Ethereum Price Forecast: ETH climbs above $4,700 as BitMine's stash surpasses 2.83 million ETH

Ethereum price today: $4,705

• Ethereum treasury firm BitMine acquired 179,251 ETH last week, boosting its holdings to 2.83 million ETH.
• Grayscale has rolled out staking within its US-listed spot ETH ETFs.
• ETH eyes $4,800 after clearing a key descending trendline resistance.

Ethereum (ETH) rises above $4,700 on Monday, up 4.5% over the past 24 hours, following BitMine's latest update that it bought 179,251 ETH last week.

BitMine holdings surpass 2.83 million ETH

Ethereum treasury firm BitMine Immersion Technologies (BMNR) purchased 179,251 ETH last week, continuing its weekly accumulation of the top altcoin, according to a statement on Monday.

The latest acquisition has pushed the company's stash to 2.83 million ETH, which is about 2.34% of the top altcoin's circulating supply, per Ultrasound.money data. BitMine is on track to achieve 50% of its plan to acquire 5% of ETH's circulation, a vision its Chairman, Thomas Lee, dubbed the 'alchemy of 5%.'

The Nevada-based firm also reported holdings of 192 Bitcoin (BTC), a $113 million stake in Worldcoin treasury Eightco Holdings (ORBS) and an unencumbered cash of $456 million.

BitMine pivoted to an ETH treasury in July after initially acquiring $500 million worth of ETH. Since then, the company has grown to become the largest publicly traded Ethereum treasury by asset, outpacing its closest rival, SharpLink Gaming, which holds about 838,730 ETH.

The company also ranks as the second-largest global digital asset treasury (DAT) behind Bitcoin-focused Strategy, which boasts an $80.3 billion stash.

BitMine shares gained 10%, rising from $59.5 to $62.6 at the time of publication on Monday.

In other news, Grayscale has launched staking within its US spot ETH exchange-traded funds (ETFs), Grayscale Ethereum Trust ETF (ETHE) and Ethereum Mini Trust ETF (ETH), enabling investors to earn extra yields on their investments.

Meanwhile, spot ETH ETFs saw $1.3 billion in net inflows last week, their fourth-highest on record.

Ethereum Price Forecast: ETH eyes $4,800 after clearing descending trendline resistance

Ethereum saw $73.7 million in futures liquidations over the past 24 hours, led by $56.5 million in short liquidations, according to Coinglass data.

On Monday, ETH broke above the descending trendline resistance extending from August 24 after facing three consecutive rejections at the level in the past three days.

The top altcoin is approaching the next resistance near $4,800. A firm move above the resistance could see ETH tackle its all-time high at $4,956.

ETH/USDT daily chart

On the downside, ETH could find support near the 50-day Simple Moving Average (SMA). Further down, the $4,100 key level could also serve as a critical support.

The Relative Strength Index (RSI) is approaching its overbought region, while the Stochastic Oscillator (Stoch) has remained at overbought conditions since last week. While overbought levels in the Stoch signals heightened bullish momentum, it also increases the likelihood of a short-term pullback.