendered":"https:\/\/bitunikey.com\/news\/ethereum-price-nears-1700-can-bitmine-buying-stop-a-1500-retest\/"},"modified":"2026-06-09T06:59:57","modified_gmt":"2026-06-09T06:59:57","slug":"ethereum-price-nears-1700-can-bitmine-buying-stop-a-1500-retest","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/ethereum-price-nears-1700-can-bitmine-buying-stop-a-1500-retest\/","title":{"rendered":"Ethereum price nears $1,700, can BitMine buying stop a $1,500 retest?"},"content":{"rendered":"<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Ethereum recovered toward $1,700 after falling close to $1,500 during last week\u2019s sell-off.\u00a0<\/p>\n<div id=\"cn-block-summary-block_ec8785c7cf1b8473a3ef96caec95fa76\" 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 trades near $1,691, but bearish MACD and Aroon readings keep sellers firmly in control.<\/li>\n<li>A weekly close below $1,500 could expose Ethereum to the next major support near $1,000.<\/li>\n<li>BitMine bought 126,971 ETH during weakness, lifting its total treasury holdings to 5.54 million tokens.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>The move eased immediate pressure, but price remains within a broader downtrend and has not confirmed a lasting reversal.<\/p>\n<p>Ethereum traded near $1,691 at the time of writing, up about 1.4% over 24 hours (per crypto.news data). The token moved between roughly $1,656 and $1,713. Its next direction may depend on whether buyers reclaim $1,900 to $2,000 or sellers force another test of $1,500.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\"><strong>Ethereum price rebound remains below major resistance<\/strong><\/h2>\n<p>The latest recovery started close to the recent low rather than after a clear break above resistance. This keeps the rebound corrective while Ethereum remains below the descending structure that has controlled price since April. The $1,700 to $1,715 area is the first short-term barrier.<\/p>\n<p>A daily close above that zone could allow buyers to target $1,875 before the broader $1,900 to $2,000 resistance range. Ethereum would need to hold above those levels to show that market structure has started improving.<\/p>\n<p>The $1,650 area offers immediate support. Below it, traders may focus on $1,580, $1,540, and the June low near $1,505. Volume stood near 100,260 ETH during the observed period, showing strong participation during the decline.<\/p>\n<h2 class=\"wp-block-heading\"><strong>MACD and Aroon keep the bearish structure intact<\/strong><\/h2>\n<p>Ethereum\u2019s MACD remains below its signal line. The MACD line stands near -141.09, while the signal line sits around -118.04. The histogram remains negative at about -23.05, showing that downside momentum has not fully faded.<\/p>\n<figure class=\"wp-block-image size-large\"><figcaption class=\"wp-element-caption\">Ethereum (ETH) price chart, source: crypto.news<\/figcaption><\/figure>\n<p>A bullish change would require the MACD line to turn higher and cross above the signal line. A shrinking negative histogram could provide an early sign that selling momentum is weakening. The current readings do not yet provide that confirmation.<\/p>\n<p>The Aroon Oscillator stands at -78.57. This shows that Ethereum has recorded recent lows more often than recent highs. It supports the view that sellers still control the wider structure despite the bounce from $1,500.<\/p>\n<p>The indicators do not set a precise bottom. Ethereum could still produce a relief rally from oversold conditions, but buyers need higher lows and a break above resistance to change the trend reading.<\/p>\n<h2 class=\"wp-block-heading\"><strong>The $1,500 level separates recovery from deeper losses<\/strong><\/h2>\n<p>Ash Crypto compared the current chart with Ethereum\u2019s June 2022 breakdown. Ethereum fell to $880 during that period before beginning a long recovery. The analyst noted that ETH has now dropped about 68% from its August 2025 peak near $4,953.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIf ETH holds $1,500, this could play out exactly like June 2022,\u201d Ash Crypto said.\u00a0<\/p>\n<\/blockquote>\n<p>The analyst also warned that a weekly close below $1,500 could leave the market without clear support until the $1,000 region.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/x.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a> has only done this once before in its entire history.<\/p>\n<p>Back in June 2022, ETH broke through every support level and crashed to $880. Everyone gave up on it. That turned out to be the exact bottom of the whole bear market.