Ethereum Price Forecast: BitMine scoops 32K ETH, hints at further gains

Ethereum price today: $2,480

• BitMine acquired 32,447 ETH last week, lifting its holdings to 5.847 million ETH.

• Chairman Thomas Lee hinted that ETH could see further gains, similar to its moves after +30% rallies in May 2025 and July 2026.

• ETH's rally has slowed above $2,400.

Ethereum (ETH) treasury company BitMine Immersion Technologies (BMNR) expanded its digital asset holdings last week with another round of acquisitions.

The firm purchased 32,447 ETH during the week, lifting its holdings to 5.847 million ETH. That represents its largest purchase since the first week of July.

The move comes after ETH registered a 30% gain last week, marking its biggest weekly gain since May 2025. The last +30% gain before that was in July 2021.

"In those two precedent instances, this weekly gain of >30% signaled a launch point for a larger move in ETH. In July 2021, ETH subsequently gained +167% and after May 2025, ETH gained +170%," said BitMine Chairman Thomas Lee in a Monday statement. "We expect easing financial conditions to be a tailwind for crypto."

Lee also reiterated that tokenization and agentic AI on blockchains could drive a rally in the ETH/BTC ratio in the upcoming crypto cycle, similar to how ICOs, NFTs and stablecoins did in 2017, 2021 and 2025, respectively.

BitMine also maintained a 5.067 million ETH stake across its staking platform Made in America Validator Network (MAVAN), with a projected annualized yield of $330 million.

Meanwhile, US spot ETH exchange-traded funds (ETFs) recorded their best week since last October, after recording $697 million in net inflows last week, per SoSoValue data.

BlackRock's iShares Ethereum Trust (ETHA) dominated flows, pulling in $536.8 million last week.

Ethereum Price Forecast: ETH rally slows above $2,400

Ethereum has experienced $108.8 million in liquidations over the past 24 hours, led by $68.3 million in short liquidations, according to Coinglass data.

On the daily chart, ETH is extending a bullish near-term bias as price holds above a dense layer of Exponential Moving Averages (EMAs). The 20-, 50-, 100- and 200-day EMAs between roughly $1,975 and $2,140 underpin the advance, while nearby horizontal support at $2,431 reinforces the breakout from the prior range.

Momentum is stretched, with the 14-day Relative Strength Index (RSI) at 79 and the Stochastic at 89, hinting at overbought conditions that could slow the rally rather than reverse it immediately.

On the downside, initial support is seen at $2,431, followed by the current cluster of medium-term EMAs and horizontal levels at $2,172, $2,140 and $2,128, before deeper support emerges around $1,986–$1,961.

On the topside, ETH faces its next resistance at $2,678, ahead of a higher barrier at $2,865, where a pause or consolidation would be likely if bulls extend the run further into overbought territory.

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