Ethereum has advanced more than 4% over the past week, breaking through a key resistance level near $1,720 as the Relative Strength Index (RSI) rebounds from oversold territory. The move higher comes amid a confluence of supportive factors, including corporate treasury buying, whale accumulation, and easing geopolitical tensions.
Corporate and Whale Demand Lifts Ethereum
Bitmine Immersion Technologies recently completed a $273.8 million preferred equity raise, using $136 million of the proceeds to acquire 76,881 ETH. The purchase is part of a treasury strategy modeled on the approach popularized by Strategy's Bitcoin accumulation playbook. Bitmine now holds approximately 5.62 million ETH, representing about 4.66% of the asset's circulating supply. These large-scale purchases have removed a notable amount of supply from the market, helping support the recent rebound.
On-chain data also shows that a wallet linked to BitMEX co-founder and Maelstrom CIO Arthur Hayes acquired 3,000 ETH, worth roughly $5.4 million, through FlowDesk during the recovery. This adds to evidence that large investors are willing to accumulate during periods of weakness.
Geopolitical and Macro Context
Market sentiment received a boost from reports of a US-Iran peace agreement and ceasefire, which reduced concerns over further conflict in the Middle East and eased fears about disruptions to shipping through the Strait of Hormuz. As risk appetite returned across financial markets, capital flowed back into higher-risk assets, including cryptocurrencies.
Earlier, Ethereum had been under pressure from a combination of macroeconomic and institutional factors. Spot Ethereum exchange-traded funds recorded substantial outflows as investors pulled capital from crypto investment products amid persistent inflation concerns and rising bond yields. Higher yields increased the appeal of traditional fixed-income assets, encouraging some institutional investors to reduce exposure to more volatile assets. During that period, Ethereum fell nearly 20%, dropping toward the $1,500 level before finding support.
Technical Analysis: Breakout and Key Levels
Recent price action suggests buyers have regained control in the short term, although the longer-term trend remains under pressure. Crypto analyst Ali Martinez highlighted an ascending triangle pattern on Ethereum's four-hour chart, with resistance near $1,720 and a projected breakout target around $1,850. Market data shows Ethereum has already broken above the $1,720 resistance area and briefly traded near the projected target zone around $1,840 to $1,850 before retreating. With the pattern's measured objective largely achieved, traders are now watching whether the former resistance zone can hold as support.
On the daily chart, Ethereum is trading near $1,760 after rebounding from lows around $1,500. The recovery has pushed the RSI out of deeply oversold territory, with the indicator now near 42.5, up from levels below 20 during the selloff. The RSI has also crossed above its moving average, a development often associated with improving momentum. However, the RSI remains below the 50 level, suggesting bullish momentum has not yet fully returned.
Moving averages continue to present a more cautious picture. Ethereum remains below its 20-day exponential moving average (EMA) near $1,793, while the 50-day, 100-day, and 200-day EMAs sit near $1,961, $2,117, and $2,385. A sustained move above the 20-day EMA would be an early sign of strength, while a break above the 50-day EMA could indicate that the recovery is gaining traction. The 200-day EMA around $2,385 represents a major resistance zone that could determine whether the current recovery has staying power.
Meanwhile, crypto analyst Poseidon has argued that Ethereum may be in the final stages of a multi-month accumulation phase, suggesting prices below $2,000 could become increasingly difficult to find over the coming years if a larger uptrend develops.
Network Fundamentals and Upcoming Catalysts
Beyond price action, Ethereum's underlying network activity has remained strong. Data from tokenization trackers shows real-world assets on Ethereum have exceeded $16.6 billion, representing a 315% increase compared with levels recorded earlier in 2025. Investors are also monitoring the upcoming Glamsterdam hard fork scheduled for the third quarter. Combined with corporate treasury demand and renewed market optimism, these developments have helped support Ethereum's recovery after one of its sharpest declines of the year.
For related coverage, see Ethereum Retreats After Brief $1,930 Break as Macro Headwinds Return and Ethereum Holds Above $1,900 as Staking Revenue Surges; Key Resistance at $1,950.
This article is for informational purposes only and does not constitute financial advice.
