Ethereum Price Stuck as BitMine Nears 5% Supply Target

Ethereum's price has been stuck in limbo as it trades at $1,880, down 3.3% on the day after slipping from recent highs. The market is caught between steady institutional accumulation and weak short-term momentum.

One buyer, BitMine Immersion Technologies, has reached a significant milestone with its Ethereum holdings reaching 5.79 million ETH, putting it close to its goal of owning 5% of the circulating supply.

The crypto treasury firm's combined crypto holdings, cash, marketable securities, and strategic investments now total $11.8 billion. Chairman Tom Lee pointed out that the ETH/BTC ratio has reached a three-month high as support for the firm's strategy, with key levels to watch at $2,000 and $2,500.