Ethereum Eyes a Break Above $1,796 as Bitmine Lifts ETH Treasury to 5.74M

Ethereum is probing a pivotal technical zone, with analyst Ali Martinez flagging $1,796 as the level that could shape the next major leg. Martinez says ETH is pressing against the 0.8 MVRV Pricing Band around $1,796, a threshold that has served as resistance. A daily close above it, followed by a clean retest that holds as support, would bolster the bullish setup and put focus on Ethereum's Realized Price near $2,245. On the MVRV Pricing Bands, ETH is trading just under the 0.8 band. Historically, reclaiming this level has often come ahead of stronger recoveries, while the Realized Price has tended to act as the next key upside target. Beyond $2,245, the longer-term MVRV bands are marked at $5,389 (2.4 MVRV) and $7,186 (3.2 MVRV). Several indicators converge on the same resistance cluster. Martinez notes the TD Sequential resistance trendline is also near $1,796, with the TD Sequential risk line slightly higher at $1,816. If Ethereum can clear both, traders are likely to watch the channel resistance around $1,844. A break above all three levels would materially improve the odds of a push toward the $2,245 Realized Price. As price tests resistance, institutional accumulation continues. Tom Lee-led Bitmine Immersion Technologies said it bought an additional 42,197 ETH over the past week, taking its Ethereum holdings to 5,742,237 ETH as of July 5. At an ETH price around $1,800, the position is valued at more than $10 billion and equals roughly 4.8% of Ethereum's 120.7 million circulating supply. The company said it expects to reach what Lee called the "alchemy of 5%" sometime in 2026. After ETH slipped to roughly $1,740, Bitmine's unrealized losses rose again to about $910 billion, though the company continued buying despite the recent weakness. Bitmine also reported holdings of 206 BTC, about $527 million in cash and marketable securities, and $251 million in strategic investments, including stakes in Beast Industries and Eightco Holdings. Lee has argued that Ethereum could outperform Bitcoin, particularly if the CLARITY Act is approved in the U.S., and said he believes the market is entering the early phase of a new "crypto spring." Bitmine is also putting its ETH to work. The company said it has staked 4,879,157 ETH—about 85% of its treasury—through its institutional validator platform MAVAN and partner validators. At current deployment levels, Bitmine estimates annualized staking revenue of about $235 million. If the full treasury is deployed, annual staking income could increase to around $277 million. Disclaimer: This content is for informational and educational purposes only and does not constitute financial advice. The publisher is not responsible for losses resulting from the use of any referenced content, products, or services. Readers should exercise caution before taking any action related to the company.