Ethereum Price Forecast: BitMine continues accumulation despite huge unrealized losses

Ethereum price today: $2,250

• BitMine acquired an additional 71,524 ETH last week, bringing its stash of the top altcoin to 4.87 million ETH.
• The firm's holdings remain underwater by $6.4 billion.
• ETH bounced off the 20- and 50-day EMAs convergence after a weekend rejection near the 100-day EMA.

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) expanded its digital asset holdings last week, acquiring 71,524 ETH, its largest purchase since last December.

The move has boosted its stash of the top altcoin to 4.87 million ETH, worth about $10.7 billion at the time of writing. BitMine claims that the amount represents 4.04% of ETH's circulating supply, bringing it 81% closer to its alchemy of 5% goal.

The Las Vegas-based firm also reported holdings of 198 Bitcoin (BTC), a $200 million stake in Beast Industries, an $85 million stake in Worldcoin treasury Eightco Holdings (ORBS) and total cash of $719 million.

In a Monday statement, BitMine Chairman Thomas Lee reiterated claims that "ETH is the best performing asset" since the commencement of the US-Israel war with Iran. Lee added that ETH has outperformed the S&P 500 by 1,830 basis points and "beating gold by 2,743 basis points demonstrates ETH is the wartime store of value."

BitMine has also staked 3.33 million ETH from its holdings via its Made in America Validator Network (MAVAN). The staked assets are projected to earn an annualized staking revenue of $212 million.

Despite the company's consistent accumulation, ETH has remained largely rangebound over the past two months following the crypto market correction between October and early February. As a result, its holdings are underwater by roughly $6.4 billion, per CryptoQuant's data.

BitMine shares are trading at $21.5, up 1% at the time of publication.

Ethereum Price Forecast: ETH bounces off 20- and 50-day EMA convergence

Ethereum saw $39.7 million in liquidations over the past 24 hours, led by $24 million in short liquidations, according to Coinglass data.

On the daily chart, ETH trades at $2,250, retaining a constructive near-term tone after bouncing off the 20- and 50-day Exponential Moving Averages (EMAs), which are clustered around the mid-$2,100s, while remaining capped by the 100-day EMA at $2,351.

The Relative Strength Index (RSI) near 57, and a Stochastic reading in the low 70s hints at positive but gradually stretched upside momentum, suggesting room for further gains, though with rising risk of consolidation beneath the overhead EMA barrier.

On the topside, immediate resistance is located at the 100-day EMA at $2,351, followed by a stronger hurdle at the horizontal level of $2,388. A daily close above these would open the way toward $2,746 and then $3,411.

On the downside, first support emerges at $2,211, with the 20- and 50-day EMA reinforcing a nearby demand area, ahead of the next key floors at $2,107, $1,909 and $1,741.

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