Ethereum dropped after failing to hold above US$1,950. The move sent ETH below US$1,935 and US$1,920 into a bearish zone. Buyers then appeared near US$1,900 and helped the price rebound from US$1,905. The recovery pushed ETH above US$1,945. Price also tested the 38.2% Fibonacci retracement from the swing high of US$2,038 to the US$1,905 low. Still, Ethereum continues to trade below US$1,970 and the 100-hour Simple Moving Average.
At the same time, BitMine Immersion Technologies added more Ethereum to its balance sheet. On 20 February 2026, the firm bought 10,000 ETH, worth about US$19.49m, from Kraken. The purchase came while Ethereum traded below US$2,000 during what many traders describe as a soft market phase.
The decline started when ETH failed to stay above US$1,950. The price continued going down, moving below US$1,935 and $1,920. The shift placed Ethereum in a bearish zone until buyers stepped in with a price near US$1,900. Another low formed at US$1,905, after which the price picked up a wave of recovery.
The rebound carried ETH above US$1,945. Price then tested the 38.2% Fibonacci retracement of the drop from US$2,038 to US$1,905. For now, ETH continues to remain below US$1,970 and the 100-hourly Simple Moving Average.
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If buyers stay active above US$1,920, Ethereum could push higher. Immediate resistance sits near US$1,970, lining up with the 50% Fibonacci retracement of the same downswing.
A recent News BTC report points to US$1,985 as the first key resistance. The report also notes a bearish trend line with resistance at US$1,985 on the hourly ETH/USD chart. The next major resistance stands near US$2,000.
A clear move above US$2,000 could propel ETH toward US$2,050. If price breaks above US$2,050, Ether could rise toward US$2,120, even US$2,150 in the near term. With these levels tightening, will ETH clear US$1,985 before sellers return?
On the downside, initial support sits near US$1,935. The first major support remains near US$1,905. A move below US$1,905 could push ETH toward US$1,880, going down to US$1,840 and then US$1,820 as the main support.
BitMine Immersion Technologies, chaired by Wall Street strategist Tom Lee, bought 10,000 ETH on 20 February 2026 at nearly US$19.49m. The transaction took place on Kraken.
The buy raised BitMine’s total Ethereum holdings to roughly 4.37–4.38 million ETH. At current market prices, that amount can be valued at about US$8.5–US$8.7bn. Earlier this week, BitMine reportedly acquired more than 45,000 ETH through multiple transactions.
The accumulation pattern suggests the firm is aiming to build steadily rather than focusing on short-term price swings. The scale is notable because BitMine now controls more than 3% of Ethereum’s circulating supply. Many analysts describe it as one of the largest corporate Ethereum treasuries in the market.
Lee has linked his view to several long-term themes he expects to support the use of Ethereum. He points to efforts of tokenization by Wall Street, with tokenized assets building on Ethereum. He also cites AI systems and autonomous agents using Ethereum for payments and verification as proof of creator economy growth and proof-of-human identity tools on Layer-2 networks.
He has compared current sentiment to past market bottoms of 2018 and 2022. He has described the current dip as a “mini-winter” rather than a structural breakdown.
The Ethereum price stayed below US$2,000 after dropping to US$1,905 and then rebounding toward US$1,970. Resistance sits near US$1,985 and US$2,000, while support holds at US$1,935 and US$1,905. Meanwhile, BitMine bought 10,000 ETH from Kraken, lifting its holdings to about 4.38 million ETH.