Key points
- BitMine acquired 27,801 ETH over the past week, bringing its total reserves to 5.77 million ETH worth approximately $10.25 billion.
- US Ethereum ETFs saw net inflows of $84.42 million, marking the first positive week after eight straight weeks of capital outflows.
- ETH fell below $1,800 after escalating military tensions between the US and Iran pushed oil prices above $74 and sparked risk-off market behavior.
- Vital support remains firm at $1,750; A breakout of the resistance at $1825-$1850 could push prices towards $2140 according to the double bottom formations on the daily chart.
- Positions worth USD 81.75 million were liquidated over 24 hours, with long positions accounting for USD 57 million of the total.
Ethereum continues to trade near $1,760 after falling below the $1,800 threshold amid the escalating military standoff between the United States and Iran. Recent US airstrikes against Iranian targets sent crude oil prices nearly 4% above $74 a barrel, prompting investors to pull back from risky assets like cryptocurrencies.
Iranian officials reported launching strikes on US military facilities in Bahrain, Kuwait, Oman and Jordan as retaliatory measures. Growing concerns surrounding the strategic Strait of Hormuz corridor have intensified downward pressures across global financial markets.
ETH has fallen approximately 3.6% from its Monday session peak of $1,837. Market participants continue to protect the price floor at $1,750 at the moment.
Corporate accumulation is gaining momentum
BitMine Immersion Technologies (BMNR) increased its Ethereum reserves by 27,801 ETH throughout the previous week. This acquisition brings the company’s total holdings to 5.77 million ETH, representing a market cap of $10.25 billion.
Thomas Lee, Chairman of BitMine, revealed that the expected annual staking revenue reached $242 million. The organization has allocated 4.91 million ETH – representing approximately 85% of total reserves – to the Made in America Validation Network (MAVAN), which currently generates a 7-day annualized return of 2.70%.
The Nevada-based organization reports that it has accomplished 96% of its strategic goal of controlling 5% of the total circulating supply of Ethereum.
Spot the United States Ethereum ETFs recorded $84.42 million in net capital inflows over the past week, based on SoSoValue tracking data. This represents the first positive weekly performance after two consecutive months of withdrawals.
Market Analyst Perspectives
Cryptocurrency analyst Ali Martinez noted that he will create long positions in ETH on a decisive break above $1,850. This price level corresponds to a large short liquidation concentration area between $1,840 and $1,860 identified in CoinGlass data, where a forced short close could accelerate upward momentum.
Analyst Ted Bellows noted on July 13 that ETH holding support above $1,750 is an encouraging sign, suggesting a potential rally towards $2,000 if this fundamental holds.
Cryptocurrency analyst Michael van de Poppe (CryptoMichNL) commented that despite broader market headwinds, ETH is “not fazed” and “showing a lot of strength” compared to Bitcoin. He highlighted improving momentum in the ETH/BTC trading pair and pointed to the upcoming Act of Clarity as a potential positive catalyst.
Examining the daily time frame, a potential double bottom formation with lows around the $1,505 area continues to hold. A breakout above the $1,825 level would set a technical price target near $2,140.
ETH is currently trading below its 50-day moving average at $1,798 and its 100-day moving average at $1,946. The MACD keeps rising above its signal line, while the Chaikin Money Flow is recording around 0.10, indicating positive territory.
The total value of liquidations was $81.75 million in the market during the 24-hour window, with $57 million resulting from leveraged long positions, according to Coinglass data.
