Ethereum nears $2,000 after BitMine reports $6.3 billion annual loss

Essential takeaways

• On Thursday, Ethereum (ETH) fell 1.7%, drawing close to the psychologically important $2,000 mark.
• BitMine Immersion Technologies, a firm that holds Ethereum in its treasury, posted a $6.3 billion net loss for the year, mainly from $6.23 billion in unrealized losses on its crypto assets.
• For ETH, the first resistance levels are $2,101 and $2,204; if the rebound fails, the digital asset could drop further to $1,971 and $1,828.

ETH has declined 1.7% over the past day, moving closer to the $2,000 psychological floor.

The drop came after a robust day for US tech stocks, where advances in semiconductor and AI infrastructure firms reignited risk appetite among investors.

BitMine posts $6.3 billion yearly loss on falling Ethereum value

The Ethereum-focused treasury firm BitMine Immersion Technologies (BMNR) revealed significant losses for the fiscal year through August 31, 2026.

In its Form 10-K with the SEC, BitMine said it booked a net loss of roughly $6.3 billion.

Almost all of that loss — $6.23 billion — came from unrealized fair-value declines on its digital asset portfolio.

At the end of August, BitMine held 5,901,837 ETH, which it valued at about $14.6 billion.

Over the fiscal year, Ethereum's price dropped from $4,390 to $2,466, a fall of roughly 44%.

The steep drop had a major impact on the carrying value of BitMine's crypto holdings.

Since the company uses fair-value accounting for digital assets, any change in ETH prices shows up in its earnings.

Ethereum price outlook: ETH meets heavy resistance near $2,100

From a technical perspective, Ethereum remains bearish with sellers still in charge. On the daily chart, ETH stays under its 20-, 50- and 100-day exponential moving averages (EMAs), a sign that sellers have the upper hand in the broader trend.

The 20-day EMA is currently around $2,251, and the 100-day EMA sits near $2,327.

The 50-day EMA is at roughly $2,348, forming another notable resistance level above where ETH trades.

With the EMAs clustered between $2,251 and $2,348, any rally is likely to meet strong selling.

Momentum readings also point to a weak technical stance. The 14-day relative strength index (RSI) is near 29, in oversold territory.

The stochastic oscillator, at about 18, also signals oversold conditions, hinting that short-term selling might be overdone.

The first resistance is at $2,101, near the $2,100 psychological mark. A convincing break above could spur buyers to aim for the next horizontal resistance at $2,204.

Above $2,204, ETH encounters another barrier close to $2,250, backed by the 20-day EMA at $2,251.

Breaking through that resistance cluster would strengthen the short-term technical picture and could allow a recovery toward $2,327 and $2,348.

Additional resistance is at $2,355, then $2,548, $2,636, and $2,781.

If buyers cannot recapture $2,100, ETH stays exposed to fresh selling.

The first key support is around $1,971. That level might draw buyers if ETH pulls back again toward the $2,000 psychological area.

But a clear break below $1,971 would hurt the technical view further and open the door to a larger decline.

The next notable support is near $1,828, where buyers might try to build a stronger defense.

A fall to that level would be a major blow to Ethereum's recovery hopes.