Ethereum Price Forecast: BitMine buys back over 6 million shares, scoops 10K ETH

Ethereum price today: $1,950

• BitMine bought back 6.1 million shares of its common stock last week, boosting its total repurchased shares in July to 11.6 million.
• The company also acquired 9,946 ETH following the top altcoin's rising relative strength against Bitcoin.
• ETH has to hold the 100-day EMA as support to improve the constructive bullish bias.

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) increased its share buybacks last week while scooping extra tokens into its ETH stash.

The Las Vegas-based firm bought back 6.1 million shares of its common stock last week, following a 5.5 million share purchase the prior week. The move boosted the total number of shares repurchased under its previously authorized $4 billion share buyback program to 11.6 million.

"With over 11 million shares of common stock repurchased, BitMine has executed the largest ever common stock buyback for any ETH or Bitcoin Digital Asset Treasury,” said BitMine Chairman Thomas Lee in a Monday statement.

Lee added that the continued share buybacks reflect an outlook that crypto prices are strengthening due to a rise in the ETH/BTC ratio, which hit a 3-month high of 0.300.

"ETH prices are now reaching a 10-week high and as many technical strategists have highlighted, we believe the next key levels to clear are $2,000 and $2,500 for ETH,” stated Lee.

In a report last week, CryptoQuant analysts highlighted that ETH is showing signs of a bottom, but it has yet to validate key relative signals against Bitcoin.

BitMine also scooped 9,946 ETH last week, bringing its stash of the top altcoin to 5.787 million ETH. That represents 4.8% of ETH's circulating supply, the company claimed. From its treasury, BitMine has staked 4.917 million ETH through its Made in America Validator Network (MAVAN), generating annualized staking revenue of $254 million.

BitMine pivoted to an ETH treasury last year with plans to accumulate 5% of the altcoin's supply.

In addition to its ETH treasury, the firm holds a $180 million stake in Beast Industries, $61 million in Eightco Holdings (ORBS) shares, 208 Bitcoin (BTC) and total cash and marketable securities of $268 million.

Meanwhile, US spot ETH exchange-traded funds (ETFs) continue their recovery, attracting $103.9 million in net inflows last week, according to SoSoValue data. The products have now marked a third consecutive week of net inflows, with total net assets rising above $10 billion.

Ethereum technical analysis: ETH faces 100-day EMA test again after weekend bounce

Ethereum saw $142 million in liquidations over the past 24 hours, driven by $104.2 million in short liquidations, per Coinglass data.

The move comes as ETH bounced off the convergence of the 20- and 50-day Exponential Moving Averages (EMAs) at $1,862 and $1,842, respectively, over the weekend before tackling the 100-day EMA at $1,937. Momentum gauges back this positive tone, with the 14-day Relative Strength Index (RSI) near 63 and the Stochastic Oscillator (Stoch) deep in overbought territory around 85, suggesting upside pressure persists but leaving the token vulnerable to bouts of consolidation or shallow corrections.

On the topside, the top altcoin is facing resistance around $1,950 after a slight rise above the 100-day EMA. ETH has to hold the long-term moving average as support and reclaim the $2,018 and $2,107 levels to improve the bullish bias. A daily close above these would open the door toward $2,211 and, beyond that, the medium-term hurdles at $2,388 and $2,746.

On the downside, first support is located at $1,909, ahead of the 20- and 50-day EMAs at $1,842, while a deeper setback would bring $1,806 and $1,741 into view. Further down, the $1,524 and $1,404 levels will likely come into play only if the current bullish structure breaks decisively.

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