Ethereum Nears $2,400 as Bitmine Adds $238M ETH Amid Tom Lee's 'Crypto Spring'

Ethereum rallied toward $2,400 on May 4, 2026, fueled by Bitmine's $238 million purchase of 101,745 ETH, boosting its holdings to 5.18 million ETH (4.29% of supply), while Bitcoin tested above $80,000. Earlier, Bitmine's Tom Lee declared a 'crypto spring' has begun, citing U.S. Senate progress on the CLARITY Act (60% Polymarket odds of 2026 passage) and Wall Street demand for tokenization and AI-driven assets. ETH has outperformed the S&P 500 by 1,380 basis points since the Iran conflict, with analysts eyeing $2,500-$3,000 on a breakout above $2,400, despite weak retail sentiment.