Ethereum Price Forecast: ETH eyes another bullish pennant as BitMine treasury blows past $6 billion

Ethereum price today: $4,320

• BitMine's Ethereum treasury has grown to $6.6 billion after it purchased 373,000 ETH last week.
• Ethereum investment products also sustained their buying pressure, with record inflows of $2.87 billion.
• ETH could validate another bullish pennant if it holds the $4,100 support.

Ethereum (ETH) experienced a 3% decline on Monday as BitMine (BMNR) revealed that it had increased its treasury by 373,000 ETH, valued at approximately $1.7 billion.

BitMine's holdings reach $6.6 billion, ETH investment products see record inflows

Ethereum treasury firm BitMine Immersion said it acquired 373,000 ETH last week, boosting its holdings to 1.52 million ETH, worth about $6.6 billion at the time of publication. The latest purchase follows the firm's filing with the US Securities and Exchange Commission (SEC) to expand its equity offering by $20 billion, aimed at acquiring more ETH. 

The company claims it's the largest ETH treasury in the world and ranks behind Strategy (formerly MicroStrategy) among global digital asset treasuries (DATs). 

"We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years," said Thomas Lee, BitMine's Chairman and Fundstrat's CIO, in a company statement on Monday. "Wall Street and Al moving onto the blockchain should lead to a greater transformation of today's financial system. And the majority of this is taking place on Ethereum."

BitMine is one of several companies building an ETH treasury acquisition vehicle. Since gaining popularity in June, these firms have acquired nearly 3 million ETH, according to data from StrategicETHReserve.xyz.

Meanwhile, Ethereum investment products were not left out of the action, attracting a record $2.87 billion in net inflows last week, according to a CoinShares report on Monday. US spot Ethereum exchange-traded funds (ETFs) were responsible for nearly all of the flows, with a record weekly inflow of $2.85 billion.

Ethereum Price Forecast: Is ETH forming another bullish pennant?

Ethereum is down 3% after seeing a rejection near $4,500, extending its failure to establish a firm recovery above the level since its price dip on Thursday.

The decline has sparked $241 million in ETH futures liquidations over the past 24 hours, per Coinglass data. Long and short liquidations reached $191.63 million and $49.68 million, respectively.

ETH/USDT daily chart

If ETH holds the $4,100 support, the recent correction could mark the formation of another pennant before a price surge — a pattern it has completed on three occasions within the past four months. The top altcoin has to sustain a firm close above its all-time high resistance at $4,868 to validate the pattern.

On the downside, the 14-day Exponential Moving Average (EMA), which sits just above $4,260, could provide short-term support.

The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are above their neutral levels but trending downwards, indicating a weakening bullish momentum. A decline below their neutral levels could spark a dominant bearish pressure.