Ethereum Price Forecast: BitMine steps up accumulation as ETH approaches $2,000

Ethereum price today: $2,070

• BitMine Immersion purchased 111,942 ETH last week despite the weakness in prices.
• The firm could be included in the Russell 1000 index after preliminary inclusion.
• ETH fails to hold above $2,100, eyes the $2,018 support.

Ethereum (ETH) treasury firm BitMine Immersion expanded its digital asset holdings last week after acquiring 111,942 ETH.

The purchase pushed the company's stash of the top altcoin to 5.39 million ETH. BitMine stated that it will reach its goal of acquiring 5% of ETH's circulating supply — the alchemy of 5% — sometime in 2026.

"We continue to expect a supercycle ahead for crypto and Ethereum, driven by the dual drivers of Wall Street tokenization and agentic-AI. And thus, we continue to steadily acquire ETH," said BitMine Chairman Thomas Lee in a Monday statement. "We view the recent pullback of ETH to below $2,200 as an attractive opportunity."

BitMine had previously stated that it would slow ETH purchases as it nears the 5% alchemy goal.

From its holdings, the Las Vegas-based firm has staked 4.7 million ETH through its Made in America Validator Network (MAVAN), which is earning annualized staking revenues of $276 million.

BitMine has also been included in the preliminary list of the Russell 3000 and could potentially be added specifically to the Russell 1000 index due to its market capitalization. The inclusion is a positive development, as many active fund managers only buy equities on the Russell 1000, according to BitMine.

The company also reported holdings of $200 million in Beast Industries, a $95 million stake in Eightco Holdings (ORBS) and total cash of $444 million.

Meanwhile, ETH continues to face selling pressure amid broader crypto market selling, driven by declining sentiment among US investors.

Ethereum Price Forecast: ETH could find support at $2,018

Ethereum has recorded $71 million in liquidations, driven by $49.3 million in long liquidations, per Coinglass data.

On the daily chart, ETH is maintaining a bearish near-term bias as price holds below the 20-, 50- and 100-day Exponential Moving Averages (EMAs) at roughly $2,172, $2,216 and $2,303, respectively.

The Relative Strength Index (RSI) sits around 35, pointing to weak downside-biased momentum, while the Stochastic Oscillator (Stoch) near 16 is in oversold territory, hinting that selling pressure may be stretched even though the broader tone remains capped by overhead trend levels.

On the topside, initial resistance emerges at the horizontal barrier around $2,107, followed by the 20-day EMA and another horizontal level at $2,211, with the 50-day EMA reinforcing this nearby supply zone. Above that, the 100-day EMA and the higher horizontal cap at $2,388 are the next hurdles before $2,746 and $3,411 come into view.

On the downside, immediate support is seen at $2,018, ahead of $1,909. A decisive break below these floors would expose deeper demand zones at $1,741, then $1,524 and $1,404.

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