Ethereum Price Outlook After Bitmine’s Massive 26,659 ETH Purchase

Ethereum price remained under pressure as the broader crypto market traded cautiously over the past 24 hours. Bitcoin price hoveres above $81,000, while other major digital assets were in a sideways mode as activity was weak. Investors are also closely monitoring the Senate Banking Committee vote, which could affect the future of crypto regulation and stablecoins.

Bitmine Acquires 26,659 ETH As Holdings Reach 5.2 Million

Ethereum price has continued to lag the broader cryptocurrency market after dropping by 1.05% to $2,310 in the previous 24 hours. Bitmine Immersion Technologies announced another substantial investment in the Ethereum network that garnered investor interest despite the drop.

Last week, the company unveiled that it purchased 26,659 ETH, raising its overall holding to 5,206,790 ETH. This amount equates to almost 4.31% of all Ethereum in circulation, further cements the Bitmine’s status as one of the biggest treasury firms for ETH.

According to chairman Tom Lee, the company has been holding over 1,000,000 ETH since the beginning of 2026. He also said Bitmine plans to continue to hold and stake their ETH, for long term benefits.

The company’s accumulation strategy is aggressive, which means that less Ethereum is available in the market, according to Lee. More than 4.3% of the total supply of Ethereum has effectively been taken out of circulation since June 2025, he added.

The announcement further improved investor confidence in Bitmine’s stock. BMNR stock climbed by $0.85, representing a 3.83% increase during trading.

May 14 Senate Vote Could Impact Crypto Markets

Crypto traders are now turning their attention to a vote by the Senate Banking Committee on May 14, at 10:30 AM. The committee will be considering the draft of the CLARITY Act, which could significantly change the future of crypto regulations in the United States.

Under the proposed law, if it moves forward, Bitcoin and Ethereum can be officially classified as commodities under federal law. That change would give more clarity about the law than the SEC guidance.

The draft bill also contains provisions to limit the passive yield payments for stablecoins. But under the proposal, activity-based rewards would still be allowed.

The Senate’s move might have an impact on institutional confidence in the digital-asset sector more broadly.

Will Ethereum Price Hold the $2,300 Support?

As of the reporting, the ETH Price traded at $2,300 following continued weakness across the four-hour trading timeframe.

Ethereum has seen multiple sell-offs in the past couple of sessions around the crucial $2,400 and $2,350 resistance levels.

The MACD indicator maintained the bearish momentum, with the signal lines remaining in bearish territory during the subsequent trading sessions.

On the other hand, the RSI indicator fell towards the 40 area, indicating some loss of buying strength on short-term investors lately.

Ethereum is now in immediate support at $2,300, a key level to ensure short-term stability.

If sellers push a breakdown below that range, ETH will likely come back down to the next support near $2,260.

On the upside, the future Ethereum outlook must reclaim the important $2,350 resistance level before any bullish continuation becomes technically possible. 

If the breakout happens, it could be a sign that buyers are pushing back on the next resistance in the $2,400-$2,500 area.