Key Takeaways
- Ethereum maintained support between $2,700-$2,740, recording its first weekly close above this level since mid-2024.
- Treasury company BitMine acquired an additional 15,112 ETH tokens, bringing its overall position to 6.016 million ETH.
- Technical expert Ted Pillows noted that a sustained weekly close beyond $2,800 may trigger a rally toward $3,400-$3,500.
- Open interest in Ethereum derivatives rose to $34.10 billion, accompanied by a 33% surge in options trading volume.
- Spot Ethereum ETFs in the United States recorded $138 million in combined outflows following four consecutive days of withdrawals.
The price of Ethereum hovered around $2,707 during Monday’s trading session, marking a 0.52% increase across a 24-hour timeframe. This movement sustained the cryptocurrency’s position above the psychologically important $2,700 threshold as the new week commenced.
The cryptocurrency sector as a whole experienced a 0.68% uptick during the identical window. Combined market valuation across all digital assets touched $2.93 trillion.
Bitcoin maintained its stance above the $85,000 level. Meanwhile, XRP continued trading above $1.50. Both assets extended rallies that originated in the middle of September.
Last week’s close represented a significant milestone for Ethereum, as it concluded above $2,700 for the first time in nine months. Market observers highlighted this development as evidence of renewed bullish sentiment.
BitMine Expands Ethereum Position
Corporate treasury entity BitMine executed a purchase of 15,112 ETH during the previous week. This transaction elevated the company’s aggregate holdings to 6,016,414 ETH.
The acquisition represented approximately $41 million in value, calculated using a reference price of $2,726 per token. BitMine’s current position now represents roughly 4.9% of Ethereum’s entire circulating supply.
Industry commentary platform Crypto Banter disseminated the information via social channels. According to their analysis, Bitmine’s weekly addition of 15,112 ETH tokens valued at roughly $41 million pushed total reserves to 6,016,414 ETH, equivalent to 4.9% of available supply, positioning the organization at 99% completion of its stated 5% accumulation goal, with the firm’s combined cryptocurrency, liquid assets and equity stakes reaching $17.4 billion.
BitMine’s Executive Chairman Thomas Lee highlighted that ETH delivered outperformance versus the S&P 500 by 6,832 basis points throughout Q3. He emphasized this achievement occurred amid challenging conditions including Federal Reserve hawkishness, escalating crude oil valuations, and climbing sovereign debt yields worldwide.
Ethereum’s valuation surged more than 70% during the third quarter. This performance represented the strongest quarterly showing since Q1 2021.
Beyond Ethereum, BitMine maintains holdings of 214 Bitcoin units, a $180 million ownership stake in Beast Industries, plus a $117 million position in Worldcoin treasury entity Eightco Holdings. Financial disclosures showed $643 million in liquid assets and tradeable securities.
Nevertheless, Ethereum faces challenges in market depth. Median liquidity measurements have contracted to just 35-45% of Bitcoin’s available depth, declining from a minimum of 60% earlier in 2025, per CoinGecko research.
Technical Analysts Project Breakout Above $3,000
Market technician Ted Pillows drew attention to Ethereum’s most robust weekly candlestick formation in over eight months. His assessment indicated that Ethereum printed its most significant weekly close in more than eight months, suggesting a sustained weekly settlement above $2,800 coupled with substantial spot buying pressure might propel Ethereum into the $3,400-$3,500 range.
His technical framework identified key support zones around $2,550 and $2,200, with $1,965 serving as a critical floor should sustained selling materialize.
Activity in Ethereum derivatives markets demonstrated notable expansion. Transaction volume increased 15.17% to reach $29.02 billion, while outstanding open interest advanced 1.14% to $34.10 billion.
Options contract volume experienced a sharp 33.58% surge to $1.15 billion. Open interest in options climbed 1.62% to settle at $6.25 billion.
However, not all indicators suggested upward momentum. Exchange-traded funds tracking spot Ethereum in the United States collectively experienced $138 million in net redemptions throughout the previous week, extending a four-day streak of negative flows, based on tracking data from SoSoValue.
From a charting perspective, Ethereum has successfully defended support in the vicinity of $2,657, buttressed by the 20-day Exponential Moving Average. A breach beneath this technical zone would likely shift attention toward the 50-day EMA and the $2,432 level.
For upside momentum, penetrating resistance at $2,790 would establish a pathway toward $2,880 initially, followed by $3,066. Liquidation data reveals $36.6 million in forced closures during the past 24 hours, with short position liquidations accounting for $20.4 million of that total.
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