Ethereum (ETH) Price: Bitmine Buys 71,672 ETH as Tom Lee Calls Dip an “Attractive Opportunity”

TLDR

• Bitmine bought 71,672 ETH last week, bringing total holdings to 5.278 million ETH (~$11.05B)
• Tom Lee called ETH’s drop below $2,200 an “attractive opportunity”
• ETH is down 8.7% over the past week, trading around $2,100–$2,128
• An OG Ethereum whale who sold a year ago has started buying again, per Lookonchain
• ETH faces key support at $2,108, with deeper levels at $1,909 and $1,741 if that breaks

Bitmine Immersion Technologies added 71,672 Ether to its treasury last week, pushing its total holdings to 5.278 million ETH. At current prices, that stack is worth roughly $11.05 billion.

Chairman Tom Lee made the move public on Monday, saying the company sees ETH’s recent slide below $2,200 as “an attractive opportunity.” Bitmine is now the largest corporate ETH treasury in the world, and the second-largest crypto treasury overall, behind Michael Saylor’s Strategy.

The company’s goal is to hold 5% of ETH’s circulating supply of 120.7 million tokens. That means it still needs around 756,538 more ETH to hit its target of over 6 million. Lee said Bitmine is on track to reach that milestone “sometime in 2026.”

Bitmine has also staked 4.71 million ETH through its Made in America Validator Network (MAVAN), generating an annualized staking revenue of $289 million.

Analyst Daan Crypto Trades weighed in on X, noting that ETH broke down after failing to clear the $2,400 area. He said a bullish retest of that level is still possible early in the week, but if a bearish retest plays out instead, he expects ETH to fall back below $2,000. He added that Bitcoin’s direction will likely determine which way ETH moves.

Whale Activity Returns

Bitmine wasn’t the only buyer. Blockchain analytics platform Lookonchain reported Saturday that an OG Ethereum whale — one who had held ETH for over a decade before selling their entire position a year ago — has started buying again. The whale picked up 1,951 ETH at $2,182. Lookonchain noted the wallet “may keep buying.”

ETH has traded between $2,081 and $2,341 over the past seven days. It was sitting at around $2,128 on Tuesday, down 8.7% for the week.

Price Levels to Watch

From a technical standpoint, Ethereum is testing the $2,108 support level. The 20-day, 50-day, and 100-day EMAs are all sitting above current price in the $2,256–$2,338 range, acting as a resistance zone.

The RSI is in the low 30s and the Stochastic Oscillator is deep in oversold territory. If $2,108 fails, the next support levels are $1,909, $1,741, $1,524, and $1,405.

ETH hit an all-time high of $4,946 in August 2025 but has since dropped about 57%. Ethereum investment products recorded net outflows of $249 million last week, with $322.4 million in liquidations over the past 24 hours — $296.9 million of those were liquidated long positions.

Lee also commented on the CLARITY Act, which cleared the Senate Banking Committee last week. He said hurdles remain but believes the odds of it passing are higher than the 61% reflected on Polymarket.

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