Ethereum (ETH) is trading in a tight range around $1,900, even as Bitcoin (BTC) posts gains. The cryptocurrency has faced persistent resistance near the 100-day exponential moving average (EMA) at $1,918, while support from the 20-day and 50-day EMAs (around $1,885 and $1,868) has held so far.
Amid this price action, BitMine Immersion Technologies (BMNR), a treasury company focused on Ethereum, has reiterated its bullish outlook for ETH relative to Bitcoin. The firm expects Ethereum to outperform in the coming market cycle, driven by institutional tokenization and the rise of agentic artificial intelligence, which could increase demand for blockchain infrastructure.
BitMine Expands ETH Holdings and Buybacks
BitMine continued its weekly Ethereum accumulation, purchasing 9,926 ETH last week. This brings its total holdings to approximately 5.815 million ETH, representing about 4.8% of the total supply. The company also repurchased 1.7 million BMNR shares during the week, bringing cumulative buybacks since July 1 to 20.8 million shares under its $4 billion repurchase program.
Of its total ETH holdings, about 5.067 million ETH (87%) is staked, generating an estimated annualized staking revenue of roughly $250 million. Beyond Ethereum, BitMine's treasury includes 210 BTC, $73 million in Eightco Holdings shares, a $180 million investment in Beast Industries, and $78 million in cash and marketable securities.
Why BitMine Favors Ethereum
BitMine Chairman Thomas Lee highlighted that the ETH/BTC ratio has broken above a one-year downtrend, a signal historically associated with Ethereum's stronger relative performance during bull markets. Lee pointed to previous cycles where Ethereum's network was used for initial coin offerings (2017-2018), non-fungible tokens (2020-2021), and stablecoins (2025). The next expansion, he argues, could be fueled by Wall Street firms tokenizing traditional assets and autonomous AI agents using blockchain networks for transactions.
Ethereum's smart-contract infrastructure supports tokenized assets, stablecoins, decentralized applications, and programmable payments, making it a key beneficiary of these trends. Increased network activity would drive demand for ETH both as a transaction-fee asset and as staking collateral.
Institutional Flows Show Mixed Signals
Despite BitMine's accumulation, institutional demand for Ethereum showed signs of cooling last week. US spot Ethereum ETFs recorded $2.26 million in net outflows, ending a five-week streak of positive flows, according to SoSoValue. However, the trend reversed on Monday with inflows of $4.95 million, suggesting renewed interest.
Related reading: BitMine's ETH stash nears 5% of supply and Ethereum's breakout attempt above the 100-day EMA.
Ethereum Price Levels to Watch
Ethereum is trading slightly above its 20-day and 50-day EMAs, which form an immediate support zone. The 100-day EMA at $1,918 continues to cap upside. Momentum indicators are cautiously bullish: the Relative Strength Index (RSI) is near 54, and the Stochastic oscillator is around 63, both suggesting improving buying pressure without overbought conditions.
A decisive break above the 100-day EMA would expose the horizontal resistance at $1,961. Sustained buying above that level could open the door for a move toward $2,172 and then $2,431. Conversely, a rejection from $1,918 could push ETH back toward the 20-day and 50-day EMAs. A breakdown below that support cluster would shift focus to $1,809, with deeper supports at $1,701 and $1,507 if selling pressure intensifies.
For more on Ethereum's recent price action, see weakening retail demand and potential correction and staking cap proposal risks.
This article is for informational purposes only and does not constitute financial advice.
