• BitMine acquired 42,197 ETH last week, pushing its holdings of the top altcoin to 5.74 million ETH.
• Market participants debate whether BitMine's annualized staking yield can cover its annual dividend obligations.
• ETH faces resistance at the 50-day EMA and the $1,806 horizontal level.

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) scooped 42,197 ETH last week, extending its weekly accumulation streak of the top altcoin.

The purchase has pushed the company's total ETH holdings to 5.74 million ETH worth roughly $10.27 billion at the time of writing.

BitMine also declared holdings of 206 Bitcoin (BTC), a $180 million stake in Beast Industries, a $71 million stake in Worldcoin treasury, Eightco Holdings (ORBS) and total cash and marketable securities of $527 million.

BitMine Chairman Thomas Lee noted an increase in the odds for passage of the Clarity Act.

"We believe regulatory clarity is an important milestone, enabling crypto, particularly smart contract platforms like ethereum to benefit, as crypto becomes part of our everyday life," said Lee in a Monday statement.

According to crypto analytics platform Arkham, BitMine holds roughly 4.75% of ETH's circulating supply. Based on prices at the time of writing, the company only needs to buy $523.7 million worth of ETH — which its total cash can cover — to reach its goal of owning 5% of the top altcoin's supply.

Meanwhile, digital asset treasuries are increasingly facing pressure from the persistent risk-off sentiment across the crypto market. Unlike BitMine, which continued to accumulate ETH despite downward pressure, Strategy announced last week that it sold 3,588 BTC for $216 million to fund dividend payments on its preferred stock series.

Considering BitMine also recently launched a preferred stock offering, market participants are debating if an extended price decline would force the company to join Strategy in selling portions of its holdings. Thomas Lee had previously noted that BitMine's annualized staking revenue comfortably covers the annual dividend obligations for its preferred stock.

The company has staked 4.87 million ETH — more than any other entity in the world — with annualized staking revenue at $235 million.

Ethereum Price Forecast: ETH faces resistance at 50-day EMA and $1,806 convergence

On the daily chart, ETH is holding below its 50-day and 100-day Exponential Moving Averages (EMAs) at $1,807 and $1,970, respectively, which keeps the broader tone capped despite the rebound from recent lows.

Price remains supported above the 20-day EMA at $1,714 and the nearby horizontal floor at $1,741, while the Relative Strength Index (RSI) at 58 hints at improving momentum, contrasted by an overbought Stochastic near 90 that warns of upside exhaustion into the current resistance band.

On the topside, immediate resistance is clustered just overhead at $1,806 and the 50-day EMA at $1,807, with subsequent barriers emerging at $1,909, $2,018 and $2,107.​

On the downside, initial support is seen at $1,741, followed by the 20-day EMA at $1,714, while deeper selling could expose the lower horizontal bases at $1,524, $1,404 and $1,155, where buyers would be expected to regroup if the bearish bias extends.

(The technical analysis of this story was written with the help of an AI tool. Know more.)