Ethereum Price Set to Explode? Billion-Dollar Bet and Bullish Charts Say Yes
The Ethereum price (ETH) continues to ride a wave of bullish momentum on the technical front—and now, a major corporate player has stepped in with a billion-dollar endorsement.
Bitmine Immersion Technologies (BMNR), a firm led by Fundstrat’s Thomas Lee, announced this week that it has acquired more than $1 billion worth of ETH and ETH-linked assets, bringing new confidence to Ethereum’s long-term value proposition.
According to the firm’s press release, Bitmine now controls the equivalent of 300,657 ETH, including 60,000 ETH via in-the-money options, all supported by a substantial $200 million in cash reserves.
The move follows a successful private placement round and marks an aggressive push by Bitmine to corner 5% of Ethereum’s total supply—a goal that would require over $20 billion based on ETH’s current market cap.
Chairman Thomas Lee stated, “We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply.” The market appears to be taking notice.
Ethereum Price Technical Indicators Signal Ongoing Bullish Strength
On the daily chart, the Ethereum price has now logged five consecutive bullish closes, with strong follow-through pushing prices above $3,400.
Daily chart for ETH/USD (Source: GeckoTerminal)
The 9-day and 20-day exponential moving averages (EMAs) are both sloping upward and well below current Ethereum price levels, affirming the strength of the short-term trend. The MACD also remains firmly positive, with expanding bullish divergence that suggests momentum is still with the buyers.
Although the Relative Strength Index (RSI) is hovering in overbought territory, this extended strength without a sharp correction suggests that the market remains confident—particularly with large institutional accumulations like Bitmine’s reinforcing sentiment.
Resistance and Support Levels to Watch
The next immediate resistance zones for the Ethereum price lie at $3,473, $3,497, and $3,535, levels that could trigger profit-taking or a pullback if bulls fail to break through on the first attempt. On the downside, Ethereum enjoys solid support at $3,352, $3,324, and $3,281, which could act as safety nets for short-term retracements.
Order book data confirms this structure. A dense ask wall at $3,411 worth over $650,000 could slow upward momentum, while lighter walls at $3,413 and $3,417 represent additional friction. However, multiple bid walls at $3,391, $3,399, and $3,405 indicate solid buyer interest below the current price, likely limiting downside risk in the near term.
Ethereum Strategy Outlook: Long or Short?
Long traders may find entry opportunities on pullbacks to support, especially if the $3,390–$3,405 range holds with buy-side defense. A break through the ask wall at $3,411 could open a clean move to $3,473 and beyond, where a decisive breakout would challenge the mid-$3,500s.
Short traders, however, might view the overbought RSI and heavy resistance zones as a cue to fade rallies near $3,500, particularly if momentum indicators begin to weaken or Bitmine’s buying spree shows signs of slowing.
Whether the catalyst is on-chain momentum or large-scale accumulation like Bitmine’s, the Ethereum price appears poised for another leg higher—though not without hurdles.
Conclusion
Ethereum’s technical setup remains bullish, with rising momentum and firm buy walls anchoring its ascent. Now, with institutional interest reignited by Bitmine Immersion Technologies’ massive ETH acquisition, the path to $3,500 could be shorter than many expect. Still, traders should keep an eye on resistance clusters and elevated RSI levels, which could signal potential pauses or corrections.
Disclaimer: The information presented in this article is for informational and educational purposes only. It does not constitute financial advice. Ecoinimist is not responsible for any losses incurred. Readers should exercise caution before acting on this content.
