Ethereum (ETH) has started a new upward trend as BitMine approaches the 5% total supply holding mark?

Ethereum Reserve Company BitMine Immersion Technologies (BMNR) Continues Expanding Digital Asset Holdings by Purchasing an Additional 60,976 ETH — the Largest Acquisition Since December Last Year

“As the familiar saying goes: no one can ‘call the market bottom.’ Therefore, BitMine’s current strategy is to gradually increase ETH accumulation,” Chairman Thomas Lee stated in a Monday announcement.

Following this latest purchase, BitMine’s total ETH holdings have reached 4.53 million ETH, bringing the company closer to its initial goal of controlling 5% of Ethereum’s circulating supply — about 75% of the way there. Additionally, the company increased its cash reserves to $1.2 billion last week, strengthening its resources for a long-term ETH accumulation strategy.

According to Mr. Lee, Ethereum and the entire crypto market may be entering the final stages of a “mini crypto winter,” with a potential bottom forming in the coming days. He cited analysis from BitMine advisor Tom DeMark at DeMark Analytics, suggesting that ETH’s current price movements are significantly similar to the S&P 500 indices in 2011 and 1987, with correlation coefficients of 89% and 93%, respectively.

“If these similar patterns continue, ETH could bottom between March 8 and March 14, just below the recent low around $1,740. This aligns with the scenario that the crypto market is in the final phase of a ‘mini crypto winter,’” Mr. Lee noted.

Previously, BitMine’s chairman also forecasted that March would be a positive period for the crypto market despite ongoing geopolitical tensions in the Middle East.

Besides ETH, BitMine reported holding 195 Bitcoin (BTC), a $200 million investment in Beast Industries, and $14 million in shares of Eightco Holdings (ORBS).

Ethereum Price Forecast: ETH Must Break Key Resistance to Establish a New Trend

In the past 24 hours, the Ethereum market experienced liquidation waves totaling $89.4 million, with $56.2 million coming from short positions, according to data from Coinglass. This indicates that short-selling pressure remains present, although the overall trend has not yet reversed.

On the daily chart, ETH is trading around $2,032. The short-term trend remains neutral but slightly bearish, as the price continues to stay below the 20-day and 50-day exponential moving averages (EMA) — key resistance levels reflecting broader market weakness.

Daily ETH/USDT Chart | Source: TradingView Momentum has shown signs of recovery after entering oversold territory. The RSI is climbing back to around 40, while the Stochastic Oscillator has also rebounded from recent lows. However, neither indicator currently provides a strong enough signal to confirm a sustainable bullish reversal.

Notably, the recent rebound from below $2,000 occurred with relatively low trading volume, suggesting that the upward movement may be driven mainly by short-covering rather than new capital entering the market.

Technically, the nearest resistance is around $2,108 — a confluence zone of horizontal resistance and the 20-day EMA. A daily close above this level could open the door for further gains toward $2,389, and eventually $2,746.

On the downside, the closest support is at $1,741, protecting the deeper support zone near $1,524. Breaking this support could lead to a further decline toward $1,405.

In the short term, as ETH remains within the $1,741–$2,108 range, the market is likely to continue sideways accumulation amid a broader downtrend. Only a decisive breakout above or below these levels will clarify the next directional move.