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Points of Focus
- ETH holds above every moving average except its Hull MA.
- Bitmine bought 32,447 ETH last week, its 14th straight month of purchases.
- Daily ETF inflows slowed to $115.57M from last week’s $220.77M peak.
Ethereum (ETH) trades at $2,499, up 0.69% on the day at the time of writing, holding above every moving average from the 10-day exponential moving average (EMA) at $2,312.10 to the 200-day simple moving average (SMA) at $2,012.55.
That full-stack confirmation sits alongside a genuine near-term warning sign: price trades $65.68, or 2.6%, below the Hull Moving Average (9) at $2,565.00, the fastest-reacting average on the chart and currently the only one still ahead of spot.
ETH price holds the trend, but the fastest average disagrees
The Relative Strength Index (RSI) reads 80.13, well above the 70 threshold conventionally used to flag overbought conditions. Readings this high are historically associated with a higher probability of a near-term pullback or consolidation, since momentum this extended is difficult to sustain without a pause. Although, RSI can stay elevated through strong, sustained trends without reversing a pattern traders call “walking the band,” so a more reliable warning sign would be a bearish divergence.
The Commodity Channel Index (CCI) at 125.55 carries a similar overbought reading, but it’s worth being precise about what that means. A positive CCI above 100 does not indicate a downtrend, it reflects strong, sometimes excessive, upward momentum. TradingView’s technical summary tags this reading as a sell signal using an overbought, mean-reversion convention, the same logic behind the RSI flag, not because the indicator shows a bearish trend underway.
Momentum at 618.50 and MACD at 161.56 both confirm the uptrend, meaning the overbought readings and the trend-following measures are describing the same strong move from two different angles, not contradicting each other
That split, slower trend-following measures bullish, the fastest average, and one oscillator flagging exhaustion means the Hull MA reclaim is the level worth watching before the 50-day or 100-day averages become relevant to this move at all.
Bitmine’s ETH buying streak reaches 14 months
The fundamental backdrop is unusually direct this week. Bitmine Immersion Technologies, the largest single ETH holder in the world at 4.8% of total supply, disclosed it acquired 32,447 ETH over the past week, extending an unbroken streak of weekly purchases stretching back to its treasury strategy’s inception in June 2025, 14 straight months.
BitMine provided its latest holdings update for August 24, 2026
$14.9 billion in total crypto + "moonshots":
– 5,847,611 ETH at $2,440 per ETH per ETH (per @coinbase)
– 210 Bitcoin (BTC)
– $180 million stake in Beast Industries @MrBeast
– $89 million stake in Eightco Holdings…— Bitmine (NYSE-BMNR) $ETH $BMNP (@BitMNR) August 24, 2026
Bitmine’s total crypto, cash, and equity holdings now sit at $14.9 billion, including 5,847,611 ETH and $308 million in cash and marketable securities, with 87% of its ETH already staked through its own MAVAN platform.
Bitmine chairman Tom Lee opined on the pattern behind this week’s move in stark terms, noting ETH’s 30% weekly gain is its largest since May 2025 and, before that, July 2021, and that both prior instances “signaled a launch point for a larger move in ETH,” with subsequent gains of 167% and 170% respectively.
That claim deserves a caveat the press release doesn’t supply: it comes from the chairman of a company whose $14.9 billion in holdings benefit directly from ETH appreciation, and the two cited precedents were driven by entirely different catalysts, the 2021 NFT boom and 2025’s stablecoin expansion, than the tokenization and agentic AI narratives Lee credits for this cycle.
ETF demand is real, but the pace is cooling
SoSoValue’s data adds a third, more measured thread to the same day. Daily net inflows into spot ETH ETFs decelerated from $220.77 million on August 20 to $115.57 million on August 24, even as cumulative inflow climbed to $12.27 billion and total net assets reached $14.74 billion, now 4.93% of ETH’s entire market capitalization.
BlackRock’s ETHA alone holds $8.10 billion in net assets against $12.26 billion in cumulative inflow, more than double the combined total of the next three largest funds.
That deceleration doesn’t contradict Bitmine’s continued accumulation so much as sit alongside it as a separate signal.
- One is a single company buying every week regardless of price.
- The other is aggregate market demand that surged hard into last week’s rally and has since eased off its peak pace without turning negative.
Both are compatible with the current uptrend. Neither guarantees the Hull MA reclaim that would resolve the chart’s one remaining point of disagreement.
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