Ethereum Price Prediction: Can ETH Hold Above $3,600 — or Will BitMine’s $3B ETH Stack Slip Below the Line?

Ethereum (ETH) has been enjoying strong institutional tailwinds, with one of the biggest stories this week being BitMine Immersion Technologies’ aggressive accumulation of Ether. 

The firm, chaired by Fundstrat’s Tom Lee, added another 208,137 ETH to its treasury, pushing its total holdings to a staggering 833,137 ETH — now worth just over $3 billion at recent market prices.

This accumulation spree has propelled BitMine into fourth place among the world’s largest crypto treasury holders, overtaking rivals like SharpLink Gaming and The Ether Machine. But despite the bullish narrative, Ethereum’s current price action suggests a pause in momentum, and the charts point to an inflection point that could test both the asset’s support zones and BitMine’s $3B valuation line.

Ethereum Faces Technical Roadblocks Despite Institutional Momentum

Ethereum recently climbed as high as $3,730 but was quickly rejected near the psychological resistance at $3,700. It now hovers around $3,650 as traders assess whether the rally has more fuel or if a pullback is on the horizon. 

The MACD histogram continues to print bearish momentum, signaling a weakening trend despite strong buying interest earlier in the week. RSI levels also suggest a state of consolidation — neither oversold nor overheated — which adds to the uncertainty in short-term direction.

Daily chart for WETH/USD (Source: GeckoTerminal)

Key resistance remains at $3,687 and $3,694. A clean break above this zone could give bulls the momentum needed to push toward $3,762. 

However, repeated failures here could invite a drop toward the 9-day EMA support around $3,628, and potentially deeper toward $3,469 and $3,352 — levels that could put BitMine’s ETH stack below the $3 billion mark if the price weakness accelerates.

Will Tom Lee’s August Rally Save the Bulls?

Tom Lee, never one to shy away from a bullish call, has forecasted a strong August rally driven by macroeconomic factors. He points to weakening labor market data, which could prompt the Federal Reserve to pivot toward easing — a move that could boost equities and crypto alike. Lee even suggested that the S&P 500 may reach all-time highs in the coming weeks, a scenario that could certainly support Ethereum’s push toward $3,800 and beyond.

Yet, some analysts remain cautious, noting that ETH may struggle to break that threshold without a stronger influx of institutional capital. BitMine’s accumulation has certainly set the tone, but whether others follow remains to be seen. If broader market sentiment sours or profit-taking accelerates, Ethereum could revisit support zones that make BitMine’s ETH valuation dip under $3 billion — at least temporarily.

Ethereum Trading Outlook: Entries and Exits

For long traders, a breakout above $3,694 with confirmation could serve as a trigger, with potential upside targets at $3,762 and beyond. Stops should be placed below $3,628 in case of a failed breakout.

Short traders may consider entries near the $3,687–$3,694 resistance band if the Ethereum price begins to roll over. Downside targets lie at $3,469 and $3,352, where historical support could attract buyers again.

Ultimately, Ethereum is at a crossroads — buoyed by institutional accumulation and macro optimism, but facing short-term technical pressure. Whether BitMine’s $3B Ether position holds its value will depend not just on Lee’s August forecast playing out, but on Ethereum’s ability to reclaim key technical ground in the days ahead.

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