Ethereum, the prominent altcoin, ended October 28 at a robust $4,022, preserving its critical $4,000 support line in an active market. Daily trading volumes exceeded the seven-day average by 35%, signifying increased interest. A double bottom pattern around the $4,000 mark suggests strong buyer support at this level.
Why Did BitMine Boost Ethereum Reserves?
BitMine responded to lower prices by acquiring approximately $113 million in Ethereum from Bitgo. This strategic purchase is part of BitMine’s expansive $14.2 billion portfolio, which includes 3,313,069 ETH, $305 million in cash, 192 BTC, and an $88 million stake in Eightco. This acquisition strategy asserts BitMine’s influential role within the cryptocurrency landscape.
Claiming to be among the top Ethereum reserve holders globally, BitMine traded with an average daily dollar volume of $1.5 billion over five days. It ranks 46th on U.S. exchanges. During the last week, it added 77,055 ETH, elevating its holdings to 3.31 million ETH, approximately 2.8% of the total Ethereum supply.
Thomas Lee, the Chairman of the Board, stated, “Easing U.S.-China trade tensions might bolster risk appetites, presenting an appealing risk/reward environment.”
Where is Ethereum Heading Next?
Ethereum maintaining its position above $4,000 sustains the potential for upward momentum shortly. Breaking through the $4,250 resistance could propel ETH prices into the $5,270–$5,940 range, unveiling opportunities for significant appreciation.
Technical analysts identify $4,000 as the primary support level, with additional support at $3,965 and $3,920. Upside targets include the $4,050–$4,080 range, with $4,200 as a significant resistance point. A sustained move past $4,250 could spark a strong rally.
Daily trade volumes reached 549,762 contracts, a 149% increase over the 24-hour average. This robust activity points to continued institutional adjustments. A double bottom pattern indicates waning seller strength and renewed buyer interest. On the same day, ETFs experienced a net inflow of $246.02 million, signifying prevailing optimism.
• Ethereum’s stronghold at $4,000 bolsters confidence in the market.
• BitMine’s strategic purchases signal long-term bullishness in Ethereum.
• Institutional interest remains elevated as trading volumes surge.
• Potential price breakthroughs could significantly boost Ethereum’s valuation.
Ethereum’s persistence above key levels, coupled with strategic acquisitions by influential players like BitMine, underscores a promising momentum as market sentiment remains favorable. Observers are closely watching Ethereum’s further movements for investment opportunities.
