Is Ethereum ready to break $2 as BitMine doubles down on its massive ETH bet?

The cryptocurrency market is having a positive start to the day as Bitcoin and Ethereum recover from the weekend slump.

Ethereum, the second-largest cryptocurrency by market cap, is up by more than 1% in the last 24 hours but continues to consolidate around $1,850.

Ethereum treasury company BitMine Immersion Technologies (BMNR) continued repurchasing its stock last week, buying 4.5 million shares of common stock.

The company also added over 10,000 ETH tokens to its balance sheet as it approaches its 5% supply target. 

Technical indicators suggest that the bearish trend remains in play, with the bulls failing to push prices above key resistance levels. 

Ethereum holdings reach 5.797 million ETH

BitMine announced on Monday that it purchased 10,399 ETH last week, increasing its total holdings to 5.797 million ETH.

The position represents approximately 4.8% of Ethereum’s circulating supply, putting the company closer to its goal of owning 5% of all ETH in circulation.

While commenting on this latest acquisition, BitMine Chairman Thomas Lee said,

“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.”

The company continued repurchasing its stock last week, buying 4.5 million shares of common stock.

The latest purchase brings BitMine’s total buybacks since July 1 to 16.1 million shares. The transactions form part of the company’s previously authorized US$4 billion (approx. $5.2 billion) share repurchase program.

“Since BitMine pivoted to an Ethereum treasury strategy on June 30 of last year, sizable outperformance of ETH versus QQQ on a monthly basis has typically been followed by BitMine’s shares outperforming ETH over the following month,” Lee added.

BitMine reiterated that it has staked 4.917 million ETH through its Made in America Validator Network, or MAVAN.

Based on the company’s seven-day staking yield of 2.67%, the staked assets are projected to generate approximately US$247 million (approx. $318.7 million) in annualized revenue.

The company’s cash and marketable securities, however, declined to US$173 million (approx. $223.2 million). Its cash position has been falling since it resumed the share repurchase program.

BitMine also reported holdings of 209 Bitcoin, a US$180 million (approx. $232.2 million) investment in Beast Industries and a US$61 million (approx. $78.7 million) position in Eightco Holdings (ORBS).

Ethereum technical outlook: ETH support near $1,850 still holds

The ETH/USD 4-hour chart remains bearish and efficient as Ethereum is down 1.3% in the last seven days.

ETH is consolidating with a neutral bias near its 20-day and 50-day exponential moving averages, located around $1,870 and $1,850.

This setup suggests that the cryptocurrency remains caught between short-term support and dynamic resistance, limiting its immediate directional momentum.

The 100-day EMA at $1,929 presents another barrier to the upside.

Meanwhile, the Relative Strength Index is near 50, and the Stochastic indicator is around 27, signaling subdued momentum following the latest pullback rather than the beginning of a clear trend.

If the bulls regain full control, initial resistance sits near the 100-day EMA at $1,929. A stronger supply zone follows at the horizontal resistance level of $1,961. 

However, if ETH breaks above that area, the next major resistance levels are located around $2,172 and $2,431.

On the downside, immediate support is located 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 the next significant support levels at $1,701 and $1,507.