Ethereum Price Forecast: ETH drops below $2,600 as Tom Lee says BitMine will end buying spree

Source Fxstreet

Ethereum price today:​ $2,570

  • BitMine Chairman Thomas Lee says the company will stop buying ETH once it reaches its 5% target.
  • The company is roughly 100,000 ETH away from reaching its goal, indicating it could halt buying within the next two months.
  • ETH tests the $2,548 support after falling below the 20-day EMA and $2,626 horizontal level.

Ethereum (ETH) treasury firm BitMine Immersion (BMNR) will halt its weekly accumulation of the top altcoin over the next few months.

BitMine Chairman Thomas Lee, speaking at the Token2049 conference in Singapore, said that the company will stop buying when its stash reaches 5% of ETH's circulating supply. He noted that BitMine will reach that threshold if it acquires an additional 100,000 ETH.

"We thought this would take five years. It took us a little over a year. More importantly, we did this all in the middle of a bear market," said Lee. "Now we're going to stop. We only need to get another 100,000 ETH to get to 5%."

Bitmine holds over 6 million ETH

In its last official update, BitMine disclosed that it purchased 15,112 ETH last week, pushing its holdings of the top altcoin to 6.016 million ETH or roughly 4.9% of the token's circulating supply. The purchase extended the company's weekly ETH accumulation streak, which dates back to June 2025, when it pivoted toward a crypto treasury.

That buying rate also indicates BitMine will reach the goal of holding 5% of ETH's circulating supply within the next two months.

From its holdings, the firm has also staked 5.067 million ETH through its Made in America Validator Network (MAVAN) and other staking partners.

As BitMine nears its 5% goal over the coming months, Ethereum will lose a major source of demand.

Lee's remarks come as US spot ETH exchange-traded funds (ETFs) face strong selling pressure. The products posted roughly 202 million in net outflows on Tuesday, marking six consecutive days of negative flows, according to SoSoValue data.

These moves coincide with a 5% drop in ETH, which pushed the price below $2,600 and triggered roughly $252 million in liquidations across Ethereum futures over the past 24 hours, per Coinglass data. Long liquidations reached $238.1 million while short liquidations accounted for $13.8 million.

Ethereum technical outlook: ETH tests $2,548 support after falling below 20-day EMA

On the daily chart, ETH has fallen below the 20-day Exponential Moving Average (EMA) and the $2,636 horizontal level, suggesting a modest bearish outlook in the short term. Momentum has cooled, with the 14-day Relative Strength Index (RSI) retreating to 44 and the Stochastic Oscillator (Stoch) slipping into oversold territory near 13, suggesting waning bullish pressure after the recent advance.

On the downside, ETH is testing the initial support at $2,548. A decline below that level will bring the 50-day EMA at $2,503 into view. A deeper pullback would expose the horizontal floor at $2,355 and the 100-day EMA at $2,334 before the broader base around $2,204.

Chart Analysis ETH/USDT (Binance)
ETH/USDT daily chart

On the topside, immediate resistance has returned to $2,636 and the 20-day EMA at $2,647, with a stronger barrier at $2,781 ahead of higher hurdles at $3,075 and $3,253.

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

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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