Share
Ether (ETH) traded at $1,739.31 on the daily chart, down 0.17% on the day, according to TradingView data. The candle opened at $1,742.32, reached a high of $1,753.23, and fell to a low of $1,720.31 as ETH slipped further from the $1,800 resistance zone it tested earlier in the week.
The pullback came the same day that Bitmine Immersion Technologies (BMNR), the largest corporate holder of ETH, published a seven-part thread on X arguing that Ethereum is entering a total addressable market (TAM) rerating comparable to those of Amazon, Nvidia, and JPMorgan.
2/
A rising TAM is the primary reason an asset sees exponential return.Let me give you 3 illustrations, and how this relates to $ETH, the asset of ethereum
– $AMZN 1.0 to 2.0 –> book seller to hyperscaler
– $NVDA 1.0 to 2.0 –> gaming to AI king
– $JPM 1.0 to 2.0 –> US…— Bitmine (NYSE-BMNR) $ETH (@BitMNR) July 8, 2026
Bitmine’s thread opened by citing US Treasury Secretary Scott Bessent’s June 23 remarks at the Economic Club of New York’s America 250 Gala Dinner, framing them as validation of crypto’s TAM expansion.
Bessent’s actual remarks, delivered under his third of five stated principles on economic statecraft, name digital assets, stablecoins, and tokenization as areas where the United States “should not consign itself to the sidelines,” according to the Treasury Department’s published transcript. The speech does not name Ethereum, ETH, or any specific blockchain, a distinction Bitmine’s framing omits.
Spent my morning reading this recent speech from @SecScottBessent. It lays out a new and defining vision for America's role in the economy for the next 100 years. @elerianm calls it a "remarkably important speech."
Bessent organizes his vision around five principles. Principle 3… pic.twitter.com/XgA1LpYHqv
— Matt Hougan (@Matt_Hougan) July 8, 2026
Bitmine then laid out three historical analogies.
Amazon’s share price moved from $6 in 2000 to $6 again in 2,010 before the Amazon Web Services-driven expansion took it to $241 currently, a 40-fold increase it attributes to the shift from bookseller to hyperscaler.
Nvidia moved from $1 in 2007 to $1 again in 2016 before the ChatGPT and Blackwell era pushed it to $197, which Bitmine credits to a shift from gaming to AI infrastructure.
JPMorgan moved from $58 in 2014 to $334 currently following its acquisition of Bear Stearns, which Bitmine frames as a shift from a US bank to a global bank.
Bitmine’s thread concluded that ETH is entering a comparable “2.0” phase driven by agentic AI demand, stablecoin settlement, and enterprise tokenization.
The thread’s final section models BMNR’s own share price against hypothetical ETH price levels: $300-$500 at $22,000 ETH, $1,200-$1,500 at $62,500 ETH, and $4,000-$5,000 at $250,000 ETH, based on a coefficient Bitmine describes as 0.015 multiplied by its ETH holdings plus per-share accretion.
Bitmine holds 4.8% of the total ETH supply and describes its own stock as carrying “high beta” to ETH’s price. A company publishing a price target for its own equity, derived from price levels for the asset it holds, is a disclosed conflict of interest rather than independent analysis, and the underlying ETH price targets, $22,000-$250,000, are themselves multiples of ETH’s current price with no stated timeline attached.
The daily ETH/USD chart and technical data from TradingView show price sitting above the shorter-dated moving average (MA) stack and below the medium- and longer-dated MA stack. The 10-day exponential moving average (EMA) at $1,729.61, 10-day simple moving average (SMA) at $1,724.54, 20-day EMA at $1,715.32, and 30-day EMA at $1,733.83 all sit below the current price and show an upward signal.
The 50-day EMA at $1,799.25 and the Hull MA at $1,769.29 sit above the current price, both showing a downward signal and marking the same resistance cluster that capped ETH’s advance toward $1,800 earlier this week. The 50-day SMA at $1,779.55 sits between the current price and that cluster.
The relative strength index (RSI) reads 51.77, just above the neutral 50 line.
The average directional index (ADX) reads 23.96, indicating a weak-to-moderate trend rather than a strongly directional move.
The moving average convergence/divergence (MACD) at negative 0.85 shows an upward signal as it narrows toward the zero line, while Bull Bear Power at 32.38 shows a downward signal.
Immediate support sits at the day’s low of $1,720.31, with the 20-day SMA at $1,679.75 and the Ichimoku Base Line at $1,679.13, the next cluster below.
Resistance sits at the day’s high of $1,753.23, followed by the 50-day EMA and Hull MA cluster at $1,769-$1,799. A close above that cluster would mark the first close above the 50-day EMA since ETH’s June selloff, while a close below $1,720.31 risks a retest of the $1,680 zone.
Bitmine’s TAM thesis is a multi-year structural argument resting on ETH becoming a settlement layer for agentic AI, tokenized finance, and enterprise commerce, a case the company has been building since its treasury strategy began and one that will take years to confirm or falsify. The chart in front of traders this week says something narrower: ETH is still below its 50-day EMA, still fighting the same $1,750-$1,800 band that has capped every rally attempt since June, and the TAM narrative has not yet translated into a technical breakout.
Whether Bessent’s speech becomes the institutional tailwind Bitmine is framing it as, or whether the reference to digital assets proves broader than Ethereum-specific, is a question the coming weeks of CLARITY Act developments and stablecoin policy will likely answer well before the TAM analogy plays out on any chart.
Share
preferred on
