Ah, Ethereum, that fickle darling of the digital realm, has once again decided to play the coquette, teasing us with a fleeting flirtation above $2,100, only to retreat into the arms of consolidation. How utterly predictable, and yet, how divinely dramatic! The rejection, my dear reader, was as inevitable as a society matron refusing a second-rate suitor-a reinforcement of resistance, if you will, that has left the short-term momentum as limp as a forgotten bouquet.
ETH, poor thing, has slunk back into its structured range, a cage of its own making. The broader crypto market, ever the fragile prima donna, remains in a state of hesitation, its confidence as fleeting as a summer breeze. How quaintly tragic!
BitMine’s Quixotic Quest for 5%
On the 23rd of February, BitMine, that intrepid knight of the digital realm, announced its acquisition of 51,162 ETH-a sum exceeding $93 million. A grand gesture, no doubt, and yet, the market yawned with all the enthusiasm of a cat at a mouse convention. The price, ever the indifferent observer, remained unmoved, as if to say, “How charming, but do go on.”
4/
Here are our weekly buys by week
Weekly ETH buys (by week ending):
-2/23/26: 51,162 ETH tokens
-2/17/26: 45,759 ETH
-2/9/26: 40,613 ETH
-2/1/26: 41,788 ETH
-1/26/26: 40,302 ETH
-1/20/26: 35,628 ETH
-1/12/26: 24,266 ETH
-1/5/26: 32,977 ETH
-12/29/25:…– Bitmine (NYSE-BMNR) $ETH (@BitMNR) February 23, 2026
Instead of the anticipated accumulation, long-term holders, those stalwart guardians of the crypto realm, resumed their distribution. On-chain data, that ever-watchful narrator, suggests some investors seized the headline as an opportunity to lighten their load. How delightfully human! The Ethereum price, it seems, is more attuned to the whispers of the market than the proclamations of corporate suitors.
Craving more of this delectable drama? Subscribe to Editor Harsh Notariya’s Daily Crypto Newsletter, where every day is a Wildean waltz through the absurd.
Ethereum Holders: A Study in Hesitation
Ah, the HODL waves of Ethereum-a veritable ballet of investor behavior. Short-term holders, those fickle creatures, have matured into mid-term holders, with the 3- to 6-month supply rising by 5% over the past week. How quaint! They wait, like wallflowers at a ball, reluctant to exit yet unwilling to fully engage. Underwater holders, those tragic figures, cling to their positions, their decision to hold a testament to their stoicism, or perhaps, their sheer inability to face reality.
This caution, while admirable, may be the very thing stifling fresh buying activity. Investors, those cautious souls, demand confirmation of recovery before committing their precious capital. How utterly sensible, and yet, how dreadfully dull!
ETH’s Descent into the Absurd
Ethereum, that once-proud stallion, now trades at $1,824, having lost the $1,928 support level with all the grace of a fallen aristocrat. The Parabolic SAR indicator, that harbinger of doom, now sits above the candlesticks, signaling a confirmed short-term downtrend. Sellers, those nefarious agents of chaos, currently hold the reins of momentum.
The next major support for ETH lies at $1,750. A break below that level, and the cryptocurrency may find itself in freefall toward $1,595. Weak macro conditions and persistent outflows threaten to amplify volatility, should support fail to hold. How deliciously dramatic!
The CBD heatmap, that cartographer of despair, identifies a significant demand zone between $1,880 and $1,900. Ethereum, ever the rebel, slipped below this range during its recent decline. Should buyers from this zone opt to sell to limit their losses, downside pressure could accelerate across spot and derivatives markets. How utterly Wildean!
Yet, hope springs eternal, even in the crypto wilderness. Resilience among holders could yet shift the momentum. A rebound toward $1,928 would signal an improving structure, and reclaiming that level as support might open ETH’s path toward $2,108. A sustained breakout above that resistance would invalidate the current bearish thesis and restore bullish momentum. How marvelously unpredictable!
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2026-02-24 19:21