Ether Hovered around $4,023 after repeated resistance of the $4,000 level, as Arkham said It was on October 28 that bitmine withdrew almost $113 million of ETH from Bitgo and was “buying the dip.”
In a Press Release Issued on October 27, Bitmine Immersion Technologies (BMNR) said that crypto, cash, and “moonshots” were worth $14.2 billion, including 3,313,069 ETH, $305 million in cashless cash, and smaller holdings such as 192 BTC and a $88 million stake in eightCO.
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 ranks the stock almost No. 46 in the US it also listed a group of prominent supporters and reiterated a goal of reaching the “alchemy of 5%” of the ether supply.
Chairman Thomas “Tom” Lee attributes 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 midyear levels and called the setup attractive on a risk/reward basis.
Bitmine said it raised $305 million in cash and acquired 77,055 ETH last week, bringing its holdings to 3.31 million ETH, or about 2.8% of the supply.
Market Overview
According to Coindesk’s technical analysis analysis data model, ether rose modestly while dipping towards the round-number floor that continues to attract buyers. The tone improved in the near term as selling pressure eased and the price built above support.
Defensive support vs. resistance tests: What traders should watch for
With few fresh catalysts, trading will center on whether the $4,000 floor will hold and how quickly the price can approach nearby ceilings. Investment flows were mixed: ETH investment products saw their first weekly inflow in five weeks, worth $169 million, while 2x-leveraged ETH ETPS still drew strong interest – signs of portfolio adjustments alongside continued demand for boosted exposure.
The main technical level of consolidation for ETH
Support / Resistance
- Main support: $ 4,000 (Psychological Zone).
- Secondary support: $3,965; then $3,920; Deeper check near $3,780.
- Initial resistance: $4,050-$4,080; Primary barrier: $4,200.
- Continuation Trigger: A break above $4,250 “Opens an expansion phase” towards $5,270-$5,940 on the extension map.
Price and Coverage (Session figures in one place)
- Close/Change: $ 4,022.71, +0.98%.
- High/low and total range: $4,102.69/$4,018.51; $211.28 range.
- Reconstruction time: $ 4,000.75 → $ 4,018.87 → $ 4,023.10.
Quantitative Assessment
- Activity Spike: 549,762 contracts during the breakdown probe (≈ 149% of the 24-hour average).
- Session Context: +35% vs. seven-day average, consistent with institutional repositioning rather than retail panic.
- The volume profile supports the double idea near $4,000 (buyers absorbing supply in the same area twice).
Chart patterns
- Double-bottom at $4,000: Two dips in roughly the same area followed by a bounce—often read as sellers tiring and buyers re-emerging.
- “Power-of-3” rhythm: accumulation → Shakeout → stabilization; A clearer transition can be preceded if nearby ceilings are damaged.
- Long-Term Channel (since 2017): Described as whole, supporting a constructive larger picture backdrop.
Targets and risk framing
- Reverse Steps: $4,200 First; $4,320–$4,500 if momentum builds; $5,270–$5,940 only if $4,250 is definitely reclaimed (road markers, no promises).
- Downside Check: If $4,000/$3,965 fails, watch $3,920, then $3,780.
- Tactics: favor long setups above $4,000 with stops below $3,965, treating $4,000 as a practical line in the sand.
Disclaimer: Parts of this article were generated with help from AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see Coindesk’s full AI policy.
