Ethereum Price Forecast: BitMine tops up treasury, ETH ETFs snap eight-week outflow streak

Ethereum price today: $1,760

• BitMine purchased 27,801 ETH last week, lifting its holdings to 5.77 million ETH.
• Ethereum ETFs ended an eight-week outflow streak after recording $84.42 million in inflows last week.
• ETH could bounce off the convergence of the 20-day EMA and $1,740 support level.

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) continued its weekly accumulation of the top altcoin last week.

The company topped up its holdings with a purchase of 27,801 ETH, lifting its holdings to 5.77 million ETH, worth roughly $10.25 billion at the time of writing. As a result, BitMine is 96% closer to its goal of acquiring 5% of ETH's circulating supply in just over a year of pivoting toward an Ethereum treasury, the company stated.

From that figure, the Las Vegas-based firm has deployed over 4.91 million ETH into securing the Ethereum network via its Made in America Validator Network (MAVAN), launched earlier this year. An increase of about 38,000 compared to previous weeks.

"Annualized staking revenue are now projected at $242 million. And this 4.9 million ETH is 85% of the 5.77 million ETH held by Bitmine. Bitmine's own staking operations generated a 7-day yield of 2.70% (annualized)," said BitMine Chairman Thomas Lee in a Monday statement.

BitMine also reported holdings of 206 Bitcoin (BTC), a $180 million stake in Beast Industries, a $69 million stake in Worldcoin treasury firm Eightco Holdings (ORBS) and total cash and marketable securities of $482 million.

BitMine was not the only institutional buyer last week, as US spot ETH exchange-traded funds (ETFs) recorded $84.42 million in net inflows, snapping an eight-week outflow streak, per SoSoValue data. Several market experts have earlier highlighted that ETF inflows have to increase and remain sustained to fuel a recovery in the crypto market.​

Ethereum Price Forecast: ETH eyes a bounce at the 20-day EMA and $1,740 support

Ethereum saw $81.75 million in liquidations over the past 24 hours, led by $57 million in long liquidations, according to Coinglass data.

On the daily chart, ETH is maintaining a capped tone as it hovers just above the 20-day Exponential Moving Average (EMA) at $1,739, while remaining clearly below the 50-day EMA at $1,798 and the 100-day EMA at $1,946. This configuration suggests rallies are still being sold into despite a neutral Relative Strength Index (RSI) near 51 and a high but not overbought Stochastic reading, which together hint at waning downside pressure but not yet at a decisive bullish reversal.

On the downside, ETH is testing the horizontal floor at $1,741 and the 20-day EMA. Traders are watching to see if the EMA provides a bounce, as it did last week. Further down are the $1,524 and $1,404 levels, while $1,156 marks a more distant medium-term base should selling pressure intensify.

On the topside, ETH saw a rejection near $1,850, the same level that hindered its brief rise last month. The 50-day EMA also continues to act as short-term resistance, with stronger supply seen at $1,909 ahead of the 100-day EMA. Further resistance is seen at $2,018 and $2,107.

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