Ethereum Price Forecast: BitMine makes largest purchase since December, Lee predicts a bottom this week

Ethereum price today: $2,030

• BitMine added 60,976 ETH to its holdings last week, marking its largest purchase since last December.
• Thomas Lee says ETH could bottom this week, citing correlations with the S&P 500 in the fall of 2011 and 1987.
• ETH needs a firm close above $2,110 or below $1,740 to break out of its range-bound conditions.

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) expanded its digital asset holdings last week, adding 60,976 ETH. That figure represents its largest purchase since last December.

"As the adage goes, nobody 'rings the bell at the bottom' and therefore BitMine's strategy is to now slightly increase its pace of ETH accumulation," said BitMine Chairman Thomas Lee in a statement on Monday.

The firm now holds 4.53 million ETH, bringing it about 75% closer to its initial goal of acquiring 5% of Ethereum's circulating supply. BitMine also increased its cash balance to $1.2 billion last week, giving it more fuel to continue accumulating ETH.

ETH, along with the broader crypto market, is in the late stage of a 'mini-crypto winter' and could bottom in the next few days, according to Lee. Citing the base-case thesis of BitMine advisor Tom DeMark at DeMark Analytics, he noted that ETH's current price movement largely aligns with that of the S&P 500 in 2011 and 1987, with 89% and 93% correlations, respectively.

"If these analogs hold, ETH prices may bottom between March 8th to March 14th and just below the recent lows of $1,740. Again, consistent with crypto in the final stages of 'mini-crypto winter,'" added Lee.

Lee had previously predicted that March would be a positive month for the crypto market despite the ongoing Middle East geopolitical tensions.

BitMine also reported holdings of 195 Bitcoin (BTC), a $200 million stake in Beast Industries and a $14 million position in Eightco Holdings (ORBS).

Ethereum Price Forecast: ETH needs a firm break outside key boundary to establish next move

Ethereum has seen $89.4 million in liquidations over the past 24 hours, led by $56.2 in short liquidations, per Coinglass data.

In the daily chart, ETH trades at $2,032. The near-term bias is cautiously neutral, with a downside tilt, as price holds below the 20-day and 50-day Exponential Moving Averages (EMAs), which cap the upside and frame the broader downtrend. Momentum has improved from oversold conditions, with the Relative Strength Index (RSI) recovering toward the mid-40s and Stochastic Oscillator (Stoch) lifting away from prior lows, but neither confirms a sustained bullish reversal.

The recent bounce from sub-$2,000 levels lacks volume expansion, suggesting short-covering rather than fresh trend buying. Immediate resistance stands around $2,108, where a horizontal barrier converges with the 20-day EMA. A daily close above this area would open the way toward $2,389 and then $2,746.

On the downside, initial support is located at $1,741, guarding the way toward a deeper floor at $1,524, while a breakdown there would expose $1,405. As long as ETH trades between $1,741 and $2,108, range conditions prevail within a broader bearish context, and only a firm close outside either boundary would provide stronger directional conviction.

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