The cryptocurrency market opened the week on a firmer footing, with Ethereum (ETH) recovering from weekend losses. The second-largest digital asset by market capitalization traded up more than 1% over the past 24 hours, though it remains range-bound near the $1,850 level.
Meanwhile, BitMine Immersion Technologies (BMNR), a company that has pivoted to an Ethereum treasury strategy, continued its aggressive accumulation. The firm announced Monday that it purchased an additional 10,399 ETH last week, lifting its total holdings to 5.797 million ETH. That represents roughly 4.8% of Ethereum's circulating supply, inching closer to its stated goal of owning 5% of all ETH.
BitMine Chairman Thomas Lee highlighted Ethereum's recent outperformance relative to traditional tech equities. "In July, ETH outperformed the Nasdaq 100 by 2,500 basis points, or 25 percentage points. This is the largest outperformance since July 2025, and we believe it reflects the strengthening fundamentals of crypto," Lee said.
The company also continued its share repurchase program, buying 4.5 million shares of common stock last week. Since July 1, BitMine has repurchased 16.1 million shares under its previously authorized $4 billion buyback plan. Lee noted that historically, strong monthly ETH outperformance versus QQQ has often preceded BitMine shares outperforming ETH in the following month.
BitMine reiterated that it has staked 4.917 million ETH through its Made in America Validator Network (MAVAN). Based on a seven-day staking yield of 2.67%, the staked assets are projected to generate approximately $247 million in annualized revenue. However, the company's cash and marketable securities declined to $173 million, continuing a downward trend since the buyback program resumed.
In addition to its Ethereum position, BitMine holds 209 Bitcoin, a $180 million investment in Beast Industries, and a $61 million stake in Eightco Holdings (ORBS).
Ethereum Technical Outlook: Key Levels to Watch
On the 4-hour chart, ETH/USD remains in a bearish-to-neutral posture, down 1.3% over the past seven days. The cryptocurrency is trading near its 20-day and 50-day exponential moving averages (EMAs), which sit around $1,870 and $1,850, respectively. This consolidation suggests that ETH is caught between short-term support and dynamic resistance, limiting directional momentum.
The 100-day EMA at $1,929 presents the first major upside barrier. If bulls manage to reclaim that level, the next supply zone lies at the horizontal resistance of $1,961. A breakout above that area could open the door to more significant resistance levels at $2,172 and $2,431.
On the downside, immediate support is at the 50-day EMA near $1,850, followed by a stronger horizontal floor around $1,809. A sustained move below $1,809 could expose ETH to further declines toward $1,701 and $1,507.
Momentum indicators are subdued, with the Relative Strength Index (RSI) near 50 and the Stochastic oscillator around 27, suggesting that the recent pullback has not yet triggered a clear trend reversal.
For broader context, weakening retail demand has been cited as a factor in Ethereum's recent price action. Meanwhile, other altcoins like Uniswap's UNI token have seen breakout attempts on the back of fee clarity and burn proposals.
As BitMine continues to accumulate, its actions could influence market sentiment. However, technical indicators suggest that Ethereum's path to $2,000 remains contingent on clearing key resistance levels.
This article is for informational purposes only and does not constitute financial advice.
