Ethereum Price Forecast: BitMine slows ETH purchases even as ETH ETFs record largest outflow since January

Ethereum price today: $1,580BitMine acquired 27,084 ETH last week following its inclusion in the Russell 1000 index.ETH ETFs recorded a seventh straight week of outflows and their largest weekly negative flow since January.ETH briefly recovers to $1,600 but faces key descending trendline resistance.Ethereum (ETH) treasury firm BitMine Immersion slowed the pace of its accumulation of the top altcoin following increased weakness across the crypto market.The Las Vegas-based firm purchased 27,084 ETH last week, increasing its total holdings to 5.7 million ETH worth $9.22 billion at the time of writing. Last week’s purchase represents its fourth-lowest so far this year.BitMine also increased its staked assets by 160,480 ETH during the period. Its total staked ETH is now at 4.879 million ETH, earning annualized staking revenue of $211 million.The move comes as ETH continues to experience strong risk-off sentiment across the board. Last week, US spot Ethereum exchange-traded funds (ETFs) recorded a seventh consecutive week of net outflows and their largest negative flow since January worth $273.3 million, per SoSoValue data. The products are currently in their longest weekly outflow streak.”This past week was a challenging one for crypto investors as ETH fell by 8%, even as Ethereum witnessed notable positive developments such as the creation of Ethlabs, and even the Bank of England softened its stance around stablecoins,” said BitMine Chairman Thomas Lee in a Monday statement. “We are nearing quarter-end for June, and it is not surprising to see ‘window dressing’ leading to investors reducing their holdings in assets which have fallen in the past 3 months.”Meanwhile, BitMine was added to the Russell 1000 Large Cap index last week following the index’s annual reconstitution. The company claims the Investment Company Institute (ICI) estimates that 20% of a company’s shares are held in passive funds and ETFs.“Being added to the Russell 1000 is expected to add hundreds and possibly thousands of additional institutional investors as equity owners of BitMine,” added Lee.Last week, BitMine, together with ETH treasury SharpLink, also announced that it will fund the recently launched Ethereum research and development non-profit Ethlabs.BitMine shares closed trading with a 1.77% gain on Monday, but remained below its net asset value.Ethereum Price Forecast: ETH struggles at descending trendline resistanceOn the daily chart, ETH is extending its bearish bias, with price remaining well below the 20-, 50- and 100-day Exponential Moving Averages (EMAs), clustered between roughly $1,670 and $2,004.The top altcoin remains trapped beneath the descending resistance trendline, with the break level near $1,626, while momentum indicators stay soft: the Relative Strength Index (RSI) at 35 and the Stochastic at 26 both hint at lingering downside pressure, with only modest signs of stabilization.On the topside, initial resistance is seen at the trendline break area around $1,626, followed by the 20-day EMA at $1,670 and the horizontal barrier at $1,741. A sustained recovery above $1,806 and the 50-day EMA at $1,826 would be needed to ease the current bearish tone, with further hurdles at $1,909 and the 100-day EMA at $2,004.ETH/USDT daily chartOn the downside, immediate support is near $1,524, ahead of a deeper floor at $1,404, while a break below $1,155 would expose a more pronounced medium-term bearish extension.(The technical analysis of this story was written with the help of an AI tool.)



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