Ethereum rises 2.7% to $2,080 as AI stocks rebound, BitMine posts $6.3B loss

What happened

Ethereum traded at $2,080 on Wednesday, up 2.7%, after rebounding from a drop to roughly $2,000, according to FXStreet. The gain came as a rally in AI-related equities spread to crypto markets, which have moved closely with AI stocks over the past year.

The NASDAQ rose 1.7% and the S&P 500 added 1.1% in the session. CoreWeave (CRWV) jumped 20% after its third-quarter earnings beat analyst estimates, and Nvidia recovered after two consecutive losing days. The Philadelphia Semiconductor Index (SOX) gained 4%.

ETH now faces resistance at $2,100. The recovery followed Tuesday's inflation report, which renewed expectations of a rate hike: the odds of a 25-basis-point increase at the Federal Reserve's December meeting rose above 90% after the data, according to FXStreet.

BitMine's $6.3 billion loss

BitMine Immersion Technologies (BMNR), an Ethereum treasury company, reported a net loss of $6.3 billion for the fiscal year ended 31 August 2026, according to a Form 10-K filed with the SEC. The loss stemmed from $6.23 billion in unrealized fair-value losses on its digital asset holdings.

The company held 5,901,837 ETH worth $14.6 billion at fair value at the end of August. ETH fell from $4,390 to $2,466 during the fiscal year, erasing 44% of its value.

BitMine wrote in the filing that because its digital assets are measured at fair value and changes are recognized in earnings, ETH price moves are expected to keep causing significant volatility in reported results, shareholders' equity and financial position.

Technical picture

ETH recorded $31.1 million in liquidations over the past 24 hours, led by $22.8 million in short positions, according to Coinglass data cited by FXStreet.

On the daily chart, ETH keeps a short-term bearish bias while trading below its 20-, 50- and 100-day exponential moving averages, clustered between roughly $2,252 and $2,348. The 14-day Relative Strength Index is around 33 and the Stochastic oscillator around 18, in oversold territory.

To the upside, the first resistance is $2,101, followed by a horizontal ceiling near $2,204 and a barrier at $2,250 reinforced by the 20-day EMA at $2,251. Above that sit the 100-day EMA at $2,327 and the 50-day EMA at $2,348. To the downside, immediate support is near $1,971, with a more significant floor around $1,828.

FXStreet notes that the technical analysis in its report was drafted with the help of an AI tool.