Ethereum Price Prediction: BitMine Buys More Ether as ETH Eyes Post-COVID Rally

After months of downtrend, the Ethereum price is once again in focus. As BitMine, the largest Ethereum treasury company, continues its Ether token accumulation strategy, experts remain bullish about the altcoin’s potential uptrend.

Now, the Ethereum price is testing crucial levels despite a massive 68% decline from its all-time high of nearly $5,000 in August 2025. While the current trend mirrors the market structure seen after the 2022 bear market, bulls believe that ETH is preparing for a similar post-COVID-style rally.

Is Ethereum price eyeing a new all-time high?

Since the 2025 October 11 crypto market crash, the Ethereum price has been struggling to maintain its momentum. Although the altcoin hit its all-time high of $4,952 in August, it slipped to severe lows during the crypto winter that followed.

As of press time, ETH is trading at $1,671, marking a marginal uptick of 0.2% in a day. The token is still down by 16% and 28% on a weekly and monthly basis, respectively.

Despite the current bearish sentiment, market experts and analysts remain bullish about the future of the ETH crypto. This is especially because major institutional players like BitMine continue to aggressively accumulate the crypto even during the dip.

According to analyst Ash Crypto, the Ethereum price is mimicking the pattern seen back in 2022. During the 2022 crypto winter, ETH broke below multiple support levels. Eventually, it crashed to a significant low of $880, with the market sentiment turning extremely bearish.

The analyst further noted that the fall marked a long-term bottom, and it was followed by a strong recovery phase. In August 2025, the crypto hit its ATH. Now, in June 2026, the Ether token is following a similar structure, sparking optimism. If the pattern continues, the Ethereum price could hit its record high near $5k.

As noted by Ash Crypto, the critical level to watch is $1,500. If ETH manages to hold this level, it may resemble the 2022 bottom. Thus, it could lead to a potential Ethereum price rally.

However, if ETH fails to hold this level, the next major support will be $1,000. In between, there are no major support levels. This indicates that the ETH price could move freely and could possibly see another deeper crash.

BitMine nears 5% ETH threshold

Notably, the current bullish sentiment around Ethereum is mainly because of the sustained ETH accumulation strategy of BitMine. Being the largest public holder of ETH, BitMine continues to accumulate more tokens.

Recently, the company bought 126,971 ETH, worth about $214 million. This marks the largest weekly purchase in 2026. With the latest buy, the platform’s total ETH holdings have reached a staggering 5.54 million ETH, worth nearly $10 million.

BitMine’s cumulative ETH holdings history. Source: Blockzeit

Previously, the company revealed plans to slow down its Ethereum accumulation. But now, the firm has reversed its plan as BitMine is now closer to its goal of owning 5% of the total supply of the altcoin. As of now, the firm holds about 4.59% of the supply. Chairman Tom Lee stated, “We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals.”

Ethereum price prediction for 2026–2027

While analysts remain focused on the key $1,500 support level, CoinCodex's algorithmic Ethereum price prediction points to a potential recovery over the next 12 months. According to the prediction model, ETH could climb as high as $3,193 in August 2026, representing a gain of more than 91% from current levels.

The forecast suggests that Ethereum may gradually regain momentum throughout the second half of 2026. CoinCodex expects ETH to average around $2,290 in July before rising to an average price of $2,870 in August. Even after a potential cooldown in the following months, Ethereum is projected to remain above current levels, with average price targets ranging between $2,000 and $2,600 through June 2027.

Looking further ahead, CoinCodex forecasts a maximum Ethereum price of $2,736 by June 2027, implying a potential upside of nearly 64% from current prices. While the projection remains well below Ethereum's all-time high near $5,000, it indicates that market sentiment could improve significantly if ETH successfully defends the $1,500 support zone and broader crypto market conditions stabilize.