Ethereum is pressing hard against the $2,400 price ceiling as smart money loads up ahead of the break. ETH is hovering around $2,380, inside a tightening consolidation channel that is approaching resolution. The $2,400 resistance has rejected ETH three times in April, and a fourth test could decide the next major move.BitMine Immersion Technologies made that decision easy. The firm, chaired by Fundstrat’s Tom Lee, disclosed that it added 101,745 ETH, worth approximately $238–242 million, in a single 48-hour window, pushing total holdings to 5.18 million ETH, or more than 4% of the circulating ETH supply. Bitmine Holding is now valued at $12.1 billion, with 4.36 million ETH, or 84% of its holdings staked. BitMine’s latest 101,745 ETH acquisition pushes its total holdings to roughly 4.3% of the entire supply, marking a third straight week of heavy accumulation. Markets are now tracking the divergence in treasury strategies as BitMine aggressively absorbs Ethereum supply. pic.twitter.com/fgIITg5861— Steffan (@Steffan0xd) May 5, 2026 Lee publicly declared that “crypto spring has commenced,” marking the end of the bearish phase, even as retail sentiment remains muted. LATEST: Tom Lee says "Crypto Spring" has begun despite muted sentiment, citing the CLARITY Act's progress and Ethereum's dual tailwinds from tokenization and AI.Secure your sit guys. pic.twitter.com/veMUwX3KgG— Imo Mark (@ImoMark3) May 5, 2026 The backdrop matters: Bitcoin has surged back above $80,000, injecting momentum into the altcoin complex and giving ETH the macro tailwind it needed to attempt this breakout.Discover: The best pre-launch token salesCan Ethereum Price Break $2,400 and Target $3,000?ETH has been range-bound between $2,200 and $2,400 since mid-April, with the $2,400 zone being the immediate wall. However, the ETH/BTC ratio is at 0.029 and sits well below the 8-year historical average of 0.0479. This gap suggests ETH remains undervalued relative to Bitcoin on a cycle-adjusted basis. ETH BTC, TradingViewIn the near-term, if ETH can break above $2,425 on strong volume, it could as well target $2,500, then a run toward $3,000 if institutional inflows accelerate. Lee’s long-term model puts ETH at $12,000 base / $22,000 bull / $62,500 ultra-bull by 2030, with the latter tied to BTC at $1M and an ETH/BTC ratio expansion to 0.25.Consolidation could also continue between $2,300–$2,400 as the market digests BitMine’s accumulation and awaits CLARITY Act developments. But a close below $2,200 reopens the $1,900–$2,000 support band. Unlikely given current institutional positioning, but a macro shock could force the issue. The technical setup favors bulls. Discover: The best crypto to diversify your portfolio withLiquidChain Targets Early-Mover Upside as Ethereum Breaks Key LevelsEthereum price at $2,400 is a compelling trade, but it’s already a $280 billion asset. The asymmetric upside that ETH offered at $400 in 2020 simply doesn’t exist at this price point. Traders chasing outsized returns are increasingly scanning earlier on the curve, where infrastructure bets still carry genuine multiplier potential.LiquidChain ($LIQUID) is one project drawing attention. It operates as a Layer 3 infrastructure protocol with a specific thesis: fuse Bitcoin, Ethereum, and Solana liquidity into a single execution environment. With Liquid, developers only deploy once and access all three ecosystems with no bridges and no fragmented liquidity pools. Core architecture includes a Unified Liquidity Layer, Single-Step Execution, and Verifiable Settlement, which are designed to solve the cross-chain friction that costs DeFi users billions annually in slippage and failed transactions. Low light… Clear direction ⟁https://t.co/vqvBcdSQYC pic.twitter.com/1ZzWdMQgET— LiquidChain (@getliquidchain) May 4, 2026 The presale is live at $0.01456 per $LIQUID, with more than $700K raised to date. For those who’ve followed the Ethereum institutional narrative and want earlier-stage exposure to the infrastructure enabling it, researching LiquidChain’s presale terms is a reasonable next step. And don’t forget, its 1500% APY rewards that’s only available for early buyers.The post Ethereum Price Fighting $2,400 Resistance: Tom Lee Declares Crypto Spring as Bitmine Hit 5.18 Million ETH appeared first on Cryptonews.

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