Market experts at ExoPike examine the latest Ethereum market picture, as a major treasury firm doubles down on its ETH accumulation strategy while the token faces a critical resistance test on the charts.
BitMine Continues Buyback And ETH Accumulation Strategy
Ethereum treasury firm BitMine Immersion Technologies continued its dual strategy of stock buybacks and ETH acquisitions last week. The company reported repurchasing 1.7 million shares of its common stock, bringing total repurchases since July 1 to 20.8 million shares under its previously authorized $4 billion buyback program.
BitMine also acquired 9,926 ETH last week, extending a weekly purchasing streak that began back in June 2025. With this purchase, the firm’s total ETH stash now stands at 5.815 million tokens, cementing its status among the biggest corporate Ethereum holders anywhere.
Chairman Points To Tokenization And AI As Catalysts
BitMine’s Chairman Thomas Lee noted that rising tokenization activity alongside the growing agentic AI trend has helped push the ETH/BTC ratio above its one-year downtrend. According to Lee’s Monday statement, this ratio has historically climbed during crypto bull cycles, driven by increasing relative use of Ethereum compared to Bitcoin.
Lee pointed to previous cycles fueled by distinct catalysts, including ICOs between 2017 and 2018, NFTs during 2020 and 2021, and stablecoins in 2025. Looking ahead, he expects the coming cycle to see the ETH/BTC ratio rise further, this time driven by Wall Street’s growing interest in blockchain tokenization alongside expanding use of blockchains by agentic AI systems.
Staking And Broader Holdings Overview
The company reported having staked 87% of its holdings, equivalent to 5.067 million ETH, generating an annualized staking revenue of $250 million. Beyond its core Ethereum position, BitMine also holds 210 BTC, a $73 million stake in Eightco Holdings shares, a $180 million position in Beast Industries, and $78 million in cash and marketable securities.
On a separate note, SoSoValue data shows US spot ETH ETFs shed $2.26 million last week, snapping a run of five consecutive weeks of positive flows. This modest outflow suggests some near-term caution among broader institutional investors, even as BitMine itself continues accumulating aggressively.
Ethereum Retests Key 100-Day EMA Resistance
Ethereum recorded $29.7 million in liquidations over the past 24 hours, led by $19 million in short liquidations, according to Coinglass data. On the daily chart, ETH holds a constructive short-term tone, trading slightly above the 20-day and 50-day EMAs, now clustered as support near $1,885 and $1,868, while remaining capped by the 100-day EMA at $1,918.
The momentum readings line up with this cautiously bullish picture too: RSI sits around 56 and the Stochastic near 63, together painting a picture of buyers with the edge, though not so much that the market looks stretched, as price hovers just under its medium-term average.
Resistance And Support Levels To Watch
On the topside, immediate resistance sits at the 100-day EMA, a level that has rejected every upward attempt since mid-July. A decisive break above this zone would expose the horizontal barrier at $1,961, with more distant resistance levels at $2,172 and $2,431 further above.
On the downside, initial support aligns with the nearby 20-day and 50-day EMAs, followed by a stronger horizontal floor at $1,809. Should selling pressure accelerate below that zone, deeper support levels emerge at $1,701 and $1,507.
Conclusion
Ethereum finds itself testing a critical resistance level for the third consecutive month, with the 100-day EMA near $1,918 standing as the key technical hurdle that has consistently capped upside attempts since mid-July. A confirmed break above this zone would open the path toward $1,961 and beyond, while continued rejection would likely keep the token range-bound near current levels.
Beyond the immediate technical picture, BitMine’s continued accumulation strategy and its Chairman’s bullish thesis around tokenization and agentic AI add an interesting fundamental narrative to watch alongside the price action.
Traders following Ethereum strategies should monitor how price behaves around the $1,918 resistance in the coming sessions, as this reaction will likely help determine whether the broader outperformance thesis relative to Bitcoin begins gaining technical confirmation.
Volume patterns around the 100-day EMA will also be worth tracking closely, since a genuine breakout typically requires broad participation rather than isolated buying from a handful of large holders like BitMine. Should trading activity pick up meaningfully alongside any push through resistance, this would lend far more credibility to the bullish scenario than price action alone.