Ethereum Price Forecast: BitMine's accumulation and institutional demand hold ETH above $2,200

Ethereum price today: $2,280

• BitMine purchased 101,901 ETH last week, pushing its holdings above the 5 million ETH milestone.
• Ethereum investment products saw a third consecutive week of net inflows worth $192 million.
• ETH eyes a bounce at the 50-day EMA.

Ethereum (ETH) treasury BitMine Immersion Technologies (BMNR) continued its weekly accumulation of the top altcoin last week, initiating its largest purchase since mid-December.

The Las Vegas-based firm said it acquired 101,901 ETH last week, expanding its stash to 5.078 million ETH. That figure pushes BitMine 84% closer to its goal of acquiring 5% of ETH's circulating supply.

Part of BitMine's latest purchase stems from an over-the-counter (OTC) transaction with the Ethereum Foundation (EF), where it purchased 10,000 ETH from the non-profit organization last week.

"This is a major milestone as the company moves towards acquiring 5% of the ETH supply. And this pace of accumulation is astonishing, taking only 10 months to reach 5 million," said BitMine Chairman Thomas Lee in a Monday statement.

Lee also cited a recent research by Ethereum marketing firm Etherealize, which stated that ETH is a store of value and will be held as preferred collateral as the use of digital assets in global payments expands.

BitMine also staked an additional 366,952 ETH last week, bringing its total staked holdings to 3.70 million ETH and annualized staking revenues to $264 million.

Despite the company's consistent ETH accumulation and staking yield, it's experiencing an unrealized loss of $6.343 billion, according to data from smart money tracker Lookonchain.

BitMine's share price is down 1.8% as of writing on Monday. The company recorded an average daily trading volume of $845 million last week, ranking it at #129 in the US.

It also reported holdings of $200 million in Beast Industries, 200 Bitcoin (BTC), a $91 million stake in Worldcoin treasury Eightco Holdings (ORBS) and total cash of $940 million.

Meanwhile, Ethereum investment products also recorded a third consecutive week of net inflows, attracting $192 million, according to CoinShares' digital asset report. The move reflects persistent corporate and institutional demand for the top altcoin amid improving sentiments surrounding US-Iran peace talks.

Ethereum Price Forecast: ETH eyes 50-day EMA support

Ethereum recorded $153.7 million in liquidations over the past 24 hours, driven by $97.8 million in liquidated long positions.

On the daily chart, ETH is looking to find support near the 20- and 50-day Exponential Moving Averages (EMAs) at $2,291 and $2,240, keeping the near-term tone neutral to slightly bearish as price churns between these averages.

Momentum is mixed, with the Relative Strength Index (RSI) hovering near its neutral level, while the Stochastic Oscillator (Stoch) slips into oversold territory, hinting that downside attempts may start to lose traction even as upside remains constrained by nearby overhead levels.

On the topside, the first major resistance is seen near the 100-day EMA at $2,370, which aligns with a horizontal cap near $2,388, followed by higher hurdles emerging at $2,746 and $3,411. On the downside, immediate support is provided by the 50-day EMA, reinforced by a horizontal level at $2,211. A break there would expose $2,107, then $1,909, while deeper declines could extend to $1,741.

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