Ethereum (ETH) Price: ETH Moves Toward $3,400 as Bitmine Nears 5% of Supply

TLDR

• Ethereum rose from a July low near $1,510 to a late-September peak of about $2,777.
• Analyst Michael van de Poppe says a break higher could send ETH toward $3,400.
• Bitmine now holds 5,983,940 ETH, about 4.9% of Ethereum’s total supply.
• Bitmine has staked about 85% of its ETH and projects $357 million in yearly staking revenue.
• Ethereum network revenue hit $689,893 on September 21, its highest daily total in seven days.

Ethereum (ETH) is trading near $2,750 as buyers try to extend a recovery that started in July. The price is moving toward a resistance zone that traders are watching closely.

ETH climbed from a July low near $1,510 to a late-September peak of about $2,776.97, according to TradingView data. The latest session showed a 0.92% pullback, pointing to some short-term profit-taking.

Analyst Watches $3,400 Resistance

Crypto analyst Michael van de Poppe said in a post on X that ETH is “getting into an interesting zone.” He noted that a break above the current area could open the way toward $3,400.

Van de Poppe also said Ethereum is unlikely to return to the sub-$2,000 region in the near term. His view follows the stronger recovery structure ETH built after its July bottom.

After consolidating around $1,850, ETH broke above $2,400 in late August. It then pushed higher toward $2,750.

The Relative Strength Index sits at 69.50, just under the 70 level often seen as overbought. The MACD line at 97.20 remains above the 80.53 signal line.

A clear move through $3,400 could help ETH set a higher trading range. A rejection near that level could lead to another period of consolidation.

Bitmine Nears 5% of ETH Supply

Bitmine Immersion Technologies continues to add to its Ethereum treasury. The firm bought 27,562 ETH in the week ending September 21, worth about $74 million at $2,688 per coin.

Blockchain data firm Arkham reported on X that Bitmine now holds 5,983,940 ETH. That equals about 4.9% of Ethereum’s supply and is valued near $16.1 billion.

Arkham also tracked a separate 12,500 ETH transfer from Kraken, worth about $34.6 million. Bitmine’s stated goal, which it calls the “Alchemy of 5%,” is now close.

Bitmine has staked 5,067,309 ETH, or about 85% of its holdings. It reported a 7-day annualized staking yield of 2.62%, with projected yearly staking revenue of about $357 million.

Bitmine’s Tom Lee pointed to ETH’s 65.2% gain since June 30, compared with 52.2% for Solana and 36.3% for Bitcoin. He called the third-quarter outperformance “a prelude to a potentially stronger up move” in the fourth quarter.

Bitmine stock, BMNR, traded at $28.25 at press time, up 8.84% in one session. The company recently switched its staking deal to American Validator, cutting the revenue-sharing fee to 1.50%.

On-chain data added another data point. Chainspect reported on X that Ethereum earned $689,893 in transaction revenue on September 21.

That figure was the highest daily total of the past seven days. ETH remains below $2,780 as traders watch the $3,400 level.

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