preferred on
Points of Focus
- ETH holds near $2,480 with no oscillator pointing lower for the first time in weeks.
- Bitmine bought 53,501 ETH this week, its 65th straight week of purchases.
- Bitmine now stakes $12.7 billion in ETH, 86% of its total holdings.
Ether (ETH) trades at $2,480.67, up 0.53% in the last 24 hours at the time of writing.
The chart looks calmer than it has in weeks. Every oscillator tracked now reads neutral or points higher; the relative strength index (RSI) has eased to 69.43, and there isn’t a single downward-pointing signal across the full indicator set, a genuinely different picture than the mixed, stretched readings that dominated earlier this week.
ETH’s nearest real test is closer than the Hull average
The actual level worth watching first isn’t the one that’s drawn the most attention lately. The 10-day simple moving average (SMA), at $2,466.53, sits just $14.14, or 0.57%, below the spot price, tighter than the Hull MA at $2,444.76, which the price has already cleared by $35.91.
That distinction matters: The SMA is the level most likely to get tested first if today’s modest gain fades, well before the Hull average comes back into play.
The wider MA stack isn’t evenly spread; it clusters into three distinct bands. The fastest averages, the 10-day exponential moving average (EMA) at $2,424.24, the Hull average, and the 10-day SMA, all sit within $56 of the spot price, essentially trailing the price directly. A second band, the 20-day and 30-day averages, sits roughly 7%-10% below current levels.
A third, denser cluster — the 50-day, 100-day, and 200-day averages — converges tightly between $2,027 and $2,165, 13%-18% below the spot price. If ETH ever retraces that far, that convergence would function as a reinforced support zone rather than a single line since three separate long-term averages would be defending nearly the same price at once.
Bitmine extends its ETH buying streak to 65 weeks
The fundamental backdrop got a specific update yesterday.
Bitmine Immersion Technologies disclosed it acquired 53,501 ETH over the past week, extending its buying streak to 65 consecutive weeks, every week since its treasury strategy began in June 2025.
Bitmine’s holdings now stand at 5,901,112 ETH, 4.9% of total supply, with $12.7 billion of that staked, 86% of its total ETH, generating a 2.63% annualized yield and a projected $390 million in annual staking revenue once fully deployed through its MAVAN platform.
Bitmine’s chairman ties ETH’s rally to a specific performance claim
Bitmine chairman Tom Lee tied the accumulation to a checkable claim: ETH has outperformed the S&P 500 by 5,430 basis points since June 30, with ETH, Bitcoin (BTC), and Solana (SOL) as the three best-performing major assets over that stretch.
Lee separately argued the ETH/BTC ratio could rise in the coming cycle the way it did during the 2017-2018 initial coin offering (ICO) boom, the 2020-2021 non-fungible token (NFT) wave, and 2025’s stablecoin expansion, this time driven by tokenization and agentic AI.
Lee also compared the significance of the GENIUS Act and the Securities and Exchange Commission’s Project Crypto to the 1971 end of the Bretton Woods gold standard, a notably bold historical analogy worth attributing directly to the company rather than treating as settled analysis.
Bitmine’s stock liquidity rivals major S&P 500 names
Bitmine’s own stock has become genuinely liquid on its own terms, separate from ETH itself, ranking 62nd among all US-listed stocks by five-day average dollar volume, per Fundstrat data cited in the release, trading ahead of UnitedHealth Group and just behind Texas Instruments among more than 5,700 companies.
That’s a concrete sign of how much trading activity now surrounds Bitmine independent of ETH’s daily price moves.
What a calmer chart and a 65-week streak together suggest
The technical and fundamental pictures are, for once this week, pointing the same direction without contradiction.
A fully aligned indicator set and a reclaimed Hull average describe a market with no immediate internal tension, while Bitmine’s uninterrupted accumulation describes demand that hasn’t paused regardless of price.
Neither guarantees the next move higher. Both remove the specific sources of disagreement that shaped ETH’s chart for most of the past two weeks.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices are highly volatile. Always conduct your own research before making investment decisions.
Share
Most read articles
