Key TakeawaysETH currently changing hands around $1,691, reflecting a 1.4% gain over the past day, though the broader bearish trend persistsBitMine Immersion Technologies acquired 126,971 ETH during last week’s price decline, pushing total reserves to 5.54 million tokens valued at approximately $9 billionTechnical signals including MACD and Aroon oscillator continue showing bearish momentum with selling pressure dominantMarket analyst Ali Charts identifies ETH trading beneath the 0.8 MVRV threshold as a historically favorable accumulation opportunityBreaking below $1,500 on a weekly timeframe could trigger further decline toward the $1,000 psychological levelEthereum has staged a modest recovery, climbing back to the $1,691 level after testing depths near $1,505 during last week’s selloff. The second-largest cryptocurrency by market capitalization has posted gains of approximately 1.4% in the last 24-hour period, with price action confined to a trading corridor between $1,656 and $1,713.Ethereum (ETH) PriceDespite the short-term rebound, the rally hasn’t managed to invalidate the prevailing downtrend that’s been established since April. Ethereum continues trading beneath critical resistance thresholds that would need to be reclaimed for any meaningful trend reversal.The immediate overhead resistance zone spans from $1,700 to $1,715. Successfully closing above this range on a daily basis could pave the way for a move toward $1,875, followed by the more substantial $1,900 to $2,000 resistance cluster. Sustained trading above these levels would be necessary before confirming any shift in market structure.Market analyst Ash Crypto highlighted parallels between current price action and Ethereum’s June 2022 capitulation event, when ETH plummeted to $880 before staging a recovery. He observed that the current decline represents approximately 68% from Ethereum’s August 2025 peak near $4,953.“Should ETH defend the $1,500 level, we could see a pattern similar to June 2022 unfold,” Ash Crypto noted. He cautioned that a weekly candle closing beneath $1,500 might expose the next significant support zone around $1,000.$ETH has only done this once before in its entire history.Back in June 2022, ETH broke through every support level and crashed to $880. Everyone gave up on it. That turned out to be the exact bottom of the whole bear market.Now it's June 2026, the same month, same breakdown,… pic.twitter.com/v8IulXZuPl— Ash Crypto (@AshCrypto) June 8, 2026Analyst Points to Historic Accumulation OpportunityCryptocurrency analyst Ali Charts shared insights on X, suggesting that Ethereum trading below the 0.8 MVRV pricing band represents a “high-probability long-term accumulation zone,” encouraging followers to “Buy the dip.” He additionally identified a TD Sequential buy signal emerging two days prior, which typically suggests potential seller exhaustion, though such signals alone don’t guarantee trend reversals.Ethereum $ETH below the 0.8 MVRV Pricing Band is a high-probability long-term accumulation zone.Buy the dip! https://t.co/LNkygeXO5n pic.twitter.com/2GYDUzFnQi— Ali Charts (@alicharts) June 8, 2026Blockchain data reinforces the current market stress. Approximately 11% of Ethereum’s circulating supply currently maintains a threefold profit margin, marking the lowest percentage recorded since February 2017.BitMine’s Aggressive Accumulation ContinuesBitMine Immersion Technologies executed its most substantial weekly Ethereum acquisition of 2026, scooping up 126,971 tokens during the recent price pullback. This strategic purchase elevates the company’s total Ethereum reserves to 5,543,872 ETH, representing approximately 4.59% of Ethereum’s total estimated circulation.The firm’s ETH position carries a current valuation of about $9.04 billion. Chairman Tom Lee disclosed that projected annualized staking returns have climbed to $230 million, with 4.7 million ETH currently deployed in staking protocols.Exchange-traded fund activity presents a contrasting narrative. United States spot Ethereum ETFs experienced $540 million in net outflows throughout May, followed by an additional $168 million exodus in early June. However, June 8 marked a reversal with $82.37 million in daily net inflows, bringing cumulative inflow totals to $11.28 billion with aggregate net assets standing at $9.36 billion.The MACD indicator currently registers at -141.09, positioned below its signal line of -118.04. The Aroon Oscillator shows a reading of -78.57, reinforcing that selling pressure maintains dominance. Immediate support is established at $1,650, with additional support structures located at $1,580 and $1,505.The post Ethereum (ETH) Price Climbs 14% After BitMine’s Strategic Purchase — Where To Next? appeared first on Blockonomi.