Ethereum Price Soars as Bitmine Immersion Technologies Announces $1 Billion ETH Acquisition

The Ethereum (ETH) price continues to exhibit strong bullish momentum on the technical front, further bolstered by a significant corporate endorsement. Bitmine Immersion Technologies (NYSE AMERICAN: BMNR), a firm now led by Fundstrat's renowned analyst Thomas Lee as its Chairman, announced this week that it has acquired over $1 billion worth of ETH and ETH-linked assets, injecting new confidence into Ethereum's long-term value proposition.

According to the firm’s press release, Bitmine now controls the equivalent of 300,657 ETH, which includes 60,000 ETH held through in-the-money options, all underpinned by a substantial $200 million in unencumbered cash reserves. This rapid accumulation, which follows a successful private placement round, signifies an aggressive push by Bitmine towards its ambitious goal of cornering 5% of Ethereum’s total supply. Achieving this target would currently require an investment exceeding $20 billion, based on ETH's present market capitalization.

Chairman Thomas Lee stated, "We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply." The market appears to be taking considerable notice of this strategic pivot.

Ethereum Price Technical Indicators Signal Ongoing Bullish Strength

On the daily chart, the Ethereum price has now logged five consecutive bullish closes, with strong follow-through pushing prices comfortably above the $3,400 mark. Technical indicators are aligning to support this upward trajectory.

Ethereum Strategy Outlook: Long or Short?

• Long traders may identify entry opportunities on pullbacks to support levels, especially if the $3,390–$3,405 range demonstrates robust buy-side defense. A decisive breach through the "ask wall" at $3,411 could open a clear path towards $3,473 and beyond, where a significant breakout could challenge the mid-$3,500s.
• Short traders, conversely, might perceive the currently overbought Relative Strength Index (RSI) and prominent resistance zones as signals to "fade" rallies near $3,500. This approach would be particularly attractive if momentum indicators begin to show signs of weakening or if Bitmine’s aggressive buying spree appears to slow down.

Whether the primary catalyst is organic on-chain momentum or large-scale institutional accumulation like Bitmine’s, the Ethereum price appears poised for another leg higher, though potential hurdles from resistance clusters and elevated RSI levels could lead to temporary pauses or corrections.

Conclusion

Ethereum’s technical setup remains robustly bullish, characterized by increasing momentum and firm buy walls supporting its ascent. Now, with institutional interest evidently reignited by Bitmine Immersion Technologies’ massive ETH acquisition, the path to $3,500 could materialize sooner than many expect. Nevertheless, traders should remain vigilant for resistance clusters and elevated RSI levels, which might signal periods of consolidation or minor corrections.

July 2025, Cryptoniteuae