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Ethereum price outlook as BitMine’s holdings approach 4.6 million

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ETH/USDT 1-day price chart.

Ethereum price rallied to a six-week high of $2377.64 on Tuesday as institutional investors continue to accumulate the asset.

Summary

  • Ethereum price climbed to a six-week high near $2,377 as institutional accumulation and continued spot ETF inflows supported bullish momentum.
  • Tom Lee’s treasury firm Bitmine purchased nearly 61,000 ETH over the past week, lifting its total holdings to roughly 4.6 million ETH.
  • A short squeeze above $2,300 triggered liquidations of clustered bearish positions, adding momentum to the rally.

According to data from crypto.news, Ethereum (ETH) price rose 6% to hit $2,377.64 on March 17, its highest level since the beginning of February, before settling around $2,334 at press time. It extends its positive run for the fourth straight day, clocking gains of 13% in the period.

A major catalyst driving its gains came from aggressive buying from institutional investors. Notably, Tom Lee’s Ethereum Treasury company, Bitmine, has been a driving force that bolstered market confidence. Notably, the firm purchased nearly 61,000 ETH in the past week, bringing its total ETH stash to nearly 4.6 million, or around 3.81% of the ETH token supply.

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In its latest Ethereum acquisition, Lee noted that the treasury company has accelerated purchases as analysts at the firm believe that the asset’s price has nearly approached a local bottom amidst the ongoing crypto bloodbath triggered by macroeconomic and geopolitical concerns.

Ethereum, along with other major crypto assets, has so far outperformed U.S. tech stocks since the start of the U.S.-Iran war, which sent crude oil prices surging to multi-year highs, sparking concerns of runaway inflation.

Ethereum price has also been backed by back-to-back inflows in spot Ethereum ETFs, which have drawn in retail attention. Data from SoSoValue show that U.S. spot ETH ETFs have hit a 5-day inflow streak for the first time since mid January, drawing in $248 million in net inflows.

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Meanwhile, today’s rally was also supported by a short squeeze after ETH broke past $2,300, where a large cluster of short positions was liquidated.

On the daily chart, Ethereum price has recently broken above the 20-day and 50-day moving averages, suggesting that bulls are regaining control of the market. It has also surpassed the $2,200 key resistance that had served as a formidable ceiling in at least two earlier attempts in March.

ETH/USDT 1-day price chart.
ETH/USDT 1-day price chart — March 17 | Source: crypto.news

The Supertrend has flashed green for the first time since Jan. 20. Typically, when the Supertrend indicator turns green, an asset’s price enters a sustained bullish phase. Additionally, the 20-day and 50-day SMAs are approaching a bullish crossover, a sign that upward momentum is gathering strength.

For now, $2,594 acts as the next key resistance area bulls would likely aim to challenge. A break above that level would mark a major shift in market sentiment and could lay the groundwork for a retracement towards the $3,000 psychological milestone.

On the contrary, failure to hold the 50-day SMA at $2,118 could lead to a retest of lower support levels as sellers look to capitalize on any signs of weakness.

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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Crypto World

Meta Shuts Down Horizon Worlds on Quest Headsets

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Meta Shuts Down Horizon Worlds on Quest Headsets

Meta Platforms will shut down its Horizon Worlds metaverse for virtual reality users in June, pivoting to a mobile-only experience as it retreats from the aggressive metaverse push it championed just five years ago. 

Consumers will no longer be able to build, publish, or update virtual reality worlds, or access the Horizon Worlds metaverse on Meta Quest headsets, from June 15, the company said in a Tuesday blog post. 

Horizon Worlds launched in late 2021 as a VR-only, online multiplayer platform where users can build and publish virtual environments and games, and interact with others as avatars.

Screenshot of a gamer playing in Horizon Worlds. Source: YouTube

However, Meta reportedly started to experiment with Horizon Worlds as a mobile platform in 2025, according to Samantha Ryan, the VP of content at Reality Labs, who said in February it would be “shifting the focus of Worlds to be almost exclusively mobile.”

Horizon Worlds’ competitors, such as Fortnite and Roblox, which attract 1.3 million and 144 million daily active users, respectively, operate on PC, console, and mobile platforms. Fortnite has never officially developed its game for VR, while Roblox has offered a VR app since July 2023, though not all worlds are VR-compatible. 

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Meta’s decision to refocus Horizon Worlds comes just five years after Meta CEO Mark Zuckerberg pivoted the company towards the metaverse, even changing its name from Facebook to Meta. Those ambitions, however, have not translated into profits for the firm. 

Reality Labs racks up $80 billion in losses since 2020

Meta’s Reality Labs division racked up a record $6 billion in losses for the fourth quarter of 2025, and cumulative losses for its metaverse division total almost $80 billion since 2020. 

In January, Meta eliminated 1,000 jobs from Reality Labs while shuttering some of its virtual-reality game and content studios.

At the time, Reality Labs chief technology officer Andrew Bosworth said the company would primarily focus on mobile experiences instead of fully immersive virtual worlds accessed via headsets.

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Related: Big Tech signs Trump pledge to cover their own AI energy costs

Meanwhile, Meta stock jumped 3% on Monday following a speculative Reuters report on Friday claiming that the company is “planning sweeping layoffs” that could affect 20% or more of its workforce. The move would reportedly offset spending on AI infrastructure and augmented-reality wearables.  

A Meta spokesperson told CNBC that this was a “speculative report about theoretical approaches.” 

It would, however, play into a broader trend of tech firms axing staff to focus on AI

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Metaverse tokens have melted 

The blockchain-based metaverse was once also a talking point in the crypto industry in 2021, but has since faded into obscurity along with many other trends that have been eclipsed by the latest AI hype. 

Major blockchain-based players such as Axie Infinity (AXS), The Sandbox (SAND), and Decentraland (MANA) have all seen their respective tokens tank between 98% and 99% from their all-time highs in November 2021, according to CoinGecko. 

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