- According to Ethereum Price Analysis, ETH price is trading near $1840 support area with resistance above key moving averages.
- Bitmine purchased 10399 ETH and total holdings of ETH now amount to 5.8 million ETH after the recent purchase.
- Ethereum price fell below crucial technical levels as buyers supported the support area amid high volatility.
Ethereum Price Analysis shows the second-largest cryptocurrency trading near a key technical support area as corporate treasury activity continued to draw attention. Ethereum traded around $1,845 on Monday after giving up gains from an overnight rally that briefly approached $1,890.
At the same time, Bitmine Immersion disclosed another weekly Ethereum purchase, increasing its holdings to nearly 5.8 million ETH, while Chairman Tom Lee pointed to Ethereum’s recent performance against the Nasdaq 100 as part of the company’s latest market update.
Ethereum Price Analysis Signals Continued Short-Term Pressure
Ethereum traded at $1,844.57, down 0.46% over the past 24 hours after reversing from an overnight advance that reached nearly $1,890. The selling pressure kept rising during the session, bringing the coin back towards the support region at $1,840.
In the Bitstamp chart at the four-hour timeframe, Ethereum remained trading below the 20, 50, and 100 EMAs, suggesting that the short-term trend was still under pressure.
Source: Trading View
The 200-period EMA, which was around the level of $1,847, presented immediate resistance as the price was swinging below it.
Momentum oscillators also suggested that there was little buying power. The RSI was at the level of 42.6, which means there was bearish momentum but not oversold. The recent candles suggested that the buyers tried to stabilize the price after the drop, though lower highs limited the upward move.
Ethereum Technical Support Levels in Price Analysis
The other technical analysis tools revealed that Ethereum was trying several critical support levels following the failure to hold the $1,920-$1,940 resistance zone.
Ethereum fell below the 20-period moving average line at $1,860.8 while the Bollinger Bands were expanding due to price volatility experienced during the downtrend.
However, Ethereum tried the 0.786 Fibonacci retracement level at $1,837.4, declining to around the lower Bollinger Band at $1,832.
The technical arrangement brings into play a number of price levels near:
- Resistance is close to the 200-period EMA level of $1,847.
- Breaking above $1,860 would help improve the market structure.
- Support is clustered in the $1,830-$1,840 range, including the Fibonacci retracement level.
A failure to hold this support level range may put Ethereum at risk of further decline based on the current chart pattern.
Bitmine Buys More Ethereum in Another Week
Bitmine Immersion announced that it had bought 10,399 ETH in the last week, building on a series of weekly buys of Ethereum that started since the firm adopted its Ethereum treasury strategy in June 2025.
Source: BSCN News
Considering the current price of Ethereum around $1,840, the latest buy amounted to about $19.1 million. Post this purchase, the total holdings by Bitmine stood at around 5.8 million ETH, accounting for almost 4.8% of Ethereum’s circulating supply. This purchase comes soon after the firm made another purchase of 9,946 ETH in the previous week.
Alongside the cryptocurrency purchase, Bitmine also repurchased 4.5 million shares of its common stock. According to the company, recent share repurchases now total 16 million shares.
Corporate Treasury Activity Extends Beyond Ethereum
Bitmine’s latest update was released as Strategy disclosed changes to its own digital asset treasury.
Strategy reported selling 1,638 Bitcoin, valued at approximately $105 million, while simultaneously repurchasing $81.2 million of its STRC preferred stock. The company also disclosed raising $290 million through sales of common shares.
The announcements showed different treasury transactions occurring across two publicly traded companies during the same reporting period.
Tom Lee Points to Ethereum’s Relative Market Performance
Bitmine Chairman Tom Lee referenced Ethereum’s recent performance relative to technology stocks when discussing the company’s latest update.
According to Lee, Ethereum outperformed the Nasdaq 100 by 2,500 basis points during July, marking its strongest monthly relative performance since July 2025.
Lee also noted that during the previous comparable period in July 2025, Ethereum advanced from approximately $2,375 to more than $4,000 by the end of the following month.
His comments accompanied Bitmine’s latest treasury disclosure while Ethereum continued trading near technical support following recent market weakness.
Key Takeaways
- Ethereum continues to trade below multiple moving averages and has been testing support in the range of $1,830 and $1,840.
- Bitmine increased its Ethereum treasury by 10,399 ETH, bringing total holdings to nearly 5.8 million ETH.
- Strategy disclosed a Bitcoin sale alongside preferred stock repurchases and a new common share offering.
Frequently Asked Questions (FAQs)
Why is Ethereum trading close to $1,840?
Ethereum has pulled back since its inability to sustain itself above the $1,890 mark and is now being tested in the range of $1,830 – $1,840 according to recent chart readings.
How many units of Ethereum did Bitmine buy?
According to the latest report, Bitmine has bought 10,399 ETH worth around $19.1 million.
Which technical levels are being observed for Ethereum?
Resistance levels can be seen around $1,847 and $1,860, while support lies between $1,830 – $1,840 along with the 0.786 Fibonacci retracement level at $1,837.
