Will BitMine’s latest ETH purchase push Ethereum above $1,800?

Ethereum treasury company BitMine Immersion Technologies (BMNR) continued its aggressive accumulation strategy last week by purchasing an additional 27,801 ETH, bringing its total holdings to 5.77 million ETH.

At current market prices, the company's Ethereum reserves are valued at approximately US$10.3 billion (approx. $13.2 billion), reinforcing BitMine's position as one of the largest corporate holders of the cryptocurrency.

The Las Vegas-based firm said the latest acquisition puts it 96% closer to its long-term objective of acquiring 5% of Ethereum's circulating supply, a target it has pursued since shifting its corporate treasury strategy toward Ethereum just over a year ago.

Over 4.9 million ETH now securing the Ethereum network

BitMine is not simply holding its Ethereum reserves—it is actively staking the majority of its holdings.

The company revealed that 4.91 million ETH, representing roughly 85% of its total holdings, has been deployed through its Made in America Validator Network (MAVAN), an institutional staking platform launched earlier this year.

According to BitMine Chairman Thomas Lee, the company's staking operations are projected to generate approximately US$242 million (approx. $312.2 million) in annualized revenue.

Lee added that BitMine's proprietary validator network produced a 2.70% annualized yield over the past seven days, highlighting the firm's focus on generating recurring income from its Ethereum treasury.

In addition to its sizable Ethereum position, BitMine maintains exposure to several other digital assets and strategic investments.

The company disclosed holdings of 206 Bitcoin (BTC), a US$180 million (approx. $232.2 million) investment in Beast Industries, a US$69 million (approx. $89 million) stake in Worldcoin treasury company Eightco Holdings (ORBS), and approximately US$482 million (approx. $621.9 million) in cash and marketable securities.

The diversified portfolio provides BitMine with additional liquidity while supporting its broader digital asset investment strategy.

However, while BitMine was buying, institutional investors were reducing their exposure to spot Ethereum ETFs. 

According to CoinGlass, US spot Ethereum exchange-traded funds (ETFs) recorded $15.40 million in outflows on Monday.

This comes after the funds recorded US$84.4 million (approx. $108.9 million) in net inflows last week to end an eight-week streak of investor withdrawals.

Several market analysts have previously argued that sustained ETF inflows will be essential for supporting a broader recovery across the cryptocurrency market.

Ethereum price outlook: Key support at the 20-Day EMA

Ethereum remains under pressure despite improving institutional demand.

Over the past 24 hours, the cryptocurrency recorded approximately $48.53 million in liquidations, including roughly US$32.7 million (approx. $42.1 million) in long positions, according to CoinGlass.

From a technical perspective, ETH is trading just above its 20-day Exponential Moving Average (EMA) near $1,740, while remaining below the 50-day EMA at $1,798 and the 100-day EMA at $1,946.

This setup suggests the broader trend remains cautious, although selling pressure appears to be easing.

The Relative Strength Index (RSI) is hovering around 51, indicating neutral momentum, while the MACD remains elevated but has yet to enter overbought territory.

On the downside, traders are closely monitoring the 20-day EMA and horizontal support near $1,740.

A successful defense of this level could trigger another short-term rebound, similar to last week's recovery.

If selling pressure intensifies, the next support levels are located around $1,524, followed by $1,404, while $1,156 represents a major longer-term support zone.

On the upside, Ethereum continues to face resistance near $1,850, a level that rejected buyers during last month's rally. 

Additional resistance lies at the 50-day EMA near $1,798, followed by $1,909, the 100-day EMA at $1,946, and higher resistance levels around $2,018 and $2,107.

Ethereum's short-term price outlook continues to depend on whether buyers can defend the key $1,740 support level and push the asset above major moving averages to confirm a broader recovery.