Ethereum Hovers at $1.85k as BitMine Hikes ETH Holdings to 4.8%
Ethereum price hovered at $1,855, down by 2% due to a technical breakdown from key resistance levels amid persistent structural concerns.
The second-largest digital asset in the crypto market dipped amidst news that BitMine staked 28.8 thousand ETH through Coinbase Prime, worth approximately $53.87 million.
The company currently holds 4.8% of Ethereum’s total supply of 120.7 million $ETH, and is 96% of the way toward completing its 5% accumulation target. BitMine holds the world’s largest publicly listed Ethereum treasury, with additional accumulation expected.
ETH dropped on technical rejection and selling pressure after failing to reclaim the $1,889–$1,927 resistance zone and trades below its 200-day average of $2,089, confirmed by a 40.82% surge in volume.
Ethereum faced strong selling after failing to break above the $1,889–$1,927 resistance area, a confluence of the 50-day and 100-day Simple Moving Averages. The price is now testing support near $1,840, with the 24-hour trading volume surging over 40% to $7.81 billion, confirming the downward move.
The market is treating the $1,890–$1,950 zone as a supply area. Until buyers can absorb this selling pressure, the path of least resistance remains downward. A daily close below the Fibonacci 61.8% retracement level at $1,853.70, which could signal a deeper correction toward $1,800.
ETH is acting as a higher-beta asset in a cautious market, amplifying losses when sentiment sours. Sustained outflows from U.S. spot ETH ETFs, with weekly inflows slowing sharply to $27.42 million in late July.
The immediate trend is bearish, with the key trigger being the U.S. Nonfarm Payrolls report on August 7. A strong jobs number could reinforce hawkish Fed expectations, pressuring risk assets like ETH further. The critical support zone is $1,800–$1,840.
The market is in a defensive posture, awaiting macro clarity. Holding $1,800 is essential to prevent a steeper decline. Price action around $1,800. A decisive break and close below could trigger liquidations and accelerate selling toward $1,700.
Ethereum’s price is weighed down by technical selling and a lack of positive catalysts, with investors showing a clear preference for Bitcoin in the current risk environment. Cardano Price Tops $0.19 on Aggressive Whale Accumulation
