Ethereum Price Climbs 10% In A Week As Tom Lee’s BitMine Buys Another $44M ETH

The Ethereum price has climbed 10% in the past week and 1.1% in the last 24 hours to trade at $3,061 as of 3.50 a.m. EST on a 25% drop in trading volume to $16.28 billion.

The ETH price surge comes as Tom Lee’s BitMine Immersion Technologies purchased another 14,618 ETH worth about $44.34 million at an average of $3,033 through BitGo.

The buy brings the largest ETH treasury firm’s holdings to 3.63 million ETH, around 3% of the entire supply, inching it closer to its target of 5% of the circulating supply. 

Lee remains bullish on Ethereum’s long‑term value, and BitMine plans to stake more of its holdings via a dedicated validator network starting in 2026.

Such plans reduce circulating supply and signal a commitment to long-term holding, rather than trading in and out.

Bhutan Deepens Its Ethereum Strategy With New Staking

The Royal Government of Bhutan has staked 320 ETH worth about $970,000 through staking provider Figment, activating 10 new validators on the network.

This stake highlights how even smaller nations are embracing Ethereum’s proof-of-stake model to earn staking rewards.

Bhutan is also shifting its national self-sovereign digital ID system from Polygon to Ethereum. The rollout has already begun, with full migration expected by early 2026.

This move will bring more consistent on-chain activity as citizens use government services directly on Ethereum, increasing real network usage beyond just trading and DeFi.

Together with BitMine’s massive ETH holdings and future staking plans, these developments point to a strong trend of long-term players locking up Ethereum, tightening supply over time.

Ethereum Tests Key Weekly Support After Falling Below Rising Channel

On the weekly chart, ETHUSD is trading around $3,050 after bouncing nearly 10% from last week’s lows, but it still sits below the recent local high near $4,950 set earlier in the year. Price has slipped out of a rising channel and is now testing the 50‑week simple moving average (SMA) around $3,100, while the 200‑week SMA offers stronger support near $2,450. 

The Fibonacci retracement from the $1,378 swing low to the $4,952 high shows ETH hovering near the 0.5 level around $3,165. With deeper support at the 0.618 retracement close to $2,780 and the 0.786 level near $2,145, if selling resumes.

ETHUSD Analysis Source: Tradingview

Momentum indicators still lean cautiously but hint at stabilisation. On the weekly timeframe, the RSI sits in the low‑40s, showing that bears have recently controlled the trend, but downside momentum is slowing. 

The MACD histogram has started to contract after a strong negative phase. The Average Directional Index (ADX) holds below 25, suggesting the previous downtrend is losing strength and that a new strong trend, up or down, has not yet formed. 

Ethereum Price Prediction

If buyers can keep ETH above the 50‑week SMA around $3,100 and reclaim the mid‑range Fibonacci zone near $3,300, the next upside targets sit around $3,660 and then $4,000–$4,100. Where the previous weekly supply and a key Fibonacci extension cluster.

A break and weekly close above $4,000 would open the door for a retest of the year’s high near $4,950. In this bullish case, ETH could aim for the $5,200–$5,500 zone over the coming months, echoing earlier post‑consolidation rallies.​ 

However, if ETH fails to hold the $3,000–$3,100 region and loses the 50‑week SMA, traders will watch support between $2,780 and $2,710, followed by the stronger demand zone near the 200‑week SMA at about $2,450. 

A weekly close below $2,450 would warn of a deeper correction toward $2,150 or even the prior cycle base near $1,380. 

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