Ether (ETH) has dropped 6% in the past 24 hours, trading at $3,502 amid a broader cryptocurrency market sell-off. This decline comes despite BitMine Immersion (BMNR) significantly increasing its Ethereum holdings by 82,353 ETH, bringing its total to 3.39 million ETH, which accounts for 2.8% of the circulating supply. BitMine's chairman, Thomas Lee, highlighted that while Ethereum's fundamentals are improving, technical indicators suggest continued bearish momentum. The Relative Strength Index (RSI) is below 50, and the Moving Average Convergence Divergence (MACD) has turned negative, indicating potential further selling pressure. Analysts suggest ETH could test support at $3,350 if the downtrend persists, or potentially rise above $3,700 if bullish sentiment returns.