Ether fluctuated around $4,023 after successfully defending the $4,000 mark multiple times. Arkham reported on Oct. 28 that BitMine withdrew roughly $113 million worth of ETH from Bitgo while actively “buying the dip.”
In a press release dated Oct. 27, Bitmine Immersion Technologies (BMNR) disclosed its total crypto, cash, and “moonshot” holdings amounted to $14.2 billion, which includes 3,313,069 ETH, $305 million in liquid cash, as well as smaller assets like 192 BTC and an $88 million investment in Eightco.
The company claimed to possess the largest ether treasury and emphasized trading liquidity, reporting approximately $1.5 billion in average daily trading volume over five days, ranking its stock around No. 46 in the U.S. Additionally, it mentioned a group of prominent backers and reiterated its ambition to achieve “alchemy of 5%” of the ether supply.
Chairman Thomas “Tom” Lee associated the recent movements with broader market conditions, suggesting improved U.S.–China relations could bolster risk appetite. He noted that open interest in ether derivatives had reset to earlier levels in the year and characterized the current setup as appealing from a risk/reward perspective.
BitMine mentioned it boosted its cash reserves to $305 million and acquired 77,055 ETH over the past week, increasing its total holdings to 3.31 million ETH, which constitutes around 2.8% of the total supply.
Market overview
As per CoinDesk Research’s technical analysis data model, ether demonstrated slight gains as downward movements toward the key $4,000 floor continued to draw in buyers. The prevailing sentiment improved as the day concluded, with selling pressure diminishing and prices rising above support levels.
Support defense vs. resistance tests: what traders should watch
With a lack of new catalysts, market focus remained on whether the $4,000 floor would withstand pressure and how swiftly prices could reach adjacent resistance levels. Investment flows presented a mixed picture: ETH investment products experienced their first weekly outflow in five weeks, amounting to $169 million, while 2x leveraged ETH ETPs maintained robust interest — indicating portfolio adjustments alongside sustained demand for leveraged exposure.
Key technical levels signal consolidation for ETH
Support / Resistance
- Primary support: $4,000 (psychological level).
- Secondary support: $3,965; followed by $3,920; potential deeper support near $3,780.
- Initial resistance: $4,050–$4,080; significant resistance at $4,200.
- Continuation trigger: A break above $4,250 could lead to price movement towards $5,270–$5,940 on the extension map.
Price & Range (session figures consolidated)
- Close/change: $4,022.71, +0.98%.
- High/low and total range: $4,102.69 / $4,018.51; $211.28 range.
- Hourly rebuild: $4,000.75 → $4,018.87 → $4,023.10.
Volume Analysis
- Activity spike: 549,762 contracts during the breakdown probe (≈ 149% of the 24-hour average).
- Session context: +35% compared to the seven-day average, indicative of institutional repositioning rather than retail panic.
- The volume profile supports the double-bottom theory near $4,000, where buyers absorbed supply at the same level twice.
Chart Patterns
- Double-bottom at $4,000: Two declines to roughly the same point followed by a rebound—often interpreted as sellers losing momentum and buyers reemerging.
- “Power-of-3” rhythm: Accumulation → shakeout → stabilization; could precede a more definitive move if nearby resistance levels break.
- Long-term channel (since 2017): Remains intact, providing a favorable bigger-picture outlook.
Targets and risk framing
- Upside targets: $4,200 initially; $4,320–$4,500 if momentum increases; $5,270–$5,940 only if $4,250 is convincingly reclaimed (these are projections, not guarantees).
- Downside levels: If $4,000 or $3,965 fails, observe $3,920, then $3,780.
- Tactics: Prefers long positions above $4,000 with stops set below $3,965, treating $4,000 as a critical line of support.
Disclaimer: Parts of this article were created using AI tools and reviewed by our editorial team to maintain accuracy and compliance with our standards. For further details, refer to CoinDesk’s comprehensive AI Policy.
