Ethereum price nears $1,600 support; potential rebound to $1,800‑$1,950

Ethereum (ETH) has dropped from about $2,300 to the $1,600 level after a roughly 30% pull‑back. On the three‑day chart the TD Sequential indicator generated a “9” buy signal, suggesting that the downtrend may be losing momentum. Analysts note that if the $1,600 support holds, a short‑term recovery could push the price into the $1,800‑$1,950 range; a breach could trigger a deeper decline.

Chain‑on‑chain data show central‑exchange ETH reserves briefly rose before resuming their decline, while many holders are moving ETH to private wallets, narrowing on‑exchange supply. Bitmine, a crypto‑focused firm, announced it now holds roughly 5.42 million ETH—about 5 % of total circulating supply—and plans to file a Series A perpetual preferred‑stock offering with the U.S. SEC, each share carrying a 9.5 % fixed dividend. If approved, the shares would list on the NYSE under the ticker BMNP. The proceeds are expected to fund further ETH purchases, strategic investments and expanded staking‑validator infrastructure.