Ethereum price outlook as Bitmine buys another $103 million worth of ETH

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. 

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. 

Despite recovering some of the losses from the past sessions, the altcoin has failed to sustain the uptrend so far.

Ethereum price rebounded yesterday after Bitmine, the world’s largest Ethereum treasury company, revealed buying another 50,928 ETH worth approximately $103 million at that time.

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.

The recovery was also partly due to Bitcoin’s 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.

In the meantime, short traders were caught off guard as ETH price recovered. Data 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.

However, the momentum for Ethereum seems to be cooling off, especially after Bitcoin’s failed attempt to break the $70,000 resistance for the third time this month. Meanwhile, capital is also rotating back into gold as a “safe haven” as Middle East tensions keep investors on edge.

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.

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.

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.

The Supertrend indicator has also flashed red as Ethereum’s price slipped below its threshold. When this metric shows a red signal, it means that selling pressure has largely outweighed buyers.

At the same time, the Chaikin Money Flow index is showing a negative reading of -0.15, indicating ongoing capital outflows from the asset.

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.

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.