Key Takeaways:
- BitMine added 27,801 ETH, boosting its total holdings to 5.77 million tokens
- US spot ETH ETFs posted $15.4M in outflows after one positive week
- ETH defends $1,740 support as U.S.-Iran tensions push oil above $74
뒤로
Ethereum holds $1,760 as BitMine buys 27,801 ETH after geopolitical escalation
Ethereum traded near $1,760 on Tuesday, down 3.6% from its weekly high, as U.S.-Iran military escalation drove a risk-off shift across crypto markets.
BitMine Immersion Technologies purchased 27,801 ETH last week, bringing its total reserves to 5.77 million tokens valued at about $10.25 billion, the Las Vegas-based firm said in a statement. The company has staked 4.91 million ETH — roughly 85% of its holdings — through its Made in America Validator Network, generating a 2.70% annualized yield and projected $242 million in yearly revenue, according to BitMine Chairman Thomas Lee.
ETH is testing the 20-day EMA at $1,740, a level that has held since late June. A break below opens the path toward $1,524, while reclaiming the 50-day EMA at $1,798 could set up a run at $1,850 resistance.
Geopolitical headwinds meet institutional buying
U.S. airstrikes against Iranian targets pushed crude oil above $74 a barrel, triggering a broad retreat from risk assets. Iran retaliated with strikes on American military installations across Bahrain, Kuwait, Oman and Jordan, according to Iranian officials. ETH fell from its Monday session peak of $1,837 as traders reduced exposure.
The geopolitical shock interrupted a fragile recovery in institutional demand. US spot Ethereum ETFs recorded $15.4 million in net outflows on Monday, per CoinGlass, after posting $84.4 million in inflows last week — the first positive week following eight consecutive weeks of withdrawals.
BitMine's accumulation stands in contrast to the ETF flow picture. The firm is now 96% toward its stated goal of acquiring 5% of Ethereum's circulating supply, a target it set when it shifted its treasury strategy to ETH just over a year ago. Beyond its Ethereum position, BitMine holds 206 Bitcoin, a $180 million investment in Beast Industries, a $69 million stake in Worldcoin treasury company Eightco Holdings, and about $482 million in cash and marketable securities.
Liquidations and key levels to watch
Across centralized exchanges, $48.53 million in crypto positions were liquidated over the past 24 hours, with long positions accounting for $32.7 million of the total, according to CoinGlass. ETH's Relative Strength Index sits near 51, indicating neutral momentum, while the MACD remains above its signal line without entering overbought territory.
Analyst Ali Martinez said he would open long positions on ETH on a decisive break above $1,850, a level that coincides with a significant short liquidation cluster between $1,840 and $1,860, per CoinGlass data. Ted Pillows noted that ETH holding above $1,750 is an encouraging signal that could support a rally toward $2,000 if the level holds. Michaël van de Poppe pointed to improving momentum in the ETH/BTC trading pair and cited the forthcoming Clarity Act as a potential positive catalyst.
On the downside, if $1,740 fails, the next support levels sit at $1,524 and $1,404, with $1,156 representing a major longer-term floor. On the upside, resistance beyond $1,850 includes $1,909, the 100-day EMA at $1,946, and higher levels at $2,018 and $2,107.
This article is for informational purposes only and does not constitute investment advice.
