Key Points
- ETH maintained levels between $2,700-$2,740, securing its first weekly settlement above $2,700 since nine months ago.
- Treasury firm BitMine acquired an additional 15,112 ETH tokens last week, bringing total reserves to 6.016 million ETH.
- Market analyst Ted Pillows indicated that a weekly settlement above $2,800 may trigger a move toward $3,400-$3,500.
- Open interest in Ethereum derivatives reached $34.10 billion, while options trading volume increased by more than 33%.
- Spot Ethereum ETFs in the United States recorded $138 million in net withdrawals following four consecutive days of negative flow.
Ethereum price hovered around $2,707 during Monday trading, posting a 0.52% gain over the previous 24-hour period. This performance sustained the asset’s position above the psychologically significant $2,700 threshold as the new week commenced.
The overall cryptocurrency sector advanced 0.68% during the identical timeframe. Combined market valuation climbed to $2.93 trillion.
Bitcoin remained anchored above the $85,000 level. XRP sustained trading above $1.50. Both assets extended rallies that initiated in mid-September.
ETH concluded the previous week with a settlement above $2,700, marking the first time in nine months that the token achieved a weekly close at this elevation. Market observers highlighted this development as evidence of strengthening upward momentum.
BitMine Expands Ethereum Treasury Position
Corporate Ethereum holder BitMine acquired 15,112 ETH tokens during the past week. This transaction elevated the firm’s aggregate position to 6,016,414 ETH.
The newly acquired tokens carried an approximate value of $41 million, calculated at a reference price of $2,726 per token. BitMine’s current holdings now represent approximately 4.9% of Ethereum’s circulating supply.
Crypto Banter distributed the information across social platforms. The commentary noted that Bitmine expanded its position by 15,112 ETH during the week, representing roughly $41 million in value, elevating total reserves to 6,016,414 ETH, equivalent to 4.9% of available supply, positioning the company at 99% completion toward its 5% acquisition objective, with combined cryptocurrency, liquid assets, and stakes valued at $17.4 billion.
BitMine Chairman Thomas Lee observed that ETH delivered outperformance versus the S&P 500 by 6,832 basis points throughout the third quarter. He emphasized this achievement occurred amid a restrictive Federal Reserve stance, ascending oil valuations, and elevated worldwide bond yields.
Ethereum recorded gains exceeding 70% during the third quarter. This represented its strongest quarterly performance since the opening quarter of 2021.
BitMine maintains additional holdings including 214 Bitcoin units, a $180 million position in Beast Industries, and a $117 million stake in Worldcoin treasury entity Eightco Holdings. The corporation disclosed $643 million in liquid cash reserves and marketable instruments.
Notwithstanding these advances, Ethereum’s order book liquidity has contracted. Median market depth declined to 35-45% relative to Bitcoin’s liquidity levels, down from a minimum of 60% throughout 2025, per CoinGecko data.
Technical Analysts Identify Price Objectives Beyond $3,000
Market analyst Ted Pillows highlighted Ethereum’s most robust weekly candlestick formation in over eight months. He stated that Ethereum posted its highest weekly candlestick in more than eight months, and projected that a weekly settlement exceeding $2,800 accompanied by substantial spot buying activity could propel Ethereum toward the $3,400-$3,500 range.
He identified support zones around $2,550 and $2,200, with $1,965 serving as a more substantial support threshold should selling intensify.
Ethereum derivatives markets demonstrated expanded activity. Trading volumes increased 15.17% to reach $29.02 billion, while aggregate open interest advanced 1.14% to $34.10 billion.
Options contract volume surged 33.58% to $1.15 billion. Open interest in options contracts grew 1.62% to $6.25 billion.
Not all indicators suggested continued appreciation. United States-listed spot Ethereum ETFs documented $138 million in aggregate redemptions during the previous week, extending a four-day sequence of negative capital flows, based on SoSoValue reporting.
From a technical perspective, Ethereum has preserved support around $2,657, bolstered by the 20-day Exponential Moving Average. A breakdown beneath this threshold could shift attention to the 50-day EMA and the $2,432 level.
Regarding resistance, breaching $2,790 may establish a trajectory toward $2,880 followed by $3,066. Ethereum experienced $36.6 million in forced liquidations during the past 24 hours, with $20.4 million originating from bearish positions.
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