<\/p>\n<p>Now it&#8217;s June 2026, the same month, same breakdown,\u2026 <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/t.co\/v8IulXZuPl\">pic.twitter.com\/v8IulXZuPl<\/a><\/p>\n<p>\u2014 Ash Crypto (@AshCrypto) <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/x.com\/AshCrypto\/status\/2063971954466471992?ref_src=twsrc%5Etfw\">June 8, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>The comparison describes a possible path rather than a confirmed repeat. Market liquidity, interest rates, institutional flows, and Ethereum\u2019s supply structure differ from 2022. The weekly 200 moving average near $2,471 may also act as resistance during a wider recovery.<\/p>\n<p>Ali Martinez offered a more positive long-term reading. He <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/alicharts\/status\/2064134881576189955?s=20\" target=\"_blank\" rel=\"nofollow\">said<\/a> Ethereum trading below the 0.8 market-value-to-realized-value pricing band has historically marked an accumulation area. Just 2 days ago, he also <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/alicharts\/status\/2063575445363110018?s=20\" target=\"_blank\" rel=\"nofollow\">reported<\/a> a TD Sequential buy signal, which can point to seller exhaustion but does not guarantee a reversal.<\/p>\n<h2 class=\"wp-block-heading\"><strong>BitMine accumulation meets weak ETF demand<\/strong><\/h2>\n<p>BitMine Immersion Technologies bought 126,971 ETH during the latest weekly decline, its largest weekly purchase of 2026. The acquisition raised its holdings to 5,543,872 ETH, equal to about 4.59% of Ethereum\u2019s estimated supply.<\/p>\n<p>The company valued its ETH position near $9.04 billion using a reference price of $1,630. It also reported that 4,718,677 ETH remained staked. Chairman Tom Lee said annualized staking revenue had reached a projected $230 million.<\/p>\n<p>BitMine\u2019s purchase provides corporate demand, but exchange-traded fund flows remain weak. As previously reported by crypto.news, U.S. spot Ethereum ETFs recorded about $540 million in outflows during May and another $168 million during early June.<\/p>\n<p>However, <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/sosovalue.com\/assets\/etf\/us-eth-spot\" target=\"_blank\" rel=\"nofollow\">according<\/a> to SoSoValue data, the funds recorded $82.37 million in daily net inflows on June 8, lifting cumulative inflows to $11.28 billion and total net assets to $9.36 billion.<\/p>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"888\" height=\"552\" src=\"https:\/\/bitunikey.com\/news\/wp-content\/uploads\/2026\/06\/1780988385_775_Ethereum-price-nears-1700-can-BitMine-buying-stop-a-1500.webp.webp\" alt=\"Ethereum (ETH) spot ETF data, source: SoSoValue\" class=\"wp-image-14465839\"  ><figcaption class=\"wp-element-caption\">Ethereum (ETH) spot ETF data, source: SoSoValue<\/figcaption><\/figure>\n<p>On-chain profitability also remains strained. As previously reported, only about 11% of Ethereum\u2019s supply held a threefold profit, the lowest share since February 2017. That reading may signal capitulation, but it also shows holders have less profit protection if prices fall again.<\/p>\n<p>Ethereum now needs to hold $1,650 and clear $1,715 to extend the rebound. A stronger recovery would require a move through $1,900 and $2,000. Failure to defend $1,500 on a weekly close would bring the $1,000 to $1,100 region back into view.<\/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>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum recovered toward $1,700 after falling close to $1,500 during last week\u2019s sell-off.\u00a0 Summary Ethereum trades near $1,691, but bearish MACD and Aroon readings keep sellers firmly in control. A&hellip;<\/p>\n","protected":false},"author":1,"featured_media":29663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-31222","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\/31222","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=31222"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/31222\/revisions"}],"predecessor-version":[{"id":31223,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/31222\/revisions\/31223"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/29663"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=31222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=31222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=31222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}