ETH’s bearish chart setup points to a 25% drop toward $1,600, risking over $10 billion in unrealized losses for BitMine.

ETH’s bearish chart setup points to a 25% drop toward $1,600, risking over $10 billion in unrealized losses for BitMine.

The company bought 111,942 ether last week worth $237 million as it saw ETH slide below $2,200 as attractive buying opportunity.

"We view the recent pullback of ETH to below $2,200 as an attractive opportunity," Bitmine Chairman Tom Lee said.