Ethereum Price Forecast: BitMine continues accumulation as ETH climbs above $1,800

Ethereum price today: $1,810

• BitMine scooped 76,881 ETH last week, pushing its holdings to 5.62 million ETH.
• The company also closed its 9.5% Series A Perpetual Preferred Stock offering, receiving net proceeds of $273.8 million.
• ETH could target $1,909 if it sustains a daily close above $1,800.

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) expanded its holdings last week, purchasing 76,881 ETH amid weakness in the crypto market.

The acquisition lifted BitMine's stash of the top altcoin to 5.62 million ETH worth $10.35 billion at the time of writing. The company claims it now holds 4.66% of ETH's circulating supply, bringing it closer to its alchemy of 5% goal. Despite lowering its average acquisition through increased accumulation in the recent ETH price decline, BitMine continues to hold unrealized losses of over $9 billion.

The Las Vegas-based firm also reported holdings of 204 Bitcoin (BTC), a $180 million stake in Beast Industries, $88 million in Eightco Holdings shares, and total cash and marketable securities of $502 million. Most of the cash holdings stem from BitMine's recently closed offering of 3.5 million shares of its 9.5% Series A Perpetual Preferred Stock at $80 per share. The company raised $273.8 million in net proceeds after deducting underwriting discounts, commissions and expenses.

"The Series A Preferred Stock offering is good balance sheet diversification for BitMine. The Company's current projected annualized staking rewards of approximately $219 million provide recurring cash flow to support the dividends related to the Series A Preferred shares," said BitMine Chairman Thomas Lee in a Monday statement.

The 9.5% Series A Perpetual Preferred Stock will begin trading on the New York Stock Exchange (NYSE) on Tuesday under the ticker BMNP. BitMine had previously stated that proceeds from the offering will be targeted toward additional ETH purchases, share buybacks or other projects.

Meanwhile, US spot ETH exchange-traded funds (ETFs) recorded a fifth consecutive week of negative flows, with modest outflows of $14.9 million last week, per SoSoValue data.

Ethereum Price Forecast: ETH eyes a daily close above $1,800

On the daily chart, ETH is stabilizing after a sharp rebound from sub-$1,600 but remains capped by a dense band of overhead resistance. Price holds modestly above nearby support levels, while the Relative Strength Index (RSI) has recovered toward the neutral 50 region and the Stochastic pushes higher, hinting at improving short-term momentum but not yet signaling a clear bullish trend reversal.

On the topside, initial resistance emerges at $1,909, followed by a tighter supply band around $2,018 and $2,107, with a subsequent hurdle at $2,211. Beyond that, stronger resistances are layered near $2,388 and $2,746.

On the downside, bulls are looking to sustain a daily close above $1,806, with the next key support at $1,741. A break lower would expose deeper demand around $1,524 and $1,404.89, with $1,155 acting as a longer-term safety net if selling pressure intensifies.

(The technical analysis of this story was written with the help of an AI tool.)