Ethereum Price, BitMine Shares Jump as Tom Lee's Treasury Reports Latest Buy; BitMine Amasses 3.71% of ETH Supply

first published 2026-03-02T05:24:28Z

CoinGlass data shows ETH recorded its sixth consecutive monthly decline — its second-longest losing streak since 2018 — with downward pressure attributed to large whale distribution, heavy derivatives selling, macro uncertainty, L2 cannibalization and spot ETF outflows. Despite the slump, Standard Chartered projects ETH could reach $7,500 (citing dominance in stablecoins, DeFi and tokenization) and VanEck forecasts up to $10,000, claiming Pecta and Glamsterdam throughput gains could unlock much higher TPS. ETH is trading only slightly above its 2018 peak.

AI Analysis

Facts: CoinGlass reports six consecutive monthly declines for ETH (second-longest streak since 2018). Summary lists concrete selling pressures — large whale distribution, heavy derivatives selling, spot ETF outflows — plus macro uncertainty and L2 cannibalization. Institutional price forecasts (Standard Chartered $7,500; VanEck up to $10,000) are noted but do not negate current selling data. These facts support a negative near-term sentiment with material market-moving elements.

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