Ethereum and Bitcoin Hover Near Critical Support Levels

Ethereum is trading close to the $2,120‑$2,200 support zone after a series of ETF outflows, with analysts noting that a sustained hold above this level could allow a rebound toward $2,280‑$2,390. Institutional withdrawals from U.S. spot Ethereum ETFs totaled about $65.7 million on May 15, led by BlackRock’s ETHA fund.

Despite the broader market weakness, large holder Bitmine recently purchased 89,026 ETH for $197.6 million, raising its total holdings to 2.59 million ETH (about $11.7 billion). However, Bitmine’s activity has not halted the overall bearish momentum, as the RSI sits in the 40s and ETH remains below key moving averages.

Bitcoin fell below $78,000, hitting a session low of $77,614 amid rumours of U.S. and Israeli strikes against Iran. The drop erased roughly $40 billion in market cap. Analysts cite $74,917 as the main support level—if broken, Bitcoin could slide toward $71‑$72 k—while $82,100 (the 200‑day SMA) continues to act as firm resistance, reinforced by short‑term holders exiting at breakeven during each rally attempt.