Ethereum began the week trading around $2,707, marking a modest gain of 0.52% over the previous 24 hours and maintaining its position comfortably above the $2,700 threshold. This stability signaled continued resilience in the second-largest cryptocurrency by market capitalization as investors monitored key support levels.
Crypto market steadies, ETH leads with nine-month high weekly close
The wider cryptocurrency market also showed resilience, rising 0.68% over the same timeframe as overall digital asset market capitalization reached $2.93 trillion. Bitcoin traded above $85,000, while XRP held steady above $1.50. These assets extended upward trends set in motion since mid-September.
Ethereum’s latest weekly close above $2,700 marked its highest settlement in the past nine months. Market participants described this milestone as a clear signal of growing bullish sentiment for the asset.
BitMine grows corporate ETH reserves
BitMine, a prominent treasury management firm focusing on digital assets, expanded its Ethereum portfolio last week with the purchase of 15,112 ETH. This latest acquisition brought BitMine’s total holdings to 6,016,414 ETH, a position representing roughly 4.9% of the network’s circulating supply. BitMine’s recent purchase was valued at $41 million at an average price of $2,726 per token.
Crypto Banter, a digital assets analytics platform, reported that BitMine has now nearly reached its publicly stated target of acquiring 5% of Ethereum’s total supply. The company’s total digital assets, fiat currency, and staking positions are valued at $17.4 billion.
BitMine Chairman Thomas Lee noted that Ethereum outperformed the S&P 500 by 6,832 basis points in the third quarter, despite headwinds from tighter Federal Reserve policy, rising commodity prices, and elevated global bond yields.
During Q3, Ethereum appreciated by more than 70%, delivering its strongest quarterly performance since the first quarter of 2021.
BitMine’s portfolio extends beyond Ethereum, including 214 Bitcoin, a $180 million equity stake in Beast Industries, and a $117 million investment in Eightco Holdings. The company’s financial disclosures showed $643 million in liquid assets and tradable securities.
Despite active accumulation, Ethereum’s spot trading liquidity has declined, with average order book depth now 35-45% of Bitcoin’s liquidity, down from a minimum of 60% in 2025, according to CoinGecko data.
Mini dictionary: BitMine, a treasury firm, specializes in accumulating and managing digital asset reserves for institutions and funds, often acting as a large liquidity provider within blockchain ecosystems.
Analysts eye technical levels, derivatives activity surges
Technical analyst Ted Pillows highlighted Ethereum’s recent weekly candlestick as the strongest in more than eight months. He argued that a weekly close above $2,800, alongside robust spot market demand, could push prices toward the $3,400–$3,500 range.
Ethereum’s support levels remain at $2,550 and $2,200, with $1,965 serving as a key long-term floor if downward pressure intensifies. A decisive close above $2,800 may unlock further momentum toward higher price targets.
Derivatives markets reflected increased investor interest. Ethereum trading turnover grew 15.17% to $29.02 billion and open interest climbed to $34.10 billion. Options trading activity rose sharply as well, with daily volumes up 33.58% at $1.15 billion and outstanding options open interest reaching $6.25 billion.
| Metric | Previous Week | Current Week | Change |
|---|---|---|---|
| Spot ETH price | $2,670 | $2,707 | +0.52% |
| ETH options volume | $861 million | $1.15 billion | +33.58% |
| Open interest | $33.72 billion | $34.10 billion | +1.14% |
| Spot ETF net flows | — | -$138 million | Redemption |
However, outflows continued in US spot Ethereum ETFs, which saw $138 million in net redemptions over the past week, marking the fourth consecutive session of withdrawals, based on SoSoValue statistics.
Chart analysis showed Ethereum safeguarding support at $2,657, near its 20-day Exponential Moving Average (EMA). If prices fall below this level, the next support territory is at $2,432, marked by the 50-day EMA. Breaking $2,790 resistance could enable an advance to $2,880 and potentially $3,066.
In the past 24 hours, Ethereum recorded $36.6 million in liquidations, with $20.4 million stemming from short positions.
