Ethereum Price Forecast: Lee predicts "largest ever crypto bull market" as BitMine nears 5% supply goal

Ethereum price today: $2,510

• BitMine Chairman Thomas Lee says the upcoming crypto bull market will be its largest ever.
• The company acquired 12,532 ETH last week, lifting its holdings to 6.028 million ETH.
• ETH falters near the 20-day EMA after weekend recovery.

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) saw a slight increase in its ETH holdings, as it predicts crypto's largest-ever bullish market.

Lee outlines wealth transfer, crypto treasuries as potential bullish drivers

BitMine Chairman Thomas Lee noted that the crypto market is in the beginning stages of what could be "the largest ever crypto bull market, highlighting the company's large treasury as a differentiating factor.

"Owing to the following factors, we see the potential for this to be the largest ever crypto bull market. The drivers being: tokenization; wealth transfer; DATS absorbed supply; Crypto being an AI downstream story," said Lee in a Monday statement.

He stated that the generation inheriting wealth is younger and likely has a higher risk appetite for crypto and equities, which could provide support for the potential bull market.

Lee also pointed to lesser crypto supply in the upcoming cycle due to large accumulation from digital asset treasuries (DATs) over the past year.

"This dynamic is favorable ahead of the upcoming crypto bull cycle, particularly compared to the prior 2019-2021 period, when DATS were not a factor," he added.

The company disclosed that it purchased 12,532 ETH last week, lifting its stash to 6.028 million ETH, roughly 99% closer to its goal of acquiring 5% of the top altcoin's supply.

"The accumulation of a majority of our 6 million ETH took place in the midst of a crypto bear market and with the Company nearing our 5% ETH accumulation target, we believe the company is attractively positioned ahead of the coming crypto bull," said Lee.

Despite that, BitMine's holdings remain underwater, with over $4 billion in unrealized losses, according to Artemis data.

Last week, Lee said BitMine will stop accumulating ETH when it reaches that goal, which will halt one of Ethereum's major sources of demand over the past year.

Ethereum technical outlook: ETH sees rejection near 20-day EMA

Ethereum recorded roughly $58 million in liquidations over the past 24 hours, with 64% flowing from liquidated long positions.

On the daily chart, ETH is testing the 50-day Exponential Moving Average (EMA) at $2,503 and remains capped by the 20-day EMA near $2,592, which leaves the short-term tone neutral-to-bearish after the recent pullback.

The 100-day EMA at $2,351 sits comfortably below price and still hints at a broader constructive trend. Yet, soft momentum readings, with the 14-day Relative Strength Index (RSI) hovering around 42 and the Stochastic Oscillator (Stoch) near 28, suggest upside attempts could struggle while sellers retain the near-term initiative.

On the topside, initial resistance is seen at the horizontal barrier around $2,548, followed by the 20-day EMA. A sustained break above this cluster would open the way toward $2,636 and then $2,781, before higher hurdles emerge at $3,075 and $3,253.

On the downside, immediate support is provided by the 50-day EMA, where a daily close below would expose the confluence zone between the horizontal level at $2,355 and the 100-day EMA. Deeper floors are located at $2,204 and $1,971 if bearish pressure accelerates.

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