Ethereum price today: $2,350

• BitMine Immersion purchased 60,999 ETH last week, bringing its total holdings to 4.59 million ETH.
• Chairman Tom Lee said the firm accelerated purchases as Ethereum may be nearing the end of a “mini-crypto winter.”
• ETH could see a rejection near $2,380.

Ethereum treasury firm BitMine Immersion Technologies expanded its holdings last week, acquiring 60,999 ETH in one of its largest weekly purchases in recent weeks.

The acquisition brings BitMine’s total holdings to 4.59 million ETH, representing about 3.81% of the circulating supply. The company is now more than 76% of the way toward its goal of owning 5% of Ethereum’s supply under its “alchemy of 5%” strategy.

In a Monday statement, BitMine Chairman Tom Lee explained the reasoning behind the faster pace of accumulation, citing that ETH is nearing the final stages of the ‘mini-crypto winter.’ Lee also pointed to strong performance in the crypto market amid geopolitical tensions.

“Since the start of the Iran war, crypto prices have outperformed and Ethereum has outperformed the S&P 500 by 2,450bp. This is a meaningful outperformance in a mere two weeks,” said Lee.

He also linked the trend to broader macroeconomic conditions and shifting investor behavior.

“In our view, higher oil is triggering concerns of slowing growth for the global economy. And when investors worry about growth, they buy ‘growth stocks’ including MAG7, software and crypto. As the chart below shows, crypto moves in tandem with software stocks,” he added.

BitMine also disclosed that it acquired 5,000 ETH directly from the Ethereum Foundation to support the foundation’s operations without forcing it to sell tokens in the open market.

The company continues to stake a large portion of its holdings, with more than 3 million ETH from its stash being deployed across staking protocols.

Ethereum Price Forecast: ETH faces rejection at $2,380

Ethereum has seen $234.4 million in liquidations over the past 24 hours, driven by $204.2 million in short liquidations.

In the daily chart, ETH trades at $2,371 and is facing a potential rejection at $2,388. The near-term bias is mildly bullish as price pushes further above the 20-day Exponential Moving Average (EMA), while the 50-day average flattens and starts to act as a medium-term base.

The Relative Strength Index (RSI) around 67 confirms firm upside momentum but approaches overbought territory, while the Stochastic Oscillator (Stoch) above 90 signals stretched conditions that would favor a pause or shallow pullback rather than an immediate trend reversal.

Initial resistance is aligned near $2,388, with a sustained break opening the way toward $2,746 and then $3,411. On the downside, support emerges at the 20-day EMA near $2,108, which coincides with the nearest plotted horizontal support and underpins the current advance. A drop below that level would expose $1,740 and then $1,524, where prior demand stands out on the broader daily structure.

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