{"id":23923,"date":"2026-03-17T09:08:17","date_gmt":"2026-03-17T09:08:17","guid":{"rendered":"https:\/\/bitunikey.com\/news\/ethereum-price-outlook-as-bitmines-holdings-approach-4-6-million\/"},"modified":"2026-03-17T09:08:26","modified_gmt":"2026-03-17T09:08:26","slug":"ethereum-price-outlook-as-bitmines-holdings-approach-4-6-million","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/ethereum-price-outlook-as-bitmines-holdings-approach-4-6-million\/","title":{"rendered":"Ethereum price outlook as BitMine\u2019s holdings approach 4.6 million"},"content":{"rendered":"<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Ethereum price rallied to a six-week high of $2377.64 on Tuesday as institutional investors continue to accumulate the asset.<\/p>\n<div id=\"cn-block-summary-block_4fe6abf23ebaa2cc5b783229e2bd714a\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Ethereum price climbed to a six-week high near $2,377 as institutional accumulation and continued spot ETF inflows supported bullish momentum.<\/li>\n<li>Tom Lee\u2019s treasury firm Bitmine purchased nearly 61,000 ETH over the past week, lifting its total holdings to roughly 4.6 million ETH.<\/li>\n<li>A short squeeze above $2,300 triggered liquidations of clustered bearish positions, adding momentum to the rally.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>According to data from crypto.news, Ethereum (ETH) price rose 6% to hit $2,377.64 on March 17, its highest level since the beginning of February, before settling around $2,334 at press time. It extends its positive run for the fourth straight day, clocking gains of 13% in the period.<\/p>\n<p>A major catalyst driving its gains came from aggressive buying from institutional investors. Notably, Tom Lee\u2019s Ethereum Treasury company, Bitmine, has been a driving force that bolstered market confidence. Notably, the firm purchased nearly 61,000 ETH in the past week, bringing its total ETH stash to nearly 4.6 million, or around 3.81% of the ETH token supply.<\/p>\n<p>In its latest Ethereum acquisition, Lee <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.prnewswire.com\/news-releases\/bitmine-immersion-technologies-bmnr-announces-eth-holdings-reach-4-596-million-tokens-and-total-crypto-and-total-cash-holdings-of-11-5-billion-302714219.html\" target=\"_blank\" rel=\"nofollow\">noted<\/a> that the treasury company has accelerated purchases as analysts at the firm believe that the asset\u2019s price has nearly approached a local bottom amidst the ongoing crypto bloodbath triggered by macroeconomic and geopolitical concerns.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>Ethereum, along with other major crypto assets, has so far outperformed U.S. tech stocks since the start of the U.S.-Iran war, which sent crude oil prices surging to multi-year highs, sparking concerns of runaway inflation.<\/p>\n<p>Ethereum price has also been backed by back-to-back inflows in spot Ethereum ETFs, which have drawn in retail attention. <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/sosovalue.com\/assets\/etf\/us-eth-spot\" target=\"_blank\" rel=\"nofollow\">Data<\/a> from SoSoValue show that U.S. spot ETH ETFs have hit a 5-day inflow streak for the first time since mid January, drawing in $248 million in net inflows.<\/p>\n<p>Meanwhile, today\u2019s rally was also supported by a short squeeze after ETH broke past $2,300, where a large cluster of short positions was liquidated.<\/p>\n<h1 class=\"wp-block-heading\">Ethereum price analysis<\/h1>\n<p>On the daily chart, Ethereum price has recently broken above the 20-day and 50-day moving averages, suggesting that bulls are regaining control of the market. It has also surpassed the $2,200 key resistance that had served as a formidable ceiling in at least two earlier attempts in March.<\/p>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">ETH\/USDT 1-day price chart \u2014 March 17 | Source: crypto.news<\/figcaption><\/figure>\n<p>The Supertrend has flashed green for the first time since Jan. 20. Typically, when the Supertrend indicator turns green, an asset\u2019s price enters a sustained bullish phase. Additionally, the 20-day and 50-day SMAs are approaching a bullish crossover, a sign that upward momentum is gathering strength.<\/p>\n<p>For now, $2,594 acts as the next key resistance area bulls would likely aim to challenge. A break above that level would mark a major shift in market sentiment and could lay the groundwork for a retracement towards the $3,000 psychological milestone.<\/p>\n<p>On the contrary, failure to hold the 50-day SMA at $2,118 could lead to a retest of lower support levels as sellers look to capitalize on any signs of weakness.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<div class=\"cn-block-disclaimer\">\n<div class=\"cn-block-disclaimer__icon\">\n            <svg class=\"icon icon-info\" aria-hidden=\"true\"><use xlink:href=\"#icon-info\"><\/use> <\/svg>        <\/div>\n<p class=\"cn-block-disclaimer__content\">\n            Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.        <\/p>\n<\/p><\/div>\n<p><!-- .cn-block-disclaimer --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price rallied to a six-week high of $2377.64 on Tuesday as institutional investors continue to accumulate the asset. Summary Ethereum price climbed to a six-week high near $2,377 as&hellip;<\/p>\n","protected":false},"author":1,"featured_media":11617,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-23923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/23923","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=23923"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/23923\/revisions"}],"predecessor-version":[{"id":23924,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/23923\/revisions\/23924"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/11617"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=23923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=23923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=23923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}