Bitmine Immersion, led by Tom Lee, has now accumulated a 3.4% share of the total Ethereum circulating supply. As Bitmine emerged as one of the largest ETH holders, exchange supply dropped sharply, with only 16.3 million ETH left for trading.
When fewer coins are available for trading, even small increases in demand can have a strong impact on price over time.
Ethereum Price Is Still Struggling
Despite strong accumulation and shrinking exchange balances, Ethereum’s price has slipped recently, trading near $3,200, down around 4% on the day. This recent drop followed ongoing geopolitical tension after Donald Trump threatened 10% tariffs on several European countries.
Indeed, the technical chart hint bullish upside for ETH. According to popular trader Merlijn the Trader, Ethereum is now “coiled,” with several bullish signals.
His chart highlights a falling wedge breakout, a double bottom, and improving momentum. According to him, $3,300 is the key level. As long as Ethereum stays above it, the bullish setup remains intact.
If this level holds, ETH could move higher toward the $3,900 to $4,000 range, which stands as the next major target.
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