- Analyst Ali Martinez says a daily close above $1,796 could trigger an ETH rally toward $2,245.
- Ethereum reclaiming the 0.8 MVRV band has historically preceded stronger price recoveries.
- Bitmine purchased another 42,197 ETH, raising its holdings to 5.74 million ETH.
Ethereum is testing one of its most important technical levels of the current cycle, with analyst Ali Martinez pointing to $1,796 as the price that could decide its next major move.
According to Martinez, ETH is challenging the 0.8 MVRV Pricing Band at $1,796, which has acted as resistance. A daily close above this level, followed by a successful retest as support, would strengthen the bullish case and shift focus toward Ethereum’s Realized Price of $2,245.
The MVRV Pricing Bands chart shows Ethereum trading just below this resistance. Historically, reclaiming the 0.8 MVRV band has often preceded larger recoveries, while the Realized Price has acted as the next major upside target. Above the realized price, the next long-term MVRV bands sit at $5,389 (2.4 MVRV) and $7,186 (3.2 MVRV).
Multiple Technical Indicators Point to the Same Resistance
Martinez noted that the TD Sequential resistance trendline also sits around $1,796, while the TD Sequential risk line is positioned slightly higher at $1,816. If Ethereum clears both resistance levels, traders will watch for a move above the channel resistance at $1,844.
Breaking these three levels would significantly improve the probability of ETH advancing toward the $2,245 Realized Price, marking the next major technical target.
Bitmine Adds Another 42,197 ETH
While Ethereum trades around a key resistance area, institutional accumulation continues. Tom Lee-led Bitmine Immersion Technologies announced it purchased 42,197 ETH during the past week, increasing its Ethereum treasury to 5,742,237 ETH as of July 5.
The holdings are worth more than $10 billion based on an ETH price near $1,800 and represent approximately 4.8% of Ethereum’s circulating supply of 120.7 million ETH. The company said it expects to reach what Lee called the “alchemy of 5%” sometime in 2026.
After Ethereum slipped to around $1,740, Bitmine’s unrealized losses again climbed to roughly $9-10 billion, but the company has continued buying despite recent price weakness.
Bitmine also holds 206 BTC, approximately $527 million in cash and marketable securities, and $251 million in strategic investments, including stakes in Beast Industries and Eightco Holdings.
Lee has repeatedly argued that Ethereum could outperform Bitcoin, particularly if the CLARITY Act is approved in the United States. He also maintains that the crypto market has entered the early stages of a new “crypto spring.”
Staking Strategy Continues to Generate Revenue
Bitmine is not simply holding its Ethereum reserves. The company has already staked 4,879,157 ETH, roughly 85% of its treasury, through its institutional validator platform, MAVAN, and partner validators.
At current deployment levels, Bitmine expects to generate approximately $235 million in annualized staking revenue. Once its entire Ethereum treasury is deployed, annual staking income could rise to around $277 million.
Related: Ethereum Price Prediction July 2026: Robert Kiyosaki Says ETH Hits $95,000 After the Next Crash
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