Key Highlights
- ETH maintained support around $2,760 following a robust 14% weekly advance.
- Spot Ethereum ETFs in the United States drew approximately $270 million in a single session, pushing cumulative two-day inflows to nearly $413.8 million.
- Data from Lookonchain revealed renewed whale activity, with one entity acquiring 6,247 ETH using 200.71 BTC.
- BitMine reportedly accumulated an additional 12,500 ETH, following last week’s purchase of 27,562 ETH.
- Market analyst Ted indicated that a weekly candle close above the 100-week SMA might target the $3,300-$3,400 zone.
Ethereum sustained its position above the $2,700 threshold on Tuesday as the digital asset continued its impressive weekly performance, registering approximately 14% gains.
The second-largest cryptocurrency by market capitalization traded around $2,760, after touching an intraday peak of roughly $2,804 during recent trading hours.
This upward momentum has developed alongside substantial capital flows into U.S.-listed spot Ethereum exchange-traded products.
These investment vehicles registered approximately $270 million in net positive flows, representing their strongest single-day performance since October.
This achievement represented the second straight session of positive flows, bringing the combined two-day influx to roughly $413.8 million and neutralizing outflows from the preceding three trading days.
Major Market Participants Increase ETH Holdings
According to blockchain analytics platform Lookonchain, a prominent over-the-counter whale acquired 4,500 ETH, increasing its total holdings to approximately 37,000 ETH.
A separate whale converted 200.71 BTC into 6,247 ETH. During a six-day period, this address exchanged 1,308 BTC for a total of 40,670 ETH, subsequently staking the complete amount.
Blockchain data suggests that Ethereum treasury firm BitMine Immersion potentially acquired another 12,500 ETH, as tracked by Lookonchain.
The company purchased 27,562 ETH during the prior week. BitMine’s reported aggregate position approached 5.98 million ETH, valued at approximately $16.5 billion based on current market prices.
BitMine’s Chairman Thomas Lee stated that the organization interprets Ethereum’s third-quarter results as potentially signaling enhanced fourth-quarter market dynamics.
Activity in the derivatives market continues to expand. Aggregate ETH futures open interest reached approximately $36 billion, while CME open interest climbed over 8%.
Technical Analysis: Key $2,786 Level in Focus
Ethereum encountered selling pressure near $2,786, establishing this price point as the critical near-term resistance barrier.
Additional resistance levels beyond this threshold exist around $2,894 and $3,177.
The asset continues trading above significant daily exponential moving averages, with the 20-day EMA positioned near $2,537.
The Relative Strength Index registered approximately 71, while the Stochastic Oscillator exceeded 90, indicating that the recent rally has entered overbought territory.
Market analyst Ted posted on X that ETH has arrived at the $2,800 resistance zone and is currently challenging its 100-week simple moving average.
According to Ted’s analysis, a weekly closing price above this moving average might propel Ethereum toward the $3,300-$3,400 range, whereas a rejection could trigger a pullback toward $2,550.
Seasoned trader Peter Brandt published a long-term Ethereum futures chart on X, identifying a potential price objective near $8,674 if the asset successfully breaks above the $5,000 level.
Currently, ETH trades beneath the $2,786 resistance level, with the $2,626-$2,544 range establishing the nearest support zone according to available technical indicators.
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