Ethereum price today: $2,310
- Bitmain increased its holdings to 4.97 million ETH last week after acquiring 101,627 ETH, its largest weekly purchase since mid-December.
- Bitcoin president Thomas Lee said crypto winter is nearing its end, citing similarities with equity declines in previous years.
- ETH has tested the 20-day EMA after falling below $2,400 over the weekend.
Ethereum (ETH) treasury firm Bitmain Immersion Technologies (BMNR) acquired 101,627 ETH last week, its largest weekly purchase since mid-December. This amount is also about 42% more than the average weekly acquisition of the last month.
The latest purchase increased Bitmain’s Ethereum reserves to 4.97 million ETH, worth approximately $11.44 billion at the time of publication. The company said it is 82% closer to its goal of capturing 5% of the top altcoins.
“We are seeing growing signs that the ‘mini-crypto’ winter is coming to an end,” Bitcoin Chairman Thomas Lee said on Monday. As downside risks to the US-Iran war diminish, ETH is up 41% from its early February lows. And ETH has outperformed the S&P 500 by 2,280 basis points since the war began and remains the best-performing asset in the world. (Except for crude oil prices).” statement. “In our view, it makes a lot of sense for ETH to be the best ‘wartime store of value’ and ETH being the leading asset since the war began.”
The Bitcoin president also said that the crypto winter will not last until the fall of 2026, as some have predicted. Many analysts, including CryptoQuant researchers, have previously said that the crypto market is in bearish season and could experience deep fluctuations.
“Every major crypto decline since 2015 has been accompanied by an equity decline of at least 20%. In fact, the 2025 crypto decline has been in sync with a 20% decline in the S&P 500. But in 2026, the equity decline has been a mild -8%,” Lee said.
BitMine also reported holding 199 Bitcoin (BTC), a $200 million stake in Beast Industries, a $107 million stake in Atco Holdings, and a total of $1.12 billion in cash. The company also said it has staked 3.33 million ETH from its stake, amounting to $221 million in annual revenue.
The statement comes after BitMine reported Q1 results last week, where it reported a net loss of $3.82 billion. Unrealistic markdowns on ETH holdings resulted in a massive loss of $3.78 billion.
In addition to BitMine, ETH is also seeing demand in the traditional market, with spot Ethereum exchange-traded funds (ETFs) drawing net weekly inflows of $275.83 million, the largest since January, according to data from SoSoValue.
Ethereum price forecast: ETH tests 20-day EMA after weekend decline
Ethereum experienced $144.4 million in futures liquidations over the past 24 hours, driven by $101.1 million in liquidated long positions.
After failing to hold above $2,400 over the weekend, ETH has maintained a constructive near-term bullish trend as the price bounced near the 20-day exponential moving average (EMA) at $2,252 and the 50-day EMA at $2,211. This move suggests underlying dip-buying interest following recent progress.
Momentum indicators support this tone, with the Relative Strength Index (RSI) near 55 and the Stochastic Oscillator (Stoch) around 61, both pointing towards positive but not extreme downward pressure.
On the upside, initial resistance emerges at the 100-day EMA near $2,354 and the horizontal barrier at $2,388, before more distant objectives lie at $2,746 and $3,411. On the downside, immediate support lies at the 20-day EMA, followed by a dense floor formed by the convergence of the 50-day EMA and the $2,211 horizontal level. Beyond the broader support at $1,909 and $1,741, a deeper drop would expose $2,107.
(The technical analysis for this story was written with the help of AI tools.)
