Ethereum Stays Around $1,847 as Bitmine Adds 10,399 ETH and Deepens Staking Push

Ethereum traded near $1,847 on August 3, holding a key support band even as a 24-hour slide of roughly 2% kept downside risks in focus. ETH briefly touched about $1,828 after another attempt toward $1,900 was rejected. The market is watching whether buyers can defend the $1,800–$1,850 zone; a breakdown could open room toward $1,700. Technically, ETH remains below its 50-day moving average near $1,889 and the 100-day moving average near $1,927, which together form the first major resistance area for any rebound. A daily close above $1,927 could improve momentum and revive a push toward $1,975. Clearing $1,975 would put $2,000 back on the radar. On the corporate side, Bitmine extended its weekly accumulation streak, reporting it acquired 10,399 ETH in the latest week. The company has purchased Ethereum every week since launching its treasury strategy on June 30, 2025. It also said it added 9,946 ETH in the week ending July 26. The latest buying lifted Bitmine's holdings to 5,787,414 ETH, roughly 4.8% of Ethereum's estimated 120.7 million total supply. At $1,880 per ETH, the position was valued at about $10.9 billion. Bitmine reported total crypto, cash, securities, and moonshot investments of $11.3 billion, and said it is about 96% of the way to its stated target of holding 5% of ETH supply. Chairman Tom Lee noted Ethereum outperformed the Nasdaq 100 by 25 percentage points during July, attributing the move to improving crypto fundamentals and sustained institutional demand. Bitmine also expanded staking activity via its Made in America Validator Network (MAVAN). The company reported 4,917,189 staked ETH, valued at about $9.2 billion, representing nearly 85% of its total Ethereum holdings. Using a seven-day annualized yield of 2.67%, Bitmine projected annualized staking revenue of roughly $247 million. It said MAVAN is designed to support its treasury operations while serving institutional investors, custodians, and other Ethereum ecosystem partners. Staking revenue remains sensitive to validator performance, network yields, and ETH price. Bitmine's BMNR shares traded near $17.06 following the treasury update. The stock remained below near-term resistance around $17.15, aligned with the 61.8% Fibonacci retracement. A daily close above $17.15 could set up a move toward $18.49, with $19.82 and $21.48 as higher levels to watch. On the downside, BMNR held above a rising trendline near $16, with stronger support around $15.24; a break below that area could expose $12.81. Separately, the company repurchased 4.5 million common shares over the latest week, marking the third straight week of buybacks under its $4 billion authorization. Bitmine said it has repurchased 16.1 million shares since July 1, and described the shares as attractively valued relative to its Ethereum holdings and long-term strategy.