Ethereum – Are The Crypto Bulls Back?

After Bitcoin climbed above $95,000, the second-largest cryptocurrency: Ethereum also joined the rally, rebounding to its highest level in a month. On January 15, 2026, shareholders of BitMine Immersion Technologies – the world’s largest publicly discussed “Ethereum holding” vehicle led by Fundstrat’s well-known strategist Tom Lee (holding roughly 3.5% of ETH’s available supply) – will vote on a massive share issuance intended to fund additional ETH purchases in the market. If shareholders approve the plan, which Lee is strongly advocating, Ethereum could gain a very large, price-insensitive buyer – and if Bitcoin continues to recover, that combination may support an attempt to re-establish an upward trend.

BitMine Immersion Technologies is aiming to accumulate 5% of all ETH in circulation, implying the company would still need to purchase additional ETH worth more than $6 billion at current prices. The firm currently holds over 4.16 million ETH, acquired at an average price of around $3,120, and plans a 1:10 increase in authorized shares (from 500 million to 5 billion shares). The company argues that 2026 should bring a gradual recovery in Ethereum’s price, with 2027–2028 potentially delivering much stronger gains.

Ethereum chart (D1)

While a sustained uptrend is not guaranteed, the chart is starting to show more constructive signals for bulls. ETH has moved above the 50-day moving average on the daily timeframe (orange line) and is approaching a test of the key 200-day exponential moving average (EMA200) (red line), where a notional trend line also currently sits. A move above $3,500 could open the door to a test of $3,800 in the relatively near term — a level that looks like the next potential resistance based on recent price action. The key support zone is currently the $3,100–$3,200 area, where we see the pre-breakout consolidation range, the last large green candle, and the 50-day EMA. Recently, Standard Chartered also raised its long-term Ethereum price target to $40,000 by the end of 2030, while lowering its 2026 target to $7,500 from $13,000 previously — still implying an upside of more than 100% from current levels.

Source: xStation5

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