Points of Focus

• ETH trades at $1,854, squeezed between reclaimed and rejected moving averages.
• Bitmine bought 10,399 ETH last week, an unbroken weekly buying streak.
• A close above $1,866.66 opens the path toward the 100-day EMA.

Ethereum (ETH) is trading at $1,854.42 at the time of writing, down 0.22% on the day, as per TradingView data. 

The daily candle opened at $1,858.50, reached a high of $1,872.62, dipped to a low of $1,846.94, and closed at $1,854.23, holding just above the 30-day and 50-day exponential moving averages (EMA) that capped the June recovery attempt.

Bitmine buys ETH every week regardless of price

Bitmine Immersion Technologies bought 10,399 ETH over the past week, extending a buying streak that has run every week since its Ethereum treasury strategy began in June 2025, according to an August 3 filing. 

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BitMine provided its latest holdings update for August 3, 2026

$11.3 billion in total crypto + "moonshots":
– 55,797,813 ETH at $1,880 per ETH per ETH (per @coinbase)
– 209 Bitcoin (BTC)
– $180 million stake in Beast Industries @MrBeast
– $61 million stake in Eightco…

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) August 3, 2026

Chairman Thomas Lee said ETH outperformed the Nasdaq 100 by 2,500 basis points in July, the largest margin since July 2025. Bitmine repurchased 4.5 million of its own shares in the same week, bringing total buybacks to more than 16.1 million shares since July 1. Its staked ETH now stands at 4,917,189 tokens, worth $9.2 billion and representing 85% of its total holdings.

The consistency of the buying, weekly rather than event-driven, is the detail that separates it from a single large purchase. It has not yet forced a break of the resistance cluster overhead, but it does add a standing bid underneath the reclaimed support. Bitmine stakes the bulk of its holdings through MAVAN, its own institutional validator network, and projects annualized staking revenue near $247 million at current participation.

Technical levels to watch 

The daily ETH/USD chart and technical data from TradingView show a moving average (MA) stack split roughly down the middle. 

Price has reclaimed the 30-day EMA, the 50-day EMA, the 50-day SMA, and the Hull MA at $1,848.96 but remains beneath every other average on the stack.

• The relative strength index (RSI) reads 49.72, close to the exact midpoint between overbought and oversold. 
• The average directional index (ADX) reads 18.77, a weak reading that confirms no dominant trend is currently in force. 
• The moving average convergence divergence (MACD) sits at 17.54, positive but narrowed from its recent peak, keeping the signal short of confirming a breakout. 
• The stochastic %K at 28.58 and the commodity channel index (CCI) at -75.09 sit in similar neutral territory, reinforcing that the market is consolidating rather than trending.

Immediate support sits at today’s low of $1,846.94, then the 50-day EMA at $1,849.15. Resistance begins at the 20-day EMA at $1,866.66, then the 10-day EMA at $1,874.69.

What comes next for ETH price

The setup pairs a genuine short-term reclaim, price back above the 30-day and 50-day EMAs, with a long-term trend still bearish below the 100-day and 200-day EMAs near $1,924.56 and $2,156.80. 

Bitmine’s uninterrupted weekly accumulation has not been enough on its own to clear the 20-day and 10-day EMA resistance overhead. A weak ADX reading of 18.77 says neither side has forced the issue yet, leaving the moving average levels, not the oscillators, as the ones worth watching into next week.