Ethereum fell to $2,156 on Monday, as short-term momentum remained bearish. Despite this, higher timeframe analysis suggested a potential buying opportunity was forming. Institutional investor Bitmine continues to accumulate ETH, recently adding 40,000 tokens worth nearly $90 million, even while sitting on a $6.38 billion unrealized loss. Analysts note the asset is nearing a key retracement level, which could precede a price bounce.
Ethereum’s price reached a low of $2,156 on Monday, February 2nd. Market sentiment across the crypto industry was strongly bearish at the time.
Higher timeframe price charts, however, indicated a potential buying opportunity might be present. This is because Ethereum remains within a weekly bullish swing structure established during a mid-2025 rally.
The asset nearly retested the 78.6% Fibonacci retracement level at $2,147. This technical detail suggests the higher timeframe bullish bias is still intact.
Institutions like Bitmine [BMNR] have been relentless buyers of Ethereum. The company holds a substantial but unrealized loss on its investments, according to portfolio data.
Last week alone, Bitmine added another 40,000 ETH to its treasury. The firm’s representative, Tom Lee, asserted they were prepared to “buy the dip” in a difficult 2026.
For swing traders, the lower timeframe bias remained firmly bearish as of press time. A price bounce toward $2,700 was cited as a potential next selling opportunity.
This expectation stemmed from a bullish divergence in the four-hour Relative Strength Index within oversold territory. The divergence was followed by a 6.58% bounce to $2,395 within 12 hours.
Analysts noted that a bounce above $2,400 would be a first trigger for short sellers. A subsequent liquidity sweep of $2,450 could then be followed by a price plunge.
A move toward the $2,700-$2,800 zone could not be ruled out, however. This area represents both a liquidity cluster and a key Fibonacci retracement level.
Traders were advised to wait for a few days for Ethereum to show its hand before considering short positions. A rally beyond the local high of $3,041 would flip the four-hour bias to bullish.
