Ethereum Price Prediction: Bitmine Is 6 Weeks From Its ETH Goal and May Stop Buying
Bitmine holds 4.29% of ETH supply and is buying 100,000 ETH weekly, putting its 5% accumulation target just six weeks away before purchases slowMid-tier whales holding 1,000 to 10,000 ETH have offloaded 3.43M ETH since October 2025, a 21.5% drop that creates a persistent supply overhangETH Supertrend support holds at $2,138 but the CMF at -0.13 shows capital is still leaving, not entering Ethereum trades at $2,281 on May 9, stuck inside a rising wedge on the daily chart as Bitmine chairman Tom Lee signals the firm‘s historic ETH buying spree is weeks away from slowing, removing one of the market’s most consistent demand drivers. Ethereum Daily Chart: Rising Wedge Meets a Stubborn Downtrend The daily chart is at a crossroads. Since bottoming near $1,800 in February, ETH has been grinding higher inside a rising wedge, but the long-term descending trendline from the October 2025 peak near $4,800 continues to press down on price. The Supertrend indicator sits at $2,138, currently below price and technically bullish, but the Chaikin Money Flow at -0.13 tells a different story — capital is still leaving, not entering. Price has repeatedly tested the $2,300 ceiling over April and May without a clean daily close above it. The wedge