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In Ethereum news today, ETH is trading at $2,450, down a modest -0.4% over the past 24 hours, still boxed in below the $2,500 ceiling that has rejected every recent breakout attempt. That range-bound grind hasn\u2019t stopped BitMine Immersion Technologies from doing what it\u2019s done for 65 straight weeks: buying more ETH. The scale of the latest purchase is the real story here.<\/p>\n
BitMine (BMNR) added 53,501 ETH last week, its largest weekly acquisition since June, pushing total holdings to 5.901 million ETH worth roughly $14.63Bn at current prices.
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\nTOM LEE BOUGHT $134M OF ETH<\/p>\n
This was Bitmine\u2019s biggest weekly ETH buy in over 2 months. They now hold $14.35B of ETH, or 4.89% of the total ETH supply.<\/p>\n
They only need to buy $324.5M more of ETH to reach 5% of supply. pic.twitter.com\/LMBPk7i4hb<\/a><\/p>\n
\u2014 Arkham (@arkham) September 1, 2026<\/a><\/p>\n<\/blockquote>\n
Chairman Thomas Lee tied the move to ETH\u2019s Q3 outperformance versus the S&P 500, a spread he pegs at 5,430 basis points, and flagged the mid-September Senate cloture vote on the CLARITY Act as a potential institutional catalyst.<\/p>\n
BitMine\u2019s accumulation pattern<\/a> now sits alongside a 5.067 million ETH stake in its MAVAN validator network, generating an estimated $335 million in annualized staking revenue.<\/p>\n
Ethereum News: Can ETH Hit $2,650 This Week?<\/h2>\n
\n$ETH<\/a> has been stuck between the $2,400-$2,500 level.<\/p>\n
For more upside, Ethereum needs a weekly close above the $2,550 level. pic.twitter.com\/IzM6ko9sgv<\/a><\/p>\n
\u2014 Ted (@TedPillows) September 1, 2026<\/a><\/p>\n<\/blockquote>\n
ETH\u2019s $2,474.53 print keeps it wedged in a tightening band, with resistance clustered at $2,484\u2013$2,500 and a secondary ceiling near $2,540\u2013$2,580.<\/p>\n
Support sits at $2,400\u2013$2,410, backed by a deeper floor near $2,326 (23.6% Fibonacci retracement) and the 20-day moving average. Volatility spiked into August 31<\/a> before settling into this consolidation, a pattern analysts describe as indecisive rather than directional.<\/p>\n
Bull case:<\/strong> a clean break above $2,500\u2013$2,550 opens a path toward $2,650, aided by BitMine-style treasury demand and CLARITY Act momentum.<\/p>\n
Base case:<\/strong> continued chop between $2,400 and $2,500 while the market awaits the Senate vote.<\/p>\n
Bear case:<\/strong> a failure at the $2,400 support level would drop the price toward $2,247\u2013$2,030, where major moving averages converge. Fundstrat\u2019s Tom Lee maintains a $6,000 target by 2026, per CoinMarketCap,<\/a>\u00a0a long horizon that says little about this week\u2019s range.<\/p>\n