Ethereum Price Forecast: ETH eyes $5,000 as BitMine plans $24.5 billion offering

Ethereum (ETH) crossed above $4,600 on Tuesday, spurred by record daily inflows of over $1 billion into US spot ETH exchange-traded funds (ETFs) and BitMine Immersion's (BMNR) plan to expand its at-the-market (ATM) offering by $20 billion.

BitMine files to expand ATM offering as ETH ETF inflows smash $1 billion

Crypto mining and treasury company BitMine filed a Form 8-K prospectus supplement with the Securities & Exchange Commission (SEC) on Tuesday to increase its ATM offering from $4.5 billion to $24.5 billion. The company intends to use the proceeds to boost its ETH acquisition.

ATM offerings allow publicly listed companies to sell shares on an as-needed basis, enabling a flexible and gradual approach to raising capital.

BitMine initially filed for a $2 billion ATM offering with the SEC on July 9 before increasing the size to $4.5 billion through a prospectus supplement on July 24. The latest offering expansion by an extra $20 billion could give the company a boost toward achieving its goal of accumulating 5% of the total ETH in circulation.

The firm, which has Fundstrat's CIO Thomas Lee as chairman, holds the largest ETH treasury among publicly-traded companies after growing its stash to 1.15 million ETH worth over $5 billion. It's followed by Ethereum co-founder and Consensys CEO Joseph Lubin's SharpLink Gaming, which has entered two key purchase agreements worth about $600 million in the past few days to buy more ETH.

Over the past two months, several publicly-traded firms have been accumulating ETH, leveraging Strategy's (formerly MicroStrategy) Bitcoin playbook.

US spot ETH ETFs weren't spared from the buying action, notching $1.02 billion in net inflows on Monday, their largest since debuting in July 2024, according to SoSoValue data. BlackRock's iShares Ethereum Trust (ETHA) and Fidelity Ethereum ETF (FETH) led the flows, also attracting record daily inflows of $639.7 million and $276.9 million, respectively.

Ethereum Price Forecast: ETH's bullish pennant targets new all-time high above $5,000

Ethereum saw $152.72 million in futures liquidations over the past 24 hours, per Coinglass data. The total amount of long and short liquidations is $37.38 million and $115.35 million, respectively.

ETH is testing the $4,500 resistance after rising more than 20% over the past week to break out of the consolidation phase of a bullish pennant. The top altcoin could stretch its rally to set a new all-time high above $5,000 if it completes the pennant's target, obtained by measuring the height of the pole and projecting it upward from a breakout point.

ETH/USDT daily chart

However, ETH has to overcome its current all-time high resistance of $4,868 — established in November 2021 — for such a move to materialize.

The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are in their overbought regions, indicating intense bullish momentum. While overbought conditions imply a buyer-dominated market, it increases the chances of a short-term pullback.

A daily candlestick close below $3,770 will invalidate the bullish thesis and potentially send ETH to $3,470.