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. . .
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 AccumulationJulius AlagbeJulius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting. He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa. Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions. He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape. His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses. Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa. Julius Alagbe is based in Lagos, Nigeria.