Ethereum Price Prediction: ETH Faces Resistance at $2,400 as Bitmine Slows Buying Pace

Ethereum price prediction turned more cautious after ETH slipped near $2,293 and remained trapped below the key $2,400 resistance zone.

Despite the recent pullback, analysts continue monitoring whether tightening price action and rising institutional accumulation could support another move higher.

Ethereum Price Faces Key Resistance Battle

Analyst Sky said Ethereum price is building pressure inside a tight wedge above key moving averages. The analyst noted that ETH crypto could move quickly toward $3,000 if it breaks out from this compression. His chart showed price holding near $2,330 while moving inside a narrowing structure.

The next major area sits between $2,961 and $3,161, based on the marked Fibonacci and volume shelf zone. That range also aligns with a low-resistance area above the current wedge. Therefore, a confirmed breakout could attract stronger momentum.

However, Ethereum price has not confirmed that move yet. ETH crypto still trades below the $2,400 resistance band, where several recent attempts have failed. Until buyers clear this level, the market remains vulnerable to short-term rejection.

Still, the structure shows compression rather than collapse. Price is sitting above major short-term moving averages, and the wedge continues to tighten. This gives bulls a clear trigger level to watch.

Liquidity Map Shows Room Toward $3,000

More so, CW said Ethereum remains under downward pressure, but the market has one important feature. If ETH crypto breaks through the current level, the liquidation heatmap shows little major resistance until around $3,000.

The heatmap shows dense activity around current and lower price zones. However, the space above the recent range appears lighter until the higher resistance band. This supports Sky’s view that Ethereum could move fast once it clears the wedge.

Meanwhile, CW also noted that short positions have increased slightly while long positions have decreased. The size of those positions remains small, which limits liquidation pressure for now. Even so, the setup may support a one-directional volatility move if the price starts trending.

This structure gives both bulls and bears a clear point of interest. A break above $2,400 could begin forcing shorts to cover. However, failure near resistance could keep ETH trapped between $2,200 and $2,400.

Bitmine Slows Weekly ETH Accumulation

Notably, Bitmine Immersion Technologies has slowed its Ether purchase pace after previously buying more than 100,000 ETH per week. The company said it bought 26,659 ETH over the last week. That marks a clear slowdown from its earlier accumulation rate.

Bitmine chairman Tom Lee said the firm is still on track to buy 5% of ETH’s 120.7 million circulating supply by the end of 2026. He explained that the previous pace would have reached the target by mid-July. Therefore, Bitmine chose to slow accumulation while staying aligned with its longer-term goal.

Bitmine remains the largest Ether treasury company and one of the most frequent ETH buyers. Its model resembles Strategy’s Bitcoin treasury approach, but it focuses on Ether accumulation and staking.

This slower pace may reduce immediate buy pressure. However, it does not remove the long-term demand narrative. Bitmine still plans to keep building toward its 5% supply target.

Ethereum Foundation Unstakes $50M ETH

Bitmine’s staking plan still supports the supply-side case for ETH crypto. The company has more than 4.7 million ETH staked and plans to eventually stake its entire stash. It estimates annual staking rewards could reach roughly $352 million once all holdings are staked.

Tom Lee said Bitmine intends to hold and stake its ETH, reducing available supply. He added that its holdings have removed 4.3% of ETH supply since June 30, 2025. In his view, this supports a disinflationary setup for Ethereum.

However, the Ethereum Foundation has moved differently in the short term. It unstaked 21,270 ETH, worth nearly $50 million, from Lido through multiple transactions of about $2.33 million each. The move may reflect caution around third-party liquid staking risks after recent DeFi exploits.

The foundation has sold ETH before to fund operations. It also sold 20,000 ETH to Bitmine in an OTC deal around late April and early May 2026. Therefore, the latest unstaking does not confirm selling pressure by itself, but it adds a short-term supply question.