Ethereum Nears $3,000 as Bitmine Expands Holdings to 4 Million ETH

Ethereum is attempting to break the $3,000 resistance level amid fragile market conditions, currently trading around $2,968. On-chain data shows positive signs, as Ethereum's network growth has reached a four-year high, suggesting renewed interest and potential fresh capital inflows.

A significant contributor to this growth is Bitmine, which has rapidly expanded its treasury holdings to approximately 4.066 million ETH (3.37% of the total supply) within six months, publicly targeting 5% ownership. This accumulation could tighten circulating supply and support price appreciation.

However, macro indicators like the MVRV Long/Short Difference suggest that neither long-term holders nor short-term traders are currently profitable, which suppresses transaction velocity but also limits selling pressure. If Ethereum fails to secure $3,000 as support, it risks falling back toward $2,798; conversely, sustained growth and accumulation could push it toward the next hurdle at $3,131.

(Source：BeInCrypto)