Ethereum (ETH) traded around $2,305, slightly lower over the past 24 hours amid broader market jitters. While prices are off intraday highs, trading volume of $18.3 billion highlights sustained buyer interest, as Bitmine Immersion Technologies’ latest Ethereum purchase points to growing institutional confidence.
ETH recently climbed above $2,400 on bullish sentiment tied to de-escalating geopolitical tensions. While that optimism remains, Bitmine’s continued accumulation signals conviction. The key question now is whether this momentum can push prices higher.
Bitmine ramps up ETH accumulation
Bitmine Immersion Technologies added 101,627 ETH last week, marking its fastest accumulation since December 15, 2025.
The firm now holds 4,976,485 ETH as of April 19, 2026, representing 4.12% of Ethereum’s total supply.
Its $12.9 billion portfolio includes $1.12 billion in cash, 199 BTC, a $200 million stake in Beast Industries, and $107 million in Eightco Holdings.
Bitmine’s strategy focuses on buying dips, with consistent weekly ETH accumulation positioning it among the largest corporate holders. The firm complements this with BTC exposure, as seen in prior $260 million joint crypto purchases, using cash reserves for opportunistic multi-asset growth without liquidating existing holdings.
Analysts say the buying activity by Bitmine and Michael Saylor’s Strategy signals a broader return of bullish sentiment in crypto markets.
As Bitmine recorded its largest weekly ETH purchase since December 2025 highs, Strategy also logged its biggest weekly BTC buy since November 2024, reinforcing the view of renewed institutional demand.
ETH price outlook remains bullish
Ethereum recently surged past $2,400 following news of the Strait of Hormuz reopening, triggering a short squeeze and a spike in trading volume.
However, gains were trimmed after U.S. forces boarded an Iran-linked ship, escalating tensions and pulling ETH back to around $2,301.
ETH continues to show bullish momentum, with the RSI trending higher within an ascending channel. ETF inflows are providing additional support, although resistance near $2,400 remains firm amid oil-driven macro risks.
Bitmine’s aggressive accumulation is also tightening supply, with over 3 million ETH currently staked. This dynamic supports forecasts of a potential move above $2,500.
“We see growing signs that the ‘mini-crypto’ winter is coming to an end. As downside tail risks for the US-Iran war diminish, ETH has risen 41% from its early February lows. And ETH has outperformed the S&P 500 by 2,280 basis points since the war started and remains the single best-performing asset in the world,” said Tom Lee, Chairman of Bitmine.
Key levels and catalysts to watch
In the near term, easing geopolitical tensions could push bulls toward $3,000 and $3,500. A more ambitious target sits near $5,000, aligning with Ethereum’s all-time high zone.
According to Lee, Ethereum could continue to benefit from two major catalysts: Wall Street’s growing adoption of asset tokenization and the rise of agentic AI systems. He added that Ethereum remains the leading public blockchain for these use cases.
On the downside, a break below $2,200 could shift momentum in favor of bears, with potential targets at $2,000 and year-to-date lows near $1,800.
The post Ethereum nears $2.3K as Bitmine buys big, fueling bullish outlook appeared first on Invezz