Ethereum Price Prediction As Tom Lee’s Bitmine Adds Another $199M In ETH

The Ethereum price edged up a fraction of a percentage over the past 24 hours to trade at $3,055 as of 10:49 a.m. EST on trading volume that plunged 61% to $10.5 billion.

This comes as Tom Lee’s Bitmine Immersion Technologies (BMNR) has inched significantly closer to its ambitious target of controlling 5% of Ethereum’s total supply, following a recent $199 million purchase of ETH.

The acquisitions were made in two large purchases: the first on Friday for $130.7 million and another on Saturday for $68 million.

As a result, BitMine now holds approximately $11.3 billion, which is about 3.08% of all ETH in existence.

BitMine doubling down on its contrarian bet comes despite market smart money betting on the ETH price drop, and the Ethereum Spot ETF (exchange-traded fund) inflows remain weak, according to Coinglass data.

Ethereum Price Attempts Recovery After Significant Retracement

After rallying strongly to an all-time high (ATH) at $4,954 in August, the ETH price eventually lost bullish momentum and began a multi-month decline, forming what appears to be a rounded top pattern.

This drop has since pushed ETH through multiple major Fibonacci retracement levels, breaking below the 0.382 and 0.5 Fib zones and sliding firmly into the deeper retracement region.

However, the Ethereum price found strong support inside the 0.618–0.786 Fibonacci zone, particularly around $2,800, which acted as a key demand level. This area provided a solid base for buyers to step in, allowing ETH’s price to bounce back toward the upper boundary of its recent downward structure.

The price of ETH is now trading just above the 0.618 Fib at $2,977, attempting to build early recovery momentum.

As the downtrend unfolded, the Ethereum price is now trading below both the 50-day and 200-day Simple Moving Averages (SMAs), indicating that sellers have maintained clear control of the market.

The bearish structure is also supported by a death cross that formed around $3,528, just above the 0.382 Fib level ($3,495).

Meanwhile, the Relative Strength Index (RSI) is showing early signs of improvement. With the RSI at 47, the indicator is approaching the neutral 50 level, signaling a potential shift in momentum.

The MACD further cements the bullish outlook. The blue MACD line has crossed above the orange signal line, and green bars are forming on the histogram, indicating that bullish momentum is gradually returning. While early, this crossover suggests that selling pressure has weakened and that buyers are becoming more active as ETH tests overhead resistance levels.

ETH Price Prediction

Based on the ETH/USD daily chart, Ethereum appears poised for a continued recovery if buyers can sustain momentum.

A decisive move above the 0.5 Fib level at $3,234, followed by a breakout above the 50-day SMA near $3,371, would open the way toward the major resistance at the 200-day SMA around $3,540.

Conversely, if the ETH price is rejected from these SMA-driven resistance levels, Ethereum could fall back toward the 0.618 Fib support at $2,977, with a deeper drop potentially revisiting the $2,600 demand zone.