Ethereum Rises as BitMine Adds More ETH Ahead of Shareholder Vote

The Ethereum price has climbed 2% in the last 24 hours to trade at $3,121 as Tom Lee’s BitMine continues to expand its Ethereum treasury with another 24,266 ETH following last week’s purchase of 32,977 ETH.

This brings the company’s total Ethereum treasury to about 4.17 million ETH, making it the largest corporate holder of Ethereum in the world with roughly 3.45% of the total supply. The company’s strategy is focused on increasing the amount of ETH held per share rather than relying only on price appreciation. BitMine is also growing its staking operations, with more than 1.25 million ETH currently staked through various providers, generating additional yield for the business.

These purchases come just days before BitMine’s annual shareholder meeting on January 15 in Las Vegas. Shareholders will vote on a proposal to increase the number of authorized company shares. Chairman Tom Lee has urged investors to support the plan, saying the company already has close to 500 million approved shares and needs more authorization to continue buying ETH at the current pace.

BitMine’s Shareholder Vote to Determine Future ETH Strategy

Lee also explained that BitMine only issues new shares at a premium to its modified net asset value. According to him, this approach protects existing shareholders while giving them greater exposure to Ethereum. Recent updates about the company’s ETH staking activities have already helped push BMNR stock higher, showing strong investor interest in its crypto-focused strategy.

VanEck’s Matthew Sigel has also encouraged BitMine shareholders to take part in the vote. He warned that low turnout in similar companies has previously led to delays, reconvened meetings, and uncertainty that hurt investors. Sigel said crypto investors often underestimate the importance of corporate voting, even though the results can directly affect a company’s future plans.

The outcome of the January 15 vote could shape BitMine’s long-term Ethereum strategy. If approved, the company is likely to continue aggressively accumulating ETH. If not, further purchases could become much harder, slowing down its expansion plans in the Ethereum market.

Ethereum Eyes Recovery as Buyers Gain Strength

ETHUSD trading pair signals a potential bullish reversal on the 4-hour chart after forming a rounded bottom near key support levels. The price is currently trading at $3,120 after pulling back from recent highs near $3,300. The price action indicates selling pressure is easing, and buyers are slowly regaining control, which could signal the start of a new upward move.

Earlier, Ethereum rallied toward $3,400 but then entered a bearish channel marked by lower highs and lower lows, indicating short-term weakness. The market found strong support around $2,880–$2,920, preventing deeper losses. From this level, Ethereum began forming a rounded bottom, a gradual reversal pattern showing a shift from bearish to bullish sentiment. The price slowly recovered from $2,900 toward $3,100, indicating a controlled and steady return of buying interest.

ETHUSD Chart Analysis. Source: Tradingview

Support remains strong at $2,880–$2,920, with another level at $3,000–$3,040 acting as short-term support. On the upside, resistance lies between $3,280 and $3,320. A clean break above this zone could push Ethereum toward $3,400–$3,450.

Momentum indicators also support the bullish case, with the RSI at 52, slightly above neutral, indicating improving buying strength. Ethereum has also broken out of the previous bearish channel, suggesting sellers are losing control while buyers gain confidence.

In the short term, Ethereum could follow three scenarios. In a bullish case, holding above $3,050 and breaking $3,280 could target $3,400 and higher. In a neutral case, the price may continue ranging between $3,000 and $3,280 as traders wait for a clear breakout. In a bearish case, a drop below $3,000 could retest $2,920 or even $2,800, invalidating the reversal setup. Strong fundamentals, including staking growth, institutional accumulation, ETF interest, and corporate adoption such as BitMine, support long-term bullish sentiment.

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