Ethereum Price Forecast: BitMine buys 28K ETH, predicts continuation of uptrend
Ethereum price today: $2,500
- BitMine purchased 28,086 ETH last week, expanding its stash to 5.929 million ETH.
- BitMine advisor Tom DeMark expects ETH to continue its uptrend as it failed to break down after a long period of sideways movement last month.
- ETH has to clear the $2,544 barrier to extend its uptrend.
Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) has continued its weekly acquisition of the top altcoin.
The firm scooped 28,086 ETH last week, extending a buying streak that began in June 2025, according to a statement on Tuesday.
The latest purchase has pushed the company's total holdings of the top altcoin to 5.929 million ETH, worth $14.78 billion at the time of writing. BitMine also maintained a staking position of 5.067 million ETH via its Made in America Validator Network (MAVAN), with annualized staking revenue at $330 million.
ETH could extend its advance after holding steady
The company expects ETH to continue its recent upward advance, citing remarks from Tom DeMark, a capital markets advisor to BitMine.
"In August, ETH moved sideways without a downside break and the 12-day metric expired, which implies a renewal of the upside move," said DeMark. "We believe this further supports the continuation of the prior uptrend. We expect last week’s sharp one-day rally was a likely preview of the pending advance."
In addition, BitMine highlighted that its stock has outperformed the Russell 1000 index so far in Q3, with a 99% gain compared to the latter's 4%, thanks to ETH's uptrend during the period.
"Since June 30th, 4 of the top 21 best performing stocks in the Russell 1000 are crypto-related equities. The outperformance is reflective of the fact that Ethereum is the best performing macro asset in Q3 so far," wrote BitMine Chairman Thomas Lee.
The recent gains follow nearly nine months of downtrend between October and June, with ETH and BMNR declining by roughly 70% and 80%, respectively.
BitMine also reported holdings of 211 Bitcoin (BTC), a $180 million stake in Beast Industries, $91 million in Eightco Holdings shares (ORBS), and total cash and marketable securities of $593 million.
BMNR shares are trading at $24.9, down 0.18% at the time of writing on Tuesday.
Ethereum technical outlook: ETH has to clear the $2,544 resistance to resume uptrend
Ethereum has seen $44.3 million in liquidations over the past 24 hours, led by $26.4 million in long liquidations, according to Coinglass data.
On the daily chart, ETH maintains a constructive bullish bias as price holds above the 20-, 50-, 100- and 200-day Exponential Moving Averages (EMAs). The short-term EMA cluster between roughly $2,395 and $2,204 provides layered dynamic support, while the horizontal level at $2,431 acts as an immediate floor just below the market price.
Momentum remains supportive, with the Relative Strength Index hovering in the low 60s and the Stochastic in mid-high territory, suggesting buyers still retain control, even if conditions are no longer extremely overbought.
On the downside, initial support is at the horizontal zone around $2,431, followed by the 20- and 200-day EMAs around $2,395 and $2,251, with deeper support at prior structural levels near $2,172 and $1,961.
On the topside, immediate resistance appears at the horizontal barrier around $2,544, with further hurdles at $2,626 and $2,786. A daily close above these ceilings would likely open the way for an extension of the current uptrend, while failure to clear them could prompt consolidation back into the EMA support cluster.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
