Ethereum Price Breaks Through $2300, BitMine Increases Holdings and Staking ETF Boost ETH Price Surge

Gate News reports that on March 17, Ethereum (ETH) price broke above $2,300, rising over 10% in 24 hours to reach a six-week high. This increase significantly outperformed Bitcoin (up about 3%) and the CoinDesk 20 Index (up about 5%), indicating that institutional and corporate buying is driving the market recovery.

According to SoSoValue data, US spot Ethereum ETF inflows last week exceeded $160 million, the highest weekly inflow since mid-January. BlackRock’s new Ethereum staking ETF (ETHB) raised over $45 million in the first two days after launch, supported by a seed round investment of $104 million.

Corporate buying activity is also active. BitMine Immersion Technologies purchased 60,999 ETH last week, one of the largest weekly buys in recent months. The company now holds 4.59 million ETH, accounting for about 3.81% of circulating supply, with a goal to reach 5% of total supply. Chairman Tom Lee stated that companies are accelerating their accumulation, believing Ethereum is nearing the end of a “mini crypto winter.” BitMine also directly bought 5,000 ETH from the Ethereum Foundation to avoid market pressure, and has deployed over 3 million ETH across various staking protocols.

On the technical side, ETH broke through a key liquidity level on the four-hour chart but faced resistance near $2,389, then retreated to around $2,313. The RSI is approximately 73, indicating strong momentum but nearing overbought territory, while the MACD remains positive. Analysts suggest that if ETH breaks above $2,388, the next target is $2,746, followed by $3,411, with support around the 20-day moving average at approximately $2,108.

Driven by price gains and corporate buying, BitMine’s stock rose 13.6% on Monday, while another Ethereum vault company, Sharplink Gaming, increased 9.1% the same day. Overall, institutional and corporate capital inflows are becoming a key driver of recent Ethereum price increases.