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Ether (ETH) traded at $1,969 on June 2, down 6% in the last seven days and at its lowest daily close since April 2025, according to CoinGecko data.
The dotted red horizontal line on the daily chart sits at approximately $1,975: the exact price level from which ETH launched its May-August 2025 rally to $4,950. Fourteen months later, ETH has returned to that launch point.
The relative strength index (RSI) at 29.81 has crossed below the 30 oversold threshold for the first time in this cycle. The average directional index (ADX) at 38.04 is the highest reading of 2026, confirming the current decline carries the strongest directional conviction of any move since the February trough.
The same session saw Bitmine publish its weekly update, confirming that 26,497 ETH had been acquired over the past week at current prices.
As of May 31, 2026, Bitmine holds 5,416,901 ETH at $2,003 per ETH, representing 4.49% of the 120.7 million ETH in total supply. Total crypto plus cash plus moonshots stand at $11.6 billion, comprising the ETH position, 203 Bitcoin (BTC), a $180-million stake in Beast Industries, a $93-million stake in Eightco Holdings, and $446 million in cash. Bitmine is 90% of the way to its stated 5% “Alchemy” target in 11 months of accumulation.
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BitMine provided its latest holdings update for May 26, 2026
$12.3 billion in total crypto + "moonshots":
– 5,416,901 ETH at $2,003 per ETH per ETH (per @coinbase)
– 203 Bitcoin (BTC)
– $200 million stake in Beast…— Bitmine (NYSE-BMNR) $ETH (@BitMNR) June 1, 2026
“Over the past week, we acquired 26,497 ETH,” stated Thomas Lee, chairman of Bitmine, in the press release. “In our view, ETH prices are not reflecting the strengthening of Ethereum fundamentals, but then again, this is not surprising given we are in the early stages of crypto spring. Bitmine is expected to reach the ‘Alchemy of 5%’ sometime in 2026.”
The “crypto spring” framing is Lee’s direct counterpoint to the capitulation narrative that has been dominant since late May: David Hoffman exited his entire ETH position, the Ethereum Foundation has lost nine contributors in 2026, and BTC dominance sits above 58%. Against each of those signals, Bitmine acquired 26,497 ETH in a single week.
MAVAN has recently launched, providing carry income that makes the position self-sustaining. At a 2.75% seven-day staking yield, 5.42 million ETH generates approximately $298 million in annualized staking revenue, covering more than two-thirds of Bitmine’s total cash position in annualized income.
Charts and technical data from TradingView show that both the exponential moving average (EMA) and the simple moving average (SMA) on the indicator panel signal a sell.
EMA10 at $2,032.97, SMA10 at $2,033.13, EMA20 at $2,087.85, SMA20 at $2,091.25, EMA30 at $2,125.47, SMA30 at $2,168.33, EMA50 at $2,164.53, SMA50 at $2,230.20, EMA100 at $2,255.57, SMA100 at $2,159.31, EMA200 at $2,489.37, SMA200 at $2,485.83. Hull moving average (MA) at $1,989.41 also signals a sell, bringing the full MA panel to 12 consecutive sell signals. Ichimoku Base Line at $2,169.03 is neutral.
RSI at 29.81 has crossed below 30, the first oversold reading in this cycle. At the February 2026 trough, RSI reached approximately 28 before the recovery to $2,400 followed. The current reading of 29.81 is one point above the prior trough level. Stochastic %K at 19.28 is deeply oversold. Stochastic RSI Fast at 6.73 approaches a buy crossover. Moving average convergence/divergence (MACD) at -67.86 and Momentum at -131.87 both remain sell signals. Williams Percent Range at -86.51 is neutral.
ADX at 38.04 is the reading that changes the analytical picture from February. At the February trough, ADX was approximately 25-28. At 38.04, the current trend is structurally stronger than it was at the prior bottom. A stronger trend requires a more definitive exhaustion signal before reversing. RSI at 29.81 has provided the mechanical oversold trigger. Whether that is sufficient at ADX 38 is the open question.
The dotted red horizontal line at $1,975 on the TradingView daily chart is the most analytically significant feature of the current price setup. That level corresponds to the pre-rally consolidation zone from April-May 2025, the base from which ETH advanced 150% to the $4,950 ATH over the following three months.
The full cycle visible on the chart, from the May 2025 base through the August ATH, the October-November decline, the February 2026 trough at $1,750, and the April recovery to $2,400, has now completed a return to the May 2025 origin point.
The $1,975 level is where the prior cycle’s institutional accumulation began and where RSI has now crossed oversold simultaneously. Both conditions at the same price are the setup the chart presents.
The next 72 hours resolve a binary technical question: Does RSI hold at 29.81 and bounce toward 35-40, or does it continue below 28-29 toward the deeper oversold reading that marked the February bottom? ADX at 38 says the trend is strong enough to extend. An RSI of 29.81 indicates mechanical selling pressure is at its historical limit.
Bitmine’s $446 million in cash provides 17 months of operational runway at current weekly acquisition rates without touching the ETH position. MAVAN staking revenue adds $298 million annually. The position does not require a price recovery to survive. It requires ETH to reflect what Lee calls “strengthening of Ethereum fundamentals”: Glamsterdam’s 200-million gas limit, ePBS multi-client devnet live, tokenization growing, and agentic AI systems increasingly settling on Ethereum.
The CLARITY Act Senate floor vote window opens in June 2026. Bitmine’s Russell 1000 preliminary placement updates were issued on June 5, June 12, and June 18, before the June 26 effective date.
🔥 Ethereum’s next upgrade could be much bigger than most people realize.
The upgrade is called Glamsterdam, and after a week-long core developer workshop in Svalbard, Ethereum contributors aligned on a bold target:
A 200M gas limit floor after Glamsterdam.
That number… pic.twitter.com/ojnbNITqjY
— Ethereum Daily (@ETH_Daily) May 5, 2026
The Glamsterdam mainnet activation date, when confirmed, will be the protocol-level catalyst that has no price in the current $1,969 close. Ether at $1,975 on June 2, 2026, is priced for the absence of all three. The next 30 days will begin to determine which arrives first.
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