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Ethereum Price Forecast: BitMine slows ETH accumulation in favor of share buybacks

Ethereum price today: $1,900

  • BitMine slowed its weekly Ethereum accumulation to 7,430 ETH after spending $85 million to repurchase 5.5 million BMNR shares.
  • ETH ETFs recorded $105.4 million in net inflows last week, marking a second consecutive week of positive flows.
  • ETH is retesting the $1,900 resistance ahead of a stronger cap at the 100-day EMA.

Ethereum (ETH) is hovering near $1,900 following a drop in accumulation by BitMine Immersion Technologies (BMNR) in favor of $85 million worth of share buybacks and continued recovery in ETH exchange-traded funds (ETFs).

BitMine reduces ETH buying pace

Ethereum treasury firm BitMine scooped up 7,430 ETH last week, marking its lowest weekly acquisition since pivoting to a crypto treasury model.

The latest purchase has pushed BitMine's holdings of the top altcoin to 5.777 million ETH worth $10.86 billion at the time of publication. According to BitMine, that represents 4.8% of the entire ETH circulating supply and leaves it only 0.2% short of its initial goal of acquiring 5% of the top altcoin's supply.

The reduced buying pressure aligns with the company's previous statement that it will slow its pace of ETH accumulation as it approaches the 5% mark.

Instead, it has shifted capital toward stock buybacks. Last week, the Las Vegas-based firm spent roughly $85.88 million to repurchase roughly 5.5 million shares of its common stock at an average price of $15.61. The company said it executed the buyback under its already authorized $4 billion share repurchase program.

"We view the purchase of our common shares as accretive to shareholder value," said BitMine Chairman Thomas Lee in a Monday statement.

BitMine reiterated that it has staked 4.917 million ETH (about 85% of its holdings) via its “institutional-grade” staking platform, Made in America Validator Network (MAVAN). The tokens are projected to earn $247 million in annualized staking revenue.

The company also reported holdings of 207 Bitcoin (BTC), a $180 million stake in Beast Industries, a $58 million stake in Worldcoin (WLD) treasury, Eightco Holdings (ORBS) and total cash and marketable securities of $385 million.

ETH ETFs continue recovery, but inflows remain weak

Meanwhile, US spot ETH exchange-traded funds (ETFs) continued their recovery with $105.4 million in net inflows last week, per SoSoValue data. The move marks a second consecutive week of positive flows after eight straight weeks of outflows.

A majority of the recent flows are dominated by iShares Ethereum Trust (ETHA), which attracted $135.31 million last week. Most of the other funds did not record any activity, while some posted net outflows.

Despite that, the funds remain deeply in negative territory, as recent flows remain low relative to the intense outflows over the past six months.

Ethereum Price Forecast: ETH retests $1,909 resistance, ahead of 100-day EMA cap

Ethereum has recorded $73 million in liquidations over the past 24 hours, led by $37.71 million in liquidated long positions, according to Coinglass data.

On the daily chart, ETH is holding a constructive near-term bias after reclaiming the short-term trend filters. Price stands above the 20 and 50-day Exponential Moving Averages (EMAs) at $1,810 and $1,818, suggesting buyers are regaining control despite the 100-day EMA cap near $1,940.

Momentum supports this constructive tone, with the 14-day Relative Strength Index (RSI) hovering near 62 and the Stochastic around 80, indicating firm bullish pressure but edging into overbought territory, which could slow the advance as ETH approaches overhead levels.

Chart Analysis ETH/USDT (Binance)
ETH/USDT daily chart

On the topside, ETH is testing the immediate resistance at the nearby horizontal barrier around $1,909, followed by the 100-day EMA, which capped the price rise last week. A daily close above these would open the way toward $2,018 and $2,107, with higher bullish extension levels at $2,211 and $2,388.

On the downside, initial support aligns with the recent floor at $1,854, reinforced by the underlying 20- and 50-day EMAs clustered just above $1,810. A deeper pullback could see bids emerging at $1,741. A failure there would expose more distant supports near $1,524 and $1,404.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Author

Michael Ebiekutan

With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to

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