Ethereum price today: $2,320
- BitMine purchased 26,659 ETH last week, its lowest weekly acquisition since unveiling its treasury strategy last June.
- Thomas Lee says if ETH closes above $2,100 in May it will confirm that “crypto spring is here”.
- ETH bears are taking advantage of the 100-day EMA and $2,388 resistance as key distribution levels.
Ethereum (ETH) treasury firm Bitmain Immersion Technologies (BMNR) bought 26,659 ETH last week, bringing its stake in the top altcoin to 5.2 million ETH. However, this figure represents its lowest weekly acquisition since ETH became a treasury last June.
“We have decided to reduce our pace of weekly accumulations to 100,000 per week as we originally aimed to reach the ‘alchemy of 5%’ target in late 2026. Our previous pace of 100k weekly purchases will get us to 5% by mid-July,” Bitmain Chairman Thomas Lee said on Monday. statement.
In June 2025, the company outlined a plan to acquire and stake 5% of the entire ETH circulating supply.
So far, BitMine has staked 4.71 million ETH, about 90% of its holdings, earning an annual staking yield of $319 million.
The crypto spring season has begun, Lee said, citing Wall Street’s tokenization moves and agentic AI as key drivers that could help Ethereum fuel the crypto bull cycle. He also highlighted that ETH’s correlation with software stocks, which has increased over the past two months, suggests that the crypto spring has begun.
“If ETH closes above $2,100 at the end of May 2026, it would mark the third consecutive monthly gain – a number never seen before in a crypto bear market,” Lee said. “Thus, a close above $2,100 would confirm that ‘crypto spring’ has arrived.”
However, not everyone shares that belief. Prominent Bitcoin OG Garrett Jinn, who had a large ETH supply, deposited his remaining 225,627 ETH into Binance in early Asian market hours on Monday, according to smart money tracker LookOnChain. The move brings their total exchange deposits over the past four days to 577,896 ETH, with a potential loss of around $1.3 billion.
Meanwhile, BitMine also reported holding 201 Bitcoin (BTC), a $200 million stake in Beast Industries, an $88 million stake in Atco Holdings (ORBS), and a total cash holding of $775 million.
Ethereum price forecast: Bears increase pressure at 100-day EMA and $2,388 resistance
According to Coinglass data, Ethereum has seen $88.1 million in liquidations over the past 24 hours, including long-term liquidations of $46.4 million.
On the daily chart, ETH holds a slight constructive bias as it remains above the 20- and 50-day exponential moving averages (EMA) at $2,317 and $2,274 respectively, while the 100-day EMA remains range bound near $2,353.
The Relative Strength Index (RSI) around 54 and a mid-range Stochastic reading suggest balanced but slightly positive momentum, indicating that the pair could extend gains if it can decisively clear the 100-day EMA cap.
At the top, immediate resistance is located at the 100-day EMA around $2,354, followed by the horizontal hurdle at $2,388, with higher hurdles at $2,746 and $3,412 if bullish pressure increases.
On the downside, initial support is seen at the 20-day EMA near $2,317, with the 50-day EMA around $2,274. A break below these would reveal horizontal levels at $2,211 and $2,108, and deeper levels at $1,909, $1,741 and $1,524.
(The technical analysis for this story was written with the help of AI tools.)
