Ethereum Price Forecast: BitMine holdings top 6 million ETH amid geopolitical tensions

Ethereum price today: $2,670

• BitMine acquired an additional 17,362 ETH last week, boosting its stash above 6 million ETH.
• Ethereum ETFs posted weekly inflows of $689.8 million, but geopolitical tensions weigh on the market.
• ETH continues a range-bound move as 20-day EMA support holds firm.

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) now holds over 6 million ETH following another round of weekly acquisitions of the top altcoin.

The Las Vegas-based firm said on Monday it acquired 17,362 ETH last week, maintaining a weekly buying streak that stretches back to June 30, 2025, when it pivoted to an Ethereum treasury strategy. The purchase has lifted its holdings of the top altcoin to 6.001 million ETH, worth $16.08 billion at the time of writing. That represents 4.9% of the 122.1 million ETH total supply, BitMine noted.

"Bitmine's total ETH holdings now exceed 6 million. This is a tremendous achievement, accumulating this total in under 15 months," said BitMine Chairman Thomas Lee. "We are already seeing the synergies and positive network effects from our accumulating nearly 5% of ETH total supply."

Lee also added that the company continues to see positive signs that a crypto bull market has begun as ETH outperformance remains firm.

"In our view, institutions are still underweight crypto and we expect them to be adding to their exposure in the final months of 2026," noted Lee. "With only a little more than a week left in calendar third quarter (Q3' 26), the outperformance of Ethereum as a macro asset continues to strengthen. For the calendar quarter to date, ETH is outperforming by 6,728bp, dwarfing other macro assets."

BitMine highlighted that it maintained a 5.067 million ETH stake, with projected annualized staking revenue of $358 million.

The company also reported holdings of 213 Bitcoin (BTC), a $180 million stake in Beast Industries, a $115 million stake in Eightco Holdings (ORBS) and total cash & marketable securities of $672 million.

BMNR shares are trading at $27.2, down 1% at the time of writing.

ETH ETFs continue strong inflows, but geopolitical tensions weigh on market

Meanwhile, Ethereum exchange-traded funds (ETFs) saw $689.8 million in weekly net inflows last week, per SoSoValue data. The move follows six consecutive days of inflows into the products.

Despite the strong inflows, market sentiment trended lower on Monday after the US, over the weekend, rejected Iran's ceasefire proposal to reopen the Strait of Hormuz. This strategic waterway facilitates passage for 20% of the world's oil and gas before the war.

Ethereum eased below $2,700 while the Nasdaq-100 and S&P 500 trended lower as the US 10Y Note Yield clocked a fresh high above 5.26%.

Ethereum technical outlook: ETH stays firm, bounces near 20-day EMA

Ethereum has recorded $89.5 million in liquidations over the past 24 hours, led by $55.5 million in long liquidations, according to Coinglass data.

On the daily chart, ETH maintains a bullish near-term bias as price holds above the long- and short-term Exponential Moving Averages (EMAs), clustered between roughly $2,605 and $2,314. The 14-day Relative Strength Index (RSI) at 63 and Stochastic Oscillator (Stoch) around 73 both sit in bullish territory after retreating from overbought levels.

On the downside, immediate support is at the horizontal level at $2,626, reinforced by the 20-day EMA at $2,605, while deeper demand appears at $2,544 and around $2,432, where a horizontal floor aligns with the 50-day EMA near $2,427.

On the topside, ETH faces initial resistance at $2,786, ahead of the next barriers at $2,894 and $3,177. A daily close above $2,786 would open the path toward the higher resistance band, while failure to clear it would likely trigger a corrective pullback toward the mentioned support cluster.

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