Ethereum's price has climbed back above $2,500, buoyed by another large purchase from BitMine and a renewed test of the $2,520 resistance level. The second-largest cryptocurrency by market cap was trading near $2,513 on Sept. 9, up 1.8% in the past 24 hours, according to CoinGecko data.
BitMine, a publicly traded Bitcoin miner that has diversified into Ethereum, disclosed on Sept. 8 that it had acquired an additional 28,086 ETH during the previous week. That brings the company's total holdings to 5.929 million ETH, representing roughly 4.9% of Ethereum's circulating supply. Of that, 5.07 million ETH is already staked, generating yield for the firm.
The purchase continues a weekly buying spree that began in June 2025, when BitMine launched its treasury strategy. This steady corporate demand has provided a supportive undercurrent for ETH, even as broader market conditions have turned more challenging.
Ethereum absorbs heavy selling during consolidation
Ethereum's recent sideways action follows a sharp rally from below $2,000 in August. As prices approached $2,500, profit-taking intensified, including a notable wallet tracked by Lookonchain that began moving 167,855 ETH (worth roughly $408 million) to exchanges in late August. The wallet initially deposited 70,739 ETH, valued at about $174 million, and continued transferring the remainder through Sept. 4.
Despite these large inflows to exchanges, ETH managed to hold in the upper $2,400s for much of that period, suggesting that buyers were absorbing the selling pressure. Spot Ethereum ETF flows have been mixed, with Farside data showing $48.2 million in net outflows on Sept. 2, followed by $141.4 million and $25.9 million in inflows on Sept. 3 and Sept. 4, respectively. Sept. 8 flows were essentially flat.
Macro conditions have also weighed on risk assets. Brent crude has traded above $100, the US 10-year Treasury yield has hovered near 4.8%, and expectations for another Federal Reserve rate hike have risen ahead of inflation data. Despite these headwinds, ETH has held close to its recent highs, as Reuters noted.
Technical indicators show weak momentum below resistance
On the daily chart, ETH was trading near $2,507, having retained most of its August gains. The daily MACD line stood at 103.41, below the signal line at 118.30, with the histogram at minus 14.89. This bearish crossover indicates that momentum has faded during the consolidation, leaving ETH with less fuel for a clean break above the $2,520–$2,564 resistance zone.
However, Chaikin Money Flow remained positive at 0.09, down from above 0.20 after the August breakout. This suggests that buyers are still injecting more capital than sellers are withdrawing, which could help ETH hold the $2,480–$2,450 support area during any pullback.
On the 4-hour chart, the Aroon Up reading was 92.86%, versus Aroon Down at 57.14%, indicating that buyers still control the short-term trend. Aroon Up staying near 100% would support another attempt at recent highs, while a drop below Aroon Down could signal a shift in control.
Average True Range has fallen to 30 from nearly 60 during the sharp August move, showing that price swings have narrowed considerably. A rise in ATR alongside a break above $2,520 could signal that volatility is returning, with buyers targeting the $2,550–$2,564 area. If ETH fails to clear $2,520, the first support sits near $2,480, followed by $2,450, where buyers have repeatedly stepped in.
For context, Ethereum's recent price action has been influenced by a range of factors, including ETF inflows that have struggled to break resistance ahead of CPI, and ETF inflows that have offset Fed rate worries. Meanwhile, BitMine's aggressive accumulation has added a new layer of corporate demand, as detailed in BitMine's staking yield analysis.
As Ethereum approaches the $2,520 resistance, the outcome will likely depend on whether buying momentum can overcome macro headwinds and profit-taking. A decisive break could open the door to $2,600, but failure may lead to a retest of lower supports.
This article is for informational purposes only and does not constitute financial advice.
