ether It hovered around $4,023 after repeatedly defending the $4,000 level, as Arkham said on October 28 that BitMine had withdrawn approximately $113 million ETH from Bitgo and was “buying the dip.”
In a press release issued on October 27, Bitcoin Immersion Technologies (BMNR) said its crypto, cash and “moonshots” totaled $14.2 billion, including 3,313,069 ETH, $305 million in unencumbered cash and smaller holdings such as 192 BTC and an $88 million stake in Atco.
The company described itself as the largest ether treasury and highlighted trading liquidity – about $1.5 billion in five-day average daily dollar volume, which it said ranked the stock about 46th in the US. It also enlisted a group of famous backers and reiterated the goal of reaching an “alchemy of 5%” of the ether supply.
Chairman Thomas “Tom” Lee linked the recent activity to broader conditions, saying easing US-China tensions could support risk appetite. He said open interest in ether derivatives has reset to mid-year levels and described the setup as attractive on a risk/reward basis.
Bitcoin said it has raised cash to $305 million and acquired 77,055 ETH over the past week, bringing holdings to 3.31 million ETH, or about 2.8% of the supply.
market overview
According to CoinDesk Research’s technical analysis data model, Ether rose modestly while a decline toward the round-number floor continued to attract buyers. The tone finally improved as the selling pressure subsided and the price moved above the support level again.
Support Defense vs Resistance Test: What Traders Should Look for
With few fresh catalysts, trading was focused on whether the $4,000 floor would hold and how quickly the price could reach the nearest range. Investment flows were mixed: ETH investment products saw the first weekly outflows in five weeks, totaling $169 million, while 2x leveraged ETH ETPs still attracted strong interest – indicative of continued demand for increased exposure as well as portfolio adjustments.
Key technical levels signal consolidation for ETH
support/resistance
- First aid: $4,000 (psychological area).
- Secondary Support: $3,965; then $3,920; Deep scrutiny near $3,780.
- Initial resistance: $4,050-$4,080; Major Hurdle: $4,200.
- Continuation trigger: A break above $4,250 “opens an extension phase” towards $5,270-$5,940 on the extension map.
Price and Range (session data in one place)
- Close/Change: $4,022.71, +0.98%.
- High/Low and Total Range: $4,102.69 / $4,018.51; $211.28 range.
- Hourly reconstruction: $4,000.75 → $4,018.87 → $4,023.10.
volume analysis
- Increase in activity: 549,762 contracts during the breakdown test (≈ 149% of 24-hour average).
- Session context: +35% vs. seven-day average, consistent with institutional repositioning rather than retail panic.
- The volume profile near $4,000 supports the double-bottom idea (buyers absorbing twice the supply in the same area).
chart patterns
- Double-bottom at $4,000: A bounce after two dips in almost the same spot – often sellers get tired and buyers reappear.
- “Power-of-3” rhythm: accumulation → shakeout → stabilization; If nearby roofs are breached then obvious steps can be taken.
- Long-term channel (since 2017): Described as intact, supporting a creative big-picture background.
goal and risk setting
- Upside move: first $4,200; If momentum picks up, $4,320-$4,500; $5,270-$5,940 only if $4,250 is decisively reclaimed (road marker, not promise).
- Downside Check: If $4,000/$3,965 fails, look at $3,920, then $3,780.
- Strategy: Supports long setup above $4,000 with stops below $3,965, considering $4,000 as a practical line in the sand.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance Our standards. For more information see CoinDesk’s full AI policy.