Ethereum Rises 30%, BitMine Buys ETH: Rally Just Begin?

Ethereum returned to the market spotlight after recording a gain of around 30% in a week.

Amid the surge, BitMine Immersion Technologies added 32,447 ETH worth approximately US$81 million, bringing the company's total Ethereum treasury to 5.85 million ETH.

The combination of Ethereum naik 30%, corporate accumulation, and ETF cash flows makeThe market is starting to question whether the ETH rally is just entering its early stages.

However, technical indicators also point to conditions that are starting to heat up, so the opportunity for a correction still needs to be considered.

Key Takeaways

• Ethereum is up about 30% in a week, marking its strongest weekly gain since May 2025.

• BitMine purchased 32,447 ETH worth approximately US$81 million and now controls approximately 4.8% of the total Ethereum supply.

• The US Ethereum spot ETF recorded an inflow of US$697 million in a week, but ETH's RSI approaching 79 indicates overbought conditions.

Ethereum Rises 30%, What's Driving the Rally?

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Ethereum's rise in a week has been one of ETH's strongest moves in recent years.

According to a Blockonomi report, the increase of around 30% is the strongest weekly performance since May 2025.

This movement occurred as sentiment towards crypto assets began to improve.

Expectations of looser financial conditions, the development of asset tokenization, and the increasing use of blockchain for artificial intelligence-based applications are some of the catalysts investors are paying attention to.

The price of ETH also managed to move above US$2,400. However, this level doesn't mean all resistance has been breached.

Technical analysis cited by Blockonomi places US$2,678 as the nearest resistance and US$2,865 as the next target.

Read Also: Ethereum Drops, BitMine Adds 7,391 ETH: Is This a Bullish Signal?

BitMine Buys US$81 Million in ETH

Amidst Ethereum's rally, BitMine has again expanded its treasury.

The company purchased 32,447 ETH over the past week, with a transaction value of approximately US$81 million based on the ETH price at the time of publication.

The purchase brings BitMine's total holdings to 5,847,611 ETH.

With a total Ethereum supply of around 120.7 million ETH, the company now controls around 4.8% of the total supply.

BitMine has a target to control 5% of the Ethereum supply.

To reach that figure, the company still needs approximately 187,000 additional ETH. This means the company's Ethereum accumulation strategy doesn't stop with this US$81 million purchase.

Why is BitMine Accumulation Important for ETH?

BitMine Ethereum strategy gives different signals than buying by short-term traders.

The company has been implementing a treasury strategy since June 2025 and is said to have been purchasing ETH weekly for approximately 14 months.

Most of BitMine's ETH isn't just being held in storage either.

Approximately 5.07 million ETH or 87% of the total holdings have been staked through the MAVAN infrastructure.

BitMine estimates that staking activity could generate annual revenue of around US$381 million using the company's seven-day yield rate.

This strategy makes the Ethereum whale narrative even more interesting.

Large-scale accumulation can reduce the amount of ETH available for trading, while staking has the potential to generate additional income from assets already held.

However, BitMine's actions don't automatically guarantee continued Ethereum price increases. ETH's movement remains determined by overall market demand, liquidity, ETF flows, macroeconomic conditions, and leveraged positions.

Read Also: Ethereum Breaks Out of Accumulation Zone: Will ETH Continue to Rise?

Ethereum ETFs Also Inject Funds

In addition to BitMine's accumulation, institutional investment in Ethereum received a boost from the ETF market.

Ethereum spot ETFs in the United States recorded a net inflow of around US$697 million in the week, marking their strongest weekly performance since October.

BlackRock, through its iShares Ethereum Trust, or ETHA, contributed approximately US$536.8 million of the total.

This influx of funds is important because it creates a channel for ETH demand through traditional investment instruments. If ETF inflows continue while available supply becomes increasingly limited due to staking and Treasury accumulation, demand pressure could remain strong.

However, investors need to distinguish between ETF inflows and direct corporate purchases. Both can support Ethereum demand, but their mechanisms and market impacts differ.

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Tom Lee: ETH Rallies Have Been Followed by Big Increases

BitMine Chairman Tom Lee cited Ethereum's historical momentum to explain his optimism. According to Lee, ETH previously recorded weekly gains of over 30% in July 2021 and May 2025. Following those gains, ETH then recorded gains of around 167% and 170%, respectively.

