Ethereum nears $2.3K as Bitmine buys big, fueling bullish outlook

Ethereum (ETH) trades around $2,305, slightly down in the past 24 hours amid broader market jitters. While prices are off intraday highs, volume of $18.3 billion highlights buyer interest as Bitmine Immersion Technologies' latest Ethereum purchase points to institutional confidence.

ETH recently jumped to above $2,400 on bullish sentiment around de-escalating geopolitical tensions. This outlook remains, and Bitmine buying more ETH signals conviction. Could it help the price go higher?

Bitmine's major ETH acquisition

Bitmine Immersion Technologies added 101,627 ETH last week, its fastest accumulation since December 15, 2025.

The firm now holds 4,976,485 ETH as of April 19, 2026, equating to 4.12% of Ethereum's total supply.

Its $12.9 billion portfolio includes $1.12 billion in cash, 199 BTC, a $200 million Beast Industries stake, and $107 million in Eightco Holdings.

Bitmine's strategy emphasizes buying dips, with consistent weekly ETH stacks positioning it as a top corporate holder. It pairs this with BTC exposure, as seen in prior $260 million joint crypto buys, using cash reserves for opportunistic multi-asset growth without asset sales.

Notably, analysts see the purchases by Bitmine and Michael Saylor's Strategy as bulls returning to the market in full force.

As Bitmine acquired the most ETH in a week since the highs of December 2025, Strategy just bought the most BTC in a week this past week. It's the company's biggest weekly buy since November 2024. Saylor is Bitcoin's biggest bull.

ETH price prediction

Ethereum surged past $2,400 recently on Strait of Hormuz reopening news, fueling a short squeeze with a notable volume spike.

Gains pared after US forces boarded an Iran-linked ship, heightening tensions and driving ETH to $2,301.

ETH maintains bullish RSI in an ascending channel, bolstered by ETF inflows, though $2,400 resistance persists amid oil risks.

Bitmine's aggressive buying tightens supply, with over 3 million ETH staked. This move supports forecasts of a potential spike above $2,500.

"We see growing signs that the 'mini-crypto' winter is coming to an end. As downside tail risks for the US-Iran war diminish, ETH has risen 41% from its early February lows. And ETH has outperformed the S&P 500 by 2,280 basis points since the war started and remains the single best-performing asset in the world,” said Tom Lee, Chairman of Bitmine.

In the short term, geopolitical relief could push bulls toward $3,000 and $3,500. The top price target in the near term is $5,000, a level that marks the leading altcoin's all-time high zone.

According to Lee, the Ethereum price has and could continue to benefit from two major catalysts: Wall Street’s rapid adoption of asset tokenization and agentic AI systems. Ethereum stands as the top public blockchain for these trends, he added. 

If price drops below $2,200, bears could eye $2k and year-to-date lows around $1,800.