Ethereum price prediction: will ETH break $2,400 resistance as Bitmine nears 5% of total ETH supply

Bitmine Immersion Technologies said its Ethereum holdings reached 4,874,858 ETH as of April 12, equivalent to 4.04% of the circulating supply of 120.7 million ETH. The company valued those holdings at about $10.7 billion using an ETH price of $2,206, while total crypto, cash, and other investments stood at $11.8 billion.

Treasury growth pushes holdings toward 5% target

Bitmine’s latest market update highlighted a larger Ethereum treasury and a broader balance sheet that now includes cash, Bitcoin, and equity stakes. Total holdings were reported at $11.8 billion, composed of 4,874,858 ETH, 198 BTC, $719 million in cash, a $200 million stake in Beast Industries, and an $85 million stake in Eightco Holdings. At the reported level, Bitmine said it remains the largest corporate Ethereum treasury and trails only Strategy among corporate crypto treasury holders.

The company also reported buying 71,524 ETH over the past week, its fastest weekly pace of accumulation since late December 2025. That activity brought Bitmine to about 81% of its stated goal of securing 5% of Ethereum’s total circulating supply after nine months of accumulation.

The update followed Bitmine’s move from NYSE American to the New York Stock Exchange. The company paired the listing change with the launch of its Made in America Validator Network (MAVAN).

Staking activity adds a revenue layer

Bitmine said 3,334,637 ETH, or about 68% of its total Ethereum holdings, is currently staked. Based on its reported 2.89% seven-day annualized yield, the company estimated staking activity is generating roughly $212 million in annualized revenue.

Bitmine added that if its full ETH treasury is staked through MAVAN and partner infrastructure, annual staking rewards could rise to about $310 million under the same yield assumptions.

The company also compared its staking return with the Composite Ethereum Staking Rate administered by Quatrefoil, which stood at 2.73% during the same period. Bitmine described MAVAN as an institutional-grade platform designed for its treasury and for outside institutional participants seeking Ethereum staking exposure.

Ethereum price and supply dynamics in focus

Separately, the article noted that Ethereum traded above $2,200 and remained bullish after recovering from earlier 2026 lows. Market data cited ETH holding above the $1,800 support zone while trading below a descending channel resistance structure. On the daily chart, the 100-day moving average near $2,400 and the 200-day moving average near $2,900 were described as overhead levels, keeping attention on whether ETH can break above near-term resistance.

On the four-hour chart, Ethereum was described as respecting an ascending trendline from February lows, with support near $2,000 and resistance around the $2,400 area. Momentum indicators were said to have improved from the February sell-off, though short-term readings had returned to neutral after the rebound.

The broader market was also linked to a decline in exchange-held supply. The Ethereum exchange supply ratio was reported at 0.126, a multi-year low, while price remained near $2,100 to $2,200. The article said this combination kept focus on whether lower exchange balances and continued corporate accumulation could tighten available supply further.