Key Insights:
- Ethereum price recorded its strongest weekly close in eight months after moving above the 50-week MA.
- BitMine’s Ethereum holdings surpassed 6 million ETH, representing about 4.9% of total supply.
- BitMine added 17,362 ETH last week, lifting its reported crypto and cash holdings to $17.2 billion.
BitMine Immersion Technologies expanded its Ethereum reserves by acquiring an additional 17,362 ETH throughout the past week. This pushes the firm’s aggregate Ethereum treasury past the 6 million ETH threshold, valued at approximately $16.2 billion, as it persists with the accumulation initiative that kicked off in June 2025.
Market analysts noted that the price of Ethereum secured its most robust weekly close in eight months. Additionally, the asset closed above the 1-week 50 moving average for two consecutive weeks.
BitMine Expands Ethereum Treasury
BitMine currently possesses 6,001,302 ETH, which accounts for roughly 4.9% of the estimated total supply of 122.1 million ETH. The organization stated that this latest purchase brings it closer to fulfilling its objective of capturing 5% of the Ethereum supply.
The firm disclosed that 5,067,309 ETH are currently staked, representing nearly 84% of its overall Ethereum portfolio. Calculated using an ETH reference price of $2,698, this staked portion holds an approximate value of $13.7 billion.
According to BitMine, its staking ventures yielded a seven-day annualized rate of 2.62%. Based on existing metrics, the corporation also estimated its annualized staking revenue to be around $358 million.
This recent acquisition builds upon a continuous string of weekly ETH purchases. BitMine confirmed it has bought Ethereum every single week since initiating its treasury strategy on June 30, 2025.
Ethereum Price Holds Above Key Support
Ethereum continues to hover close to the $2,685 mark following its rebound from a recent downturn, with weekly charts indicating that ETH has reclaimed territory above the 50-week moving average.
This upward bounce has carried prices away from the cycle low of $1,505.68, while recent candlestick patterns imply that buyers are striving to retain dominance within the current trading bounds.
The weekly market structure finds ETH nearing a critical decision point following its breakout above the descending moving average curve. Defending this zone could empower Ethereum to sustain its upward momentum, whereas a rejection at these levels might trigger a fresh consolidation phase ahead of the next directional shift.
Another analyst pointed out that Ethereum has consolidated inside an accumulation range stretching over five years, likening the current setup to a long-term base formation. Ted Pillows emphasized that a decisive break past this multi-year accumulation band could spark a major upward surge.
That analyst’s Ethereum price forecast pointed toward a potential target range of $12,000 to $15,000 heading into 2029.
Ethereum Momentum Indicators Stay Positive
Daily technical assessments show that Ethereum maintains a bullish framework, sustaining a position above both its short- and long-term exponential moving averages. An RSI hovering near 63 and a Stochastic Oscillator around 73 signal favorable momentum, though both indicators have cooled off from earlier overbought levels.
Market watchers point to the $2,786 zone as a significant resistance barrier, warning that a decisive push past this threshold could clear a path toward loftier hurdles.
Conversely, the $2,600 band serves as immediate support, with further accumulation likely to materialize around lower support levels should selling pressure mount.
BitMine’s growing Ethereum reserves represent another major corporate treasury milestone as ETH trades near its latest recovery boundaries. The company’s reserve strategy now encompasses upwards of 6 million ETH, alongside its Bitcoin holdings, cash reserves, and alternative investments.