Ethereum Price Forecast: ETH holds $2,400 as BitMine continues buying

Ethereum price today: $2,400

• BitMine bought 12,535 ETH last week, lifting its holdings to 6.041 million ETH.
• BitMine's Thomas Lee says recent crypto decline is an "attractive risk/reward opportunity."
• ETH continues to falter at 20- and 50-day EMA confluence.

Ethereum (ETH) trades near $2,400 on Monday, reversing a slight recovery from the early Asian session despite digital asset treasury firm BitMine Immersion (BMNR) scooping additional ETH tokens.

BitMine scoops over 12.5K ETH, says recent decline could be buying opportunity

The Las Vegas-based firm purchased 12,535 ETH last week, extending a weekly buying streak that stretches back to June 30, 2025. The move has pushed its stash of the top altcoin to over 6.041 million ETH, worth roughly $14.47 billion or 4.9% of the 122.1 million ETH supply at the time of writing.

That represents another step closer to BitMine's goal of acquiring 5% of ETH's circulating supply, dubbed "the alchemy of 5%."

BitMine's latest purchase comes amid broad weakness in risk assets over the past few weeks, driven by rising AI capital expenditure and safety risks, lingering US-Iran war activity, anxiety ahead of US midterm elections, and rising bond yields worldwide. That has sparked selloffs in AI stocks, particularly in semiconductor- and memory-denominated Asian markets, noted BitMine Chairman Thomas Lee in a Monday statement.

"Crypto is widely held in the US, Korea and Taiwan. So naturally, when investors in those regions de-risk, this creates spillover pressures in crypto markets," said Lee. "In the past, whenever fundamentals remain resilient and strong, while price declines, these have historically been attractive risk/reward opportunities. And given crypto's positive exposure to both modernizing global financial system rails and to agentic-AI, we believe this will again prove to be the case."

Meanwhile, US spot ETH exchange-traded funds (ETFs) recorded roughly $320 million in net outflows last week, marking a third consecutive week of negative flows, per SoSoValue data.

Ethereum technical outlook: ETH struggles at 20- and 50-day EMA confluence

Ethereum futures logged $87 million in liquidations over the past 24 hours, driven by more than $71 million in short liquidations.

On the daily chart, ETH is keeping a bearish near‑term tone as price holds below the 50‑day and 20‑day Exponential Moving Averages (EMAs) at roughly $2,483 and $2,504. The 100‑day EMA around $2,351 sits just underneath the current price and, together with the nearby horizontal support at $2,355, offers a first technical floor.

The Relative Strength Index (RSI) hovering in the high‑30s and the Stochastic near the low‑20s suggest rallies are likely to face selling pressure while these shorter EMAs cap the topside.

On the upside, initial resistance emerges at the 50‑day and 20‑day EMA near $2,504. A sustained break above these levels would open the way toward the horizontal barriers at $2,548, then $2,637 and $2,782.

On the downside, immediate support is at the current band around $2,355 – $2,351, defined by the horizontal line and the 100‑day EMA, ahead of a deeper cushion at $2,205. If selling extends, the focus would shift toward the more strategic supports at $1,972 and $1,828.

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