Market context
The setup Monday morning framed the whole month. Ethereum traded near $1,847 after a second rejection at its clustered moving averages, per Crypto.news, leaving the $1,800 zone exposed for the first time in weeks. That happened as Bitmine Immersion Technologies said in an August 3 disclosure it had bought another 10,399 ETH, bringing its treasury to almost 5.8 million coins and $11.3 billion in combined crypto and cash. Chairman Tom Lee argued in the release that ETH's July outperformance signals strengthening fundamentals. The tape did not agree.
The macro backdrop is doing the pressing. The Federal Reserve held rates steady at its July meeting, and BeInCrypto reported that spot ETH ETF inflows collapsed 74% in the final week of the month even after July posted the strongest cumulative haul since October 2025. That is the split in the market right now. Corporate treasury buyers keep adding at any price. Passive ETF flow, which spent most of the summer as the bid of record, is thinning out the moment the Fed refused to blink.
AMBCrypto separately pointed out that ETH/BTC rallied roughly 10% in July, a three-month high against Bitcoin, and framed it as the first leg of a supply-shock rotation. The rotation thesis is intact. The dollar tape is not.
Technical setup
Ethereum's price map into August is unusually clean. Support sits at $1,800, the low that has printed and held twice since mid-July per Crypto.news's chart read. Resistance sits at $1,900, where the 21 and 50-day moving averages have converged and where sellers have twice defended in the past ten sessions. Between those two levels lies the range that decides whether the July recovery extends or fails.