Ethereum is poised to bounce above $2,400 as the cryptocurrency market shows signs of renewed momentum this week, with ETH attempting to reclaim key technical levels amid a broader shift in sentiment. This comes amid a flurry of institutional activity, geopolitical developments, and potential regulatory clarity. If the leading altcoin finds support above the $2,400 mark, it could extend gains alongside improving market conditions. Ethereum climbs as Bitcoin tests $80,000 Ethereum’s price rallied toward $2,400 on Monday, mirroring a broader market surge led by Bitcoin. Bitcoin breached the $80,000 threshold, buoyed by the market's response to President Donald Trump’s "Project Freedom." The initiative, which authorizes the escorting of foreign cargo ships through the Strait of Hormuz, has supported risk-on sentiment. Further reinforcing momentum, Strive announced a substantial acquisition of 444 BTC, signaling continued institutional demand for digital assets. Ethereum also gained support from treasury accumulation trends. Bitmine, the largest Ethereum treasury, added another $238 million in ETH to its holdings. The firm purchased 101,745 ether last week, bringing total holdings to over 5.18 million ETH, or about 4.29% of total supply. These steady inflows have helped ETH hold above $2,200. Continued buying pressure could push the asset beyond $2,500 for the first time since mid-April. “Crypto spring” narrative gains traction While short-term price action remains in focus, longer-term sentiment is shifting more positively. Bitmine Chairman Tom Lee has declared that the "crypto spring" has begun, suggesting the bearish phase is fading. "The US Senate released the CLARITY Act compromise text, and while it bans stablecoin yield on reserves, activity-based 'rewards' can be offered, in an attempt to balance the needs to protect existing depository institutions (aka traditional banks). This compromise is largely acceptable to us, and we hope to see this bill passed in 2026," he stated. Prediction markets currently assign a 60% probability that the bill becomes law in 2026. Lee’s bullish stance is also supported by Ethereum’s relative strength since the onset of the Iran conflict. Since mid-April, ETH has traded within a range of $2,200 to $2,470. A breakout from this range could open the door to a move toward $3,000, according to analysts. "Crypto Spring, in our view, has commenced, and like past cycles, investor sentiment and conviction are muted and bearish even as crypto prices strengthen. We believe the potential passage, or even failure, of the CLARITY Act confirms the arrival of crypto spring," Lee added. Beyond near-term catalysts, broader structural themes are also supporting Ethereum’s outlook. Wall Street’s growing focus on tokenization and agentic AI systems is seen as a potential long-term driver for blockchain-based platforms. At the time of writing, Ethereum was trading around $2,350, holding within its recent range but showing signs of building upward momentum. The post Ethereum nears $2,400 as BitMine’s Tom Lee signals 'crypto spring' appeared first on Invezz
