Ethereum (ETH) Price: ETH Moves Toward $3,400 as Bitmine Nears 5% of Supply

TLDR Ethereum rose from a July low near $1,510 to a late-September peak of about $2,777. Analyst Michael van de Poppe says a break higher could send ETH toward $3,400. Bitmine now holds 5,983,940 ETH, about 4.9% of Ethereum’s total supply. Bitmine has staked about 85% of its ETH and projects $357 million in yearly staking revenue. Ethereum network revenue hit $689,893 on September 21, its highest daily total in seven days. Ethereum (ETH) is trading near $2,750 as buyers try to extend a recovery that started in July. The price is moving toward a resistance zone that traders are watching closely. ETH climbed from a July low near $1,510 to a late-September peak of about $2,776.97, according to TradingView data. The latest session showed a 0.92% pullback, pointing to some short-term profit-taking. Ethereum Price on CoinGecko Analyst Watches $3,400 Resistance Crypto analyst Michael van de Poppe said in a post on X that ETH is “getting into an interesting zone.” He noted that a break above the current area could open the way toward $3,400. Van de Poppe also said Ethereum is unlikely to return to the sub-$2,000 region in the near term. His view follows the stronger recovery structure ETH built after its July bottom. $ETH is getting into an interesting zone. If this area breaks, the next area of resistance is likely $3,400 and that would mean that we're back into a new range. I don't think we'll see anything sub $2,000 in the near future again. pic.twitter.com/3ubLBpC10s — Michaël van de Poppe (@CryptoMichNL) September 22, 2026 After consolidating around $1,850, ETH broke above $2,400 in late August. It then pushed higher toward $2,750. The Relative Strength Index sits at 69.50, just under the 70 level often seen as overbought. The MACD line at 97.20 remains above the 80.53 signal line. A clear move through $3,400 could help ETH set a higher trading range. A rejection near that level could lead to another period of consolidation. Bitmine Nears 5% of ETH Supply Bitmine Immersion Technologies continues to add to its Ethereum treasury. The firm bought 27,562 ETH in the week ending September 21, worth about $74 million at $2,688 per coin. Blockchain data firm Arkham reported on X that Bitmine now holds 5,983,940 ETH. That equals about 4.9% of Ethereum’s supply and is valued near $16.1 billion. TOM LEE NOW HOLDS $16 BILLION OF ETH – AND HE'S STILL BUYING Bitmine bought another $75.29M of ETH this week, taking its stack to 5,983,940 ETH ($16.40B). 85% of that is staked. That is 4.9% of the entire ETH supply. They need $327.90M more ETH to hit 5%. pic.twitter.com/w2dYaEX46Q — Arkham (@arkham) September 22, 2026 Arkham also tracked a separate 12,500 ETH transfer from Kraken, worth about $34.6 million.