This pattern underpins the view that this 30% increase has the potential to be the starting point for a larger move. Lee also believes that increasingly relaxed financial conditions could be a positive catalyst for the crypto market.

However, historical patterns cannot be treated as definitive predictions. The two previous rallies occurred under different market conditions.

Therefore, the data is more appropriately used as context than a definitive Ethereum price target.

Read also: Arthur Hayes Sells 6,000 ETH for a Loss of US$606,000, Buys Back Another 1,900 ETH at US$1,920

ETH Bullish, But Risk of Correction Remains

Ethereum's bullish signals are indeed growing stronger, but technical indicators suggest the market is starting to overheat. ETH's Relative Strength Index (RSI) is hovering around 79, a level indicating overbought conditions.

Overbought conditions don't automatically mean Ethereum will fall. In a strong bullish trend, the RSI can remain high for quite a long time.

However, the probability of profit taking usually increases when prices rise too quickly.

This risk is visible from liquidation activities.

Ethereum saw approximately US$108.8 million in liquidations in 24 hours, with short positions accounting for approximately US$68.3 million.

This condition shows that leverage also strengthens ETH price movements.

If the price continues to rise, a short squeeze can help accelerate the rally. Conversely, a sudden reversal can trigger long liquidations and accelerate the correction.

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What is Ethereum's Next Price Target?

From a technical perspective, US$2,678 is Ethereum's resistance level to watch after ETH moved above US$2,400.

If that level is broken with strong volume, the next focus could be on US$2,865.

Conversely, failure to maintain momentum could send ETH back to testing the $2,300 area. Daan Crypto Trades analysts warn that rejection below $2,300 could turn the rally into a liquidity sweep and open up room for a correction towards the bull market support band.

Thus, Ethereum price predictions should use several scenarios.

A breakout of US$2,678 would strengthen the bullish structure, while a break below US$2,300 could signal that the rally requires further consolidation.

Read Also: Can Ethereum Beat Bitcoin in Q3 2026?

Has the ETH Rally Just Started?

There are several reasons why Ethereum's bullish streak still has some basis.

BitMine accumulation continues, ETFs are recording large inflows, a significant portion of BitMine's ETH is already staked, and the narrative of asset tokenization and AI is further fueling blockchain adoption.

However, a 30% increase in a week also raised market expectations.

Investors need to see whether ETF fund flows remain positive and whether ETH is able to break through resistance without being followed by a surge in selling pressure.

If demand persists while corporate accumulation remains aggressive, there's still room for upside. If momentum weakens, ETH could enter a consolidation phase before determining its next direction.

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Conclusion

Ethereum naik 30%in a week when BitMine again increased its holdings with the purchase ETH US$81 millionThe company's total treasury now stands at 5.85 million ETH, or approximately 4.8% of Ethereum's total supply.

Meanwhile, the US Ethereum spot ETF recorded an inflow of US$697 million, reinforcing indications of growing institutional demand. However, the RSI approaching 79 and high leverage activity suggest that the risk of a correction should not be ignored.

The US$2,678 and US$2,865 levels are important resistance levels to monitor the continuation of the trend ETH rally, while US$2,300 is an area to watch if momentum reverses.

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FAQ

Why is Ethereum up 30%?

Ethereum's rise was supported by improving market sentiment, strong inflows into Ethereum spot ETFs, and increased ETH accumulation by companies like BitMine.

How much ETH did BitMine buy?

BitMine buy 32.447 ETH in one week with a value of around US$81 million, bringing his total holdings to 5,847,611 ETH.

Will BitMine continue to buy Ethereum?

BitMine aims to own 5% of the total Ethereum supply. With around 4.8% ownership, the company still needs approximately 187,000 ETH to reach that target.

What is the next Ethereum price target?

Analysis cited by Blockonomi places US$2,678 as the nearest resistance and US$2,865 as the next resistance target.

Is Ethereum still bullish?

Current fundamentals and cash flows support a bullish scenario, but the RSI, around 79, indicates overbought conditions. Therefore, a correction or consolidation remains possible before ETH resumes its upward movement.