Ethereum Price Forecast: ETH rises above $1,900 as BitMine sees improved staking revenue

Ethereum price today: $1,920

• BitMine recorded revenue of $45.7 million primarily from its staking and validation operations in the quarter ending May 31.
• BitMine's 9-month performance shows that the company saw unrealized losses of $9.03 billion on its digital asset holdings.
• ETH is testing the 100-day EMA after stretching its rally above $1,900.

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) saw over $45.7 million in staking and validation revenue in the quarter that ended May 31, according to a 10-Q filing with the Securities and Exchange Commission (SEC).

That figure represents roughly 98% of the firm's total revenue of $46.5 million, up from $2.05 million over the past year. The remainder consists of $624,000 and $168,000 in self-mining and consulting revenue.

The revenue growth follows the launch of BitMine's staking infrastructure, Made in America Validator Network (MAVAN), earlier in the year. In a Monday statement, the company said it has staked 4.9 million ETH, putting its projected annualized staking revenue at $242 million. The total amount of staked ETH in the Ethereum network is at 40.8 million ETH, according to CryptoQuant data.

The company also ended the quarter with a net loss of $82.2 million, comprising $15.4 million unrealized loss on its digital asset holdings and $92.1 million loss on derivative contracts. The latter was offset by $16.5 million in warrant liabilities and $5.3 million in net interest income.

While the quarter-end losses were small, the 9-month performance tells a different story. Net loss is $9.1 billion, primarily due to a $9.03 billion unrealized loss on its digital asset holdings.

Since May 31, crypto prices have fallen further, but BitMine has continued to increase its holdings. The firm now holds 5.77 million ETH, 206 Bitcoin (BTC) and total cash and marketable securities of $482 million.

Ethereum Price Forecast: ETH extends recovery, tests 100-day EMA

Ethereum recorded $111.7 million in liquidations over the past 24 hours, led by $92.4 million in short liquidations, per Coinglass data.

On the daily chart, ETH is holding a bullish near-term bias as price remains above the 20- and 50-day Exponential Moving Averages (EMAs) at $1,773 and $1,808, respectively. However, the top altcoin is approaching a key resistance near the 100-day EMA at $1,949.

Momentum stays constructive, with the Relative Strength Index (RSI) hovering near overbought levels at 67 and the Stochastic elevated at 96, suggesting buyers remain in control but face the risk of a cooling phase if resistance holds.

On the topside, initial resistance is seen at the 100-day EMA, followed by the horizontal barriers at $2,018 and $2,107, where a sustained break would open the way toward $2,211 and then $2,388.

On the downside, first support aligns at $1,909, followed by a cluster around $1,806 and the 50-day EMA at $1,808. Deeper demand is expected near the 20-day EMA at $1,773 and the horizontal floor at $1,741. Only a move below these levels would start to undermine the current short-term bullish structure.

(The technical analysis of this story was written with the help of an AI tool. Know more.)