Ethereum Price Forecast: BitMine scoops extra ETH tokens following Q3 outperformance

Ethereum price today: $2,700

• BitMine bought 15,112 ETH last week, pushing its holdings to 6.016 million ETH.
• The move follows an impressive Q3 for the top altcoin, where it posted a 70% gain in its best quarter since Q1 '21.
• ETH extends range-bound move as $2,657 and 20-day EMA support holds.

Ethereum (ETH) treasury firm BitMine Immersion continued its buying streak of the top altcoin last week.

The firm acquired 15,112 ETH, lifting its holdings to 6.016 million ETH, representing 4.9% of ETH's circulating supply and worth $16.16 billion at the time of writing. That brings the company roughly 98.5% closer to acquiring 5% of ETH's supply, a goal it tags "Alchemy of 5%."

BitMine buys into ETH Q3 outperformance

BitMine's buying streak follows a strong quarter for the top altcoin, where ETH saw over a 70% gain in Q3, its best quarter since Q1 '21. That move has seen ETH outperform several top traditional assets.

"The outperformance of ETH by 6,832bp relative to the S&P 500 in 3Q26 is notable considering the substantial macro headwinds that emerged in the quarter including a 'hawkish' Fed, surging oil, rise in global bond yields and general tightening of financial conditions," said BitMine Chairman Thomas Lee in a Monday statement. "Quarter to date, ETH is outperforming by 6,832bp, dwarfing other macro assets."

Despite the Q3 outperformance, ETH's market depth fell, with its median market liquidity dropping to 35-45% of Bitcoin's, down from at least 60% in 2025, according to CoinGecko data. Thinner order books mean large trades can drive stronger price moves in either direction.

Meanwhile, BitMine maintained a 5.067 million ETH stake across its Made in America Validator Network (MAVAN) and other staking partners, with annualized staking revenues now projected at $363 million.

The company also reported holdings of 214 Bitcoin (BTC), a $180 million stake in Beast Industries, a $117 million stake in Worldcoin (WLD) treasury Eightco Holdings (ORBS) and total cash and marketable securities of $643 million.

The move comes as US spot ETH exchange-traded funds (ETFs) recorded $138 million in net outflows last week after four consecutive days of negative flows, per SoSoValue data.

Ethereum technical outlook: ETH continues range-bound move as $2,657 support holds

Ethereum has seen $36.6 million in liquidations over the past 24 hours, led by $20.4 million in short liquidations, according to Coinglass data.

After a rejection near $2,790 last Friday, ETH held the $2,657 support over the weekend. Just below it, the 20-day Exponential Moving Average (EMA) adds another layer of strength.

A drop below these levels could bring $2,550 support and the 50-day EMA into play before $2,432.

On the upside, ETH has to clear the $2,790 hurdle to test $2,880 and then $3,066.

The Relative Strength Index (RSI) has been hovering around 62, indicating consistent bullish dominance after a cool-off from overbought conditions.