Ethereum Price Forecast: BitMine continues ETH accumulation, EF expands staking operation

Ethereum price today: $2,020

• Ethereum treasury firm BitMine Immersion acquired 71,179 ETH last week, stretching its stash to 4.73 million ETH.
• The Ethereum Foundation has deployed 22,517 ETH from its treasury into staking contracts.
• ETH needs to flip the 20- and 50-day EMAs to establish an upward move.

Ethereum (ETH) treasury firm BitMine Immersion (BMNR) upped its ETH stash last week following another round of weekly accumulation.

The firm acquired 71,179 ETH in the week ending March 29, stretching its stack of the top altcoin to 4.73 million ETH. The acquisition represents its largest ETH purchase since last December.

BitMine also holds 197 Bitcoin (BTC), a $200 million stake in Beast Industries, a $102 million stake in Worldcoin treasury Eightco Holdings (ORBS) and total cash of $961 million

In a statement on Monday, BitMine Chairman Thomas Lee noted that the company has continued buying ETH based on its thesis that the "mini-crypto winter" is in the final stages.

Lee added that rising oil prices driven by the US-Israel war against Iran have weighed on cryptos and equities. "Until equity markets become comfortable with the future trajectory of oil prices, rising oil is a headwind for equities and crypto. And in a sense, the crypto winter likely ends when the upside risk to oil prices peaks," he said.

Additionally, BitMine stated it maintained a 3.14 million ETH stake in staking contracts, with a potential annualized yield of $177 million. Last week, the firm launched its Made in America VAlidator Network (MAVAN), an institutional staking infrastructure for its treasury and to serve custodians, ecosystem partners and large-scale investors.

Meanwhile, the Ethereum Foundation (EF) deployed 22,517 ETH into staking contracts on Monday, according to data from Arkham Intelligence. The EF began staking portions of its treasury assets last month, depositing 2,016 ETH into staking contracts. In the long term, it plans to stake 70,000 ETH.

Ethereum Price Forecast: ETH struggles at the 20-day EMA as selling pressure eases

Ethereum saw $128.6 million in liquidations over the past 24 hours, led by $76.34 million in liquidated long positions.

ETH trades near $2,020 on Monday after testing the 20-day Exponential Moving Average (EMA), just below the $2,108 resistance. A daily close above this area and the 50-day EMA would open the way toward $2,389, with $2,746 as a more distant bullish objective.

On the downside, initial support lies at the recent range floor at $1,911, ahead of the $1,741 level. A break lower would expose $1,524 and then $1,405 as deeper downside targets if selling pressure resumes.

The Relative Strength Index (RSI) has bounced from the low-40s to the mid-40s but remains below the 50 line, keeping downside momentum in place despite the recent price stabilization. The Stochastic Oscillator (Stoch) has recovered from oversold territory but holds in the lower band, signaling that selling pressure has eased yet lacks the follow-through needed to reestablish a clear bullish leg.

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