Ethereum Rallies 27% in a Month as BitMine Buys 9,946 ETH

Ethereum, the world's second-largest cryptocurrency, has risen 27% over the past month amid strengthening institutional demand. BitMine, chaired by Tom Lee, disclosed it purchased an additional 9,946 ETH over the past week, lifting total holdings to 5,787,414 ETH—about 4.8% of Ethereum's circulating supply. With ETH trading near $1,980, markets are focused on whether the token can clear the key resistance at $2,156, the June high. BitMine said it has staked 4,917,189 ETH, roughly 85% of its total holdings. The firm added that its combined crypto, cash, marketable securities, and other investments now total $11.8 billion. A post citing the purchase circulated on X from Wu Blockchain on July 27, 2026. Fund flows continue to support the sector. U.S. spot Ethereum ETFs recorded about $104 million of net inflows last week, extending their streak to three consecutive weeks of positive flows. By comparison, Bitcoin ETFs saw around $33 million of inflows. Ethereum has also begun to outperform Bitcoin in the latest move. Over the past 24 hours, ETH gained about 4.26% versus Bitcoin's roughly 1.13%, pointing to stronger near-term demand for Ethereum. The ETH/BTC pair has moved up toward 0.030 after breaking above a declining channel that had kept ETH lagging BTC for months. On-chain activity remains robust. Token Terminal data shows approximately 395,300 daily active users on Ethereum versus about 418,300 on Bitcoin, a gap of roughly 23,000. Technically, $2,156 is the next major hurdle on the weekly chart. Order-book data indicates sell interest of around $3.6 million clustered in the $1,975–$2,000 area, which could cap the current advance. A decisive break above $2,156 would shift attention to $2,461, the next major target on the monthly chart. If sellers defend $2,156, ETH could retreat toward $1,835, with deeper downside levels at $1,508 and stronger support near $1,369.