With the Ethereum (ETH) price once again testing a key support zone, BitMine revealed that it added another $110 million to its ETH holdings over the past week, approaching a major milestone in the company’s investment strategy.
BitMine’s bet on Ethereum continues
On Tuesday, BitMine, a Bitcoin and Ethereum network company focused on collecting cryptocurrencies for long-term investments, announced its holdings have reached 4.2 million ETH tokens after acquiring 35,268 ETH worth approximately $110 million last week.
As a result, the company, which is the world’s largest Ethereum treasury company and the world’s second-largest treasury, has cryptocurrency and cash holdings totaling $14.5 billion at current prices.
According to the announcement, the company currently holds 4,203,036 ETH worth $3,211,193 Bitcoin (BTC), a $22 million stake in Eightco Holdings under its “Moonshots” initiative, and unencumbered cash worth $979 million.
Following the latest purchase, BitMine now holds 3.48% of the total ETH supply and is closing in on its goal of controlling 5% of the leading altcoin’s supply of 120.7 million. It is worth noting that in just six months, almost 70% of the “Alchemy at 5%” goal was achieved.
BitMine CEO Thomas “Tom” Lee stated that “the price ratio of Ethereum to Bitcoin, or ETHBTC, has been rising steadily since mid-October. We believe this reflects investor awareness that tokenization and other use cases being developed by Wall Street are being built on top of Ethereum.”
As of January 19, 2026, the total value of ETH staked by BitMine is 1,838,003, an escalate of 581,920 ETH last week for $5.9 billion.
ETH price in a key support zone
Despite BitMine’s continued bet on the cryptocurrency, Ethereum has recouped almost all of its 2026 gains after falling below the $3,000 barrier. On Tuesday, ETH saw a 6.8% decline on the daily time frame, falling from the $3,200 area to a three-week low of $2,980.
The altcoin king has been trading in the $2,600-$3,350 range since November’s declines, regaining the upper end of that range earlier in the year. Currently, ETH is once again testing an essential area providing plenty of support that could determine the cryptocurrency’s short-term performance.
World of Charts Analyst confirmed that there are two “simple” possibilities for Ethereum. If the price loses the $3,000 area, which is the middle zone of the local range and a key macro support and resistance level, a retest of the $2,600 lows becomes likely.
On the contrary, if the altcoin holds this zone on the daily timeframe and momentum increases, it could test the resistance of the upper end of the range again.
Another market watcher also appeared amid the pullbacks under a pseudonym pointed It turns out that ETH is currently retesting its 50-day moving average (MA), which was recovered at the beginning of the year and currently stands at $3,089.
According to the post, if the 50-day MA holds, the next step could be a move to the 200-day MA located near $3,650. “All eyes [are] at a close above the 50-day MA, which will indicate a successful historical test,” he added.
At the time of writing, ETH is trading at $2,999, down 7% on a weekly basis.
Featured image from Unsplash.com, chart from TradingView.com
