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Ether (ETH) traded at $1,784.09 on the daily chart, up 0.48% on the day, according to TradingView data.
The candle opened at $1,775.55, reached a high of $1,792.18, and held a low of $1,771.28, extending a recovery that has kept the price above its short-term moving average (MA) stack for over a week.
Bitmine Immersion Technologies disclosed on July 13 that its ETH holdings reached 5,770,038 tokens, 4.8% of the 120.7 million ETH supply, putting the company 96% of the way to its stated goal of acquiring 5% of all ETH.
The company’s total crypto, cash, and marketable securities holdings reached $11.3 billion, including 4,917,189 staked ETH, valued at $9 billion at $1,820 per ETH. Bitmine was added to the Russell 1000 Large-cap Index on June 26, and its Series A Preferred Stock trades on the NYSE under the symbol BMNP.
Chairman Tom Lee said Bitmine’s staking operations generated a seven-day annualized yield of 2.7%, with projected annualized staking revenue of $242 million at current holdings, a figure Lee said would rise to $284 million once Bitmine’s ETH is fully staked through its MAVAN platform and its staking partners.
Bitmine also disclosed a $69-million stake in Eightco Holdings, which it described as one of the only publicly listed equities offering investors indirect exposure to OpenAI, alongside a separate $180-million position in Beast Industries. Bitmine’s stock trades among the most liquid names in the US market, with a five-day average daily dollar volume of $475 million as of July 10, ranking 215th out of 5,704 US-listed stocks, according to Fundstrat research cited in the release.
Lee also pointed to Robinhood Chain, the Arbitrum-based layer-2 that launched July 1, as evidence of real transaction demand for ETH beyond treasury accumulation. He said the network’s dollar volume has already exceeded $1 billion and that it now handles more trading volume than any other decentralized exchange, with ETH serving as the native gas token. “Robinhood’s 27 million users are paying crypto fees denominated in ETH,” Lee said in a press release. “In other words, everyday users are starting to see ETH as money.”
The Robinhood Chain is the cleanest case study of what happened to ETH's economics over time.
Since inception, @RobinhoodApp Chain has grossed ~$816K in revenue.@Arbitrum, the middleware provider, takes 10%: ~$80K.
Arbitrum then pays Ethereum for settlement: $1,538.
The… pic.twitter.com/Jc8k4yi60M
— Lorenzo Valente (@LorenzoARK) July 13, 2026
Separately, Lee highlighted the ETH/BTC ratio on X, currently at 0.02858, up 0.92% on the day but still down 7.72% over the past three months, calling it a signal worth watching for a broader revival in crypto markets.
Come by today for @WebX_Asia at 11:25am at the CYRL Stage at the Prince Park Tower Tokyo 🇯🇵
I will be speaking about the “Uncanny Valley of Wealth”
PS: keep an eye 👁️ on $ETH / $BTC ratio. Signal of a revival of crypto https://t.co/jwktsEJQhG pic.twitter.com/oTqMFiFi16
— Thomas (Tom) Lee (not drummer) FundstratDirect.com (@fundstrat) July 13, 2026
The ratio has spent most of the past quarter below a level it has recently reclaimed, and whether it holds above that level in the coming sessions is the specific, checkable test of whether ETH is beginning to outperform BTC again rather than continuing its multi-month underperformance.
A rising ratio alongside Bitmine’s continued accumulation would constitute two independent bullish signals for ETH specifically rather than a broad crypto rally that lifts both assets.
The daily ETH/USD chart and technical data from TradingView show price above every moving average from the 10-day to the 30-day.
The 10-day exponential moving average (EMA) at $1,766.79, the 10-day simple moving average (SMA) at $1,778.47, the 20-day EMA at $1,744.38, and the 30-day EMA at $1,749.59 all indicate an upward signal. The 50-day SMA at $1,748.19 also sits below the current price and shows an upward signal.
The 50-day EMA at $1,797.51 and the Hull MA at $1,795.52 remain the resistance cluster capping the price, both signaling a downward bias just above today’s high. The 100-day and 200-day tiers stay firmly bearish, with the 100-day EMA at $1,942.64 and the 200-day EMA at $2,218.98.
The relative strength index (RSI) reads 55.15, above the neutral 50 line.
The average directional index (ADX) reads 22.55, indicating a weak trend despite the sustained move higher.
The moving average convergence/divergence (MACD) at positive 15.34 shows an upward signal, while Bull Bear Power at 49.11 shows a downward signal, a split reading between trend-following and momentum indicators.
Immediate resistance sits at the day’s high of $1,792.18, followed by the 50-day EMA and Hull MA cluster at $1,795 to $1,798. Support sits at the day’s low of $1,771.28, with the 30-day SMA at $1,710.00 and the 20-day SMA at $1,704.43, the next cluster below.
A confirmed daily close above $1,798 would be the first genuine break of that resistance since June, while a close below $1,771.28 would suggest the current recovery is stalling within its existing range.
Three separate signals are converging on the same question without yet resolving it. Bitmine’s 96% progress toward its supply target confirms sustained accumulation from the largest ETH holder, the ETH/BTC ratio’s one-day bounce is not yet a confirmed reversal of a three-month downtrend, and Robinhood Chain’s transaction volume is a real but early data point on ETH’s use as a fee currency rather than a store of value.
None of the three alone would justify calling a turn in ETH’s broader underperformance this year. Whether the ETH/BTC ratio holds its recent gain, and whether price clears the $1,795 to $1,798 resistance cluster in the same window, are the two specific, dateable events that would tie these threads together into something more than three unconnected data points.
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