Ethereum Jumps 7% as BitMine Expands Massive ETH Staking Push

The Ethereum price has surged 7% in the last 24 hours to trade at $3,392, as BitMine Immersion Technologies continues to aggressively expand its Ether staking strategy, strengthening confidence in the world’s second-largest cryptocurrency.

BitMine, chaired by Fundstrat’s Tom Lee, recently staked an additional 186,560 ETH worth about $625 million, bringing its total staked amount to 1,530,784 ETH. This is valued at roughly $5.13 billion and represents around 4% of all 36 million ETH currently staked on the Beacon Chain, making BitMine the largest Ethereum digital asset treasury (DAT) in the world.

The firm still holds over 4 million ETH in total, meaning about 37% of its Ether reserves are now staked, with more likely to follow. This latest move comes just days after BitMine crossed the 1 million ETH staking milestone. As of Monday, the company reported holding 4,167,768 ETH, 192 Bitcoin, nearly $1 billion in cash, and a $23 million stake in Eightco Holdings.

At the same time, Ethereum’s validator entry queue has surged to 2.3 million ETH, its highest level since August 2023, highlighting growing interest in staking across the network.

BitMine’s stock reacted positively to the news, rising 3.8% in after-hours trading to $32.35. The company’s shares are now up 11.5% year to date, supported by both its aggressive crypto strategy and the broader recovery in digital asset markets.

Tom Lee remains optimistic about Ethereum and the wider crypto sector after the sharp market correction in late 2025. He described the October 10 leverage reset as a “mini crypto winter” and expects 2026 to be a recovery year, with stronger gains likely in 2027 and 2028.

Ethereum Breaks Key Resistance as Bullish Momentum Continues

Ethereum (ETH) price has broken above a key resistance zone near the $3,300–$3,320 area. This level previously acted as a major supply zone where sellers repeatedly pushed prices lower. The recent breakout, supported by rising volume and strong candle structure, suggests buyers have regained control.

Price action earlier in the month formed a rounded bottom pattern, indicating a gradual shift from bearish to bullish sentiment. This pattern often signals accumulation and a potential trend reversal. Following the rounded base, ETH established higher lows and higher highs, confirming a short-term bullish structure.

The major support level is now visible around $2,900–$3,000, where the price previously consolidated before the latest upward move. As long as ETH holds above this zone, the bullish bias remains intact. The former resistance near $3,300 is now acting as new support, strengthening the case for further upside continuation.

ETHUSD chart Analysis. Source: Tradingview

The chart also highlights a reward zone above the breakout area, with a projected target price around $3,550–$3,600. This target aligns with the height of the previous range and the measured move from the rounded bottom formation.

RSI Signals Overbought Conditions as ETH Eyes $3,600

On the momentum side, the Relative Strength Index (RSI) is currently around 74 on the 4-hour chart, placing ETH in overbought territory. While this suggests the possibility of short-term pullbacks or consolidation, strong trends can keep RSI elevated for extended periods. The RSI moving above its signal line further supports bullish momentum.

Previously, ETH traded inside a bearish channel, but the decisive breakout from that structure marked a trend shift. The current market structure now favors buyers, with dips likely to attract demand rather than aggressive selling.

In the short term, ETH may retest the $3,300 support zone before attempting another push higher. A successful hold above this level could open the door for a move toward the $3,500–$3,600 region. However, failure to hold this support could trigger a