Ether is charting a path toward $2,000 as institutional accumulation and a Layer 2 network upgrade revive demand.
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Ether nears $2,000 as Bitmine buys 42,197 ETH, Robinhood L2 boost
Ether rose to $1,747.12 as of 14:30 UTC on July 7, nearing $2,000 after Bitmine added 42,197 ETH to its treasury and Robinhood announced a Layer 2 network upgrade.
According to Arkham Intelligence, Bitmine now holds 5.74 million Ether valued at about $10.27 billion, representing 4.8% of Ethereum's circulating supply. The company staked 4.87 million ETH, generating roughly $235 million in annualized staking income, which Chairman Thomas Lee said covers dividend commitments.
Bitmine needs about $523.7 million more in ETH purchases to reach its 5% supply target, with $527 million in cash on hand, Arkham data shows. The company also holds 206 Bitcoin, a $180 million stake in Beast Industries and $71 million in Worldcoin treasury assets, bringing total crypto, cash and securities to $11.1 billion.
Ether faces immediate resistance at $1,807, its 50-day exponential moving average, with further barriers at $1,909 and $2,018, CoinGecko data shows. A break below $1,714, the 20-day EMA, could expose support at $1,524. The Relative Strength Index registered at 58, indicating developing positive momentum without overbought conditions.
Robinhood's L2 Play
Robinhood's Layer 2 network upgrade aims to reduce transaction costs and improve throughput for retail traders on its platform, potentially driving higher on-chain activity and Ether demand. The move follows a broader trend of centralized exchanges building proprietary L2 infrastructure to capture DeFi volume and retain users amid rising gas fees on Ethereum mainnet.
Technical analyst Ali Martinez identified an hourly TD Sequential buy signal on Ether, contingent on price holding above $1,750. Sustained defense of that level opens a path toward $1,800 to $1,826, Martinez said on X. The Bollinger Bands centerline sits at $1,673.08, while the MACD indicator at -15.01 crossing above its signal line at -45.38 suggests strengthening bullish momentum.
Institutional Bid Deepens
Bitmine's accumulation strategy positions it among the largest public holders of Ether. The company's Series A Preferred Stock trades on the New York Stock Exchange under BMNP, and its common stock under BMNR. Bitmine was added to the Russell 1000 Large-cap index on June 26.
The company's staking operation, run through its MAVAN validator network, makes it the world's largest single Ethereum staking entity. Lee has said staking revenue sufficiently funds the company's preferred equity dividend obligations, a distinction from Strategy, which sold 3,588 Bitcoin last week to fund dividends.
Lee also pointed to growing optimism around US crypto regulation, citing improved prospects for the Clarity Act, which he said could accelerate mainstream adoption of smart contract platforms like Ethereum.
This article is for informational purposes only and does not constitute investment advice.
[1] Ether climbs toward $2K as Bitmine buys ETH, Robinhood L2 boost[2] Ethereum (ETH) Price Hovers Near $1,747 as BitMine Expands Holdings and TD Sequential Flashes Buy[3] Bitmine Acquires 42,197 ETH in a Week, Holdings Rise to 5.74M ETH[4] Tom Lee's Bitmine buys 42,197 ETH worth $74m[5] Can Ethereum hold $1700 as BitMine races toward 5% ETH ownership?
