As the price of Ethereum (ETH) retests a key support area, BitMine revealed that it added another 110 million ETH to its treasury last week, approaching a key point in the company’s investment strategy.
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BitMine’s Ethereum Bet Continues
On Tuesday, BitMine, a Bitcoin and Ethereum Network Company focused on accumulating crypto for long-term investments, announced that its holdings have reached 4.2 million ETH tokens after acquiring 35,268 ETH, worth about 110 million dollars, last week.
As a result, the company, which is the largest Ethereum Treasury company in the world and the second largest treasury in the world, has crypto and cash holdings that reach $ 14.5 billion at current prices.
According to the announcement, the company now owns 4,203,036 ETH at $ 3,211, 193 Bitcoin (BTC), a total of $ 22 million in Eightco Holdings as part of its “Moonshots” initiative, and unclaimed money worth $ 979 million.
After the latest purchase, BitMine now owns 3.48% of the total ETH supply, and is approaching its goal of controlling 5% of the leading altcoin’s 120.7 million supply. Remarkably, it has reached almost 70% when the “Alchemy of 5%” is targeted in just six months.
BitMine’s chairman, Thomas “Tom” Lee, said “The price of Ethereum to Bitcoin, or ETHBTC, has been steadily rising since mid-October. In our view, this indicates investors are taking note of the tokens and other use cases promoted by Wall Street that are being built on Ethereum.”
As of January 19, 2026, BitMine’s total ETH stands at 1,838,003, worth $5.9 billion at $3,211 per ETH, which is an increase of 581,920 ETH from the previous week.
ETH Value at Key Support Area
Despite BitMine’s constant bet on the cryptocurrency, Ethereum gave back almost all of its 2026 gains after falling below the $3,000 barrier. On Tuesday, ETH recorded a 6.8% intraday drop, dropping from the $3,200 area to a three-week low of $2,980.
The king of altcoins has been trading between the $2,600-$3,350 zone since the November pullback, reclaiming the top of this range at the beginning of the year. Now, ETH is retesting an important area of multiple support that could explain the cryptocurrency’s short-term performance.
A World of Charts analyst confirmed that there are two “easy” paths to Ethereum. If the price loses the area of $3,000, which serves as the middle of its range and the main support and resistance level, then a retest of the $2,600 drop is possible.
On the contrary, if the altcoin holds this area during the daily period and momentum builds, it can test the resistance at the upper boundary of the range again.
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During the pullback, one false market watcher also pointed out that ETH is currently retracing its 50-day Moving Average (MA), which was restored at the beginning of the year and is currently sitting at the level of $3,089.
According to the post, if the 50-day MA holds, a move to the 200-day MA, which is near the $3,650 area, may follow. “All eyes [are] at the end of the 50-day MA, which will indicate a successful back test,” he added.
As of this writing, ETH is trading at $2,999, down 7% on a weekly basis.
Featured image from Unsplash.com, Chart from TradingView.com
