Key Takeaways:
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Ether treasury corporations are sitting on thousands and thousands of dollars in unrealized losses, raising concerns about their sustainability.
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Ether treasury corporations trading below net asset value signal waning confidence, potentially putting further pressure on ETH price.
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An ETH price fractal points to $2,500 because the 200-week moving average becomes the last line of defense.
Ether (ETH) has fallen 30% prior to now 30 days, falling below $3,000 to a four-month low of $2,806 on Thursday. Technical indicators and institutional demand are trending bearish, increasing the probabilities of one other correction below $2,500.
Ether price reflects a fractal of the 2022 era
ETH price is poised for a four-week losing streak as a 2022 bearish fractal points to a deeper correction for the altcoin. A market fractal is a repeating pattern that permits traders to identify trend reversals on the charts. Ether is currently charting a bearish fractal setup, first observed in 2022.
The chart below shows that the pattern consists of a pointy decline from its 2021 all-time high of $4,800, with the value bottoming out across the 200-week SMA.
The same scenario is playing out in 2025, with the value down 41% from its current all-time high of $4,955 in August. This suggests a deeper correction is imminent, with the 200-week SMA at $2,450 providing the last line of defense for bulls.
ETH/USD weekly chart. Source: Cointelegraph/TradingView
Meanwhile, Ether's supertrend indicator has sent a “sell” signal on its weekly chart, an event that last resulted in a 66% price decline in March 2025.
An analogous confirmation in January 2022 was followed by an 82% price decline that bottomed slightly below the 200-week SMA, as shown within the chart below.
If history repeats itself, ETH could see a deeper correction to as high as $2,500, driven by lower institutional demand and declining on-chain activity.
Ethereum treasury corporations are underwater
Ether's sharp decline has pushed the common Ether financial firm into the red, leading to thousands and thousands of dollars in paper losses.
Data from Capriole Investments shows that these corporations have generated negative returns of 25% to 48% on their ETH holdings. The top 10 DAT corporations are within the red on the weekly and day by day time frames, as shown within the chart below.
BitMine Immersion Technologies holds 3.56 million ETH (2.94% of circulating supply) and has seen returns of -28% and -45% on its investments during the last seven days and 30 days, respectively.
BitMine is currently down $1,000 per ETH purchased, implying a cumulative unrealized lack of $3.7 billion on its total holdings.
🚨 BREAKING: BitMine is sitting on an unrealized lack of $3.7 billion from its massive ETH position.
Despite the risks, will more DATs emerge in the approaching months? pic.twitter.com/11V5YZT2qO
– Cointelegraph (@Cointelegraph) November 20, 2025
SharpLink, The Ether Machine and Galaxy Digital are also facing losses within the thousands and thousands, 50% to 80% below their yearly highs.
Capriole Investments' data also shows that the market value relative to net asset value (mNAV) – a metric used to evaluate the valuation of digital asset treasuries – of most of those corporations has fallen below 1, indicating an impaired ability to lift capital.
Data from StrategicETHreserve.xyz shows that the overall holdings of Strategic Reserves and ETFs have decreased by 280,414 ETH since November eleventh.
As Cointelegraph reported, global exchange-traded products including US spot Ether ETFs saw their largest weekly outflows since February, adding to the continued decline in institutional demand for ETH.
This article doesn’t contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their very own research when making their decision.
