TLDR
- Ethereum broke through a descending trendline with technical patterns resembling gold’s 2024 breakout, targeting $4,440 resistance
- Bitmine Immersion Technologies acquired $251 million in ETH and now holds 3 million tokens worth $13 billion, representing 2.7% of circulating supply
- BlackRock clients purchased $41.91 million worth of Ethereum as institutional adoption accelerates
- Key support levels at $3,800 and $3,600 are holding, providing foundation for potential upward movement
- Ethereum’s correlation with gold hit 0.7 in Q3 2025 due to ETF inflows and DeFi ecosystem expansion
Ethereum is showing renewed strength after breaking key technical levels. The cryptocurrency recently touched $4,044 before settling around $3,870.
Institutional investors are leading the charge. Combined purchases totaling $292 million from major players signal growing confidence in the smart contract platform.
Market analyst Merlijn The trader identified a pattern between Ethereum and gold’s 2024 breakout. The two assets now show a 0.7 correlation in Q3 2025.
This connection comes from increased ETF inflows and expanding decentralized finance applications. Both assets benefit from similar investment trends during this period.
Bitmine and BlackRock Lead Buying Wave
Bitmine Immersion Technologies executed a massive Ethereum purchase. The company bought approximately $251 million worth of ETH in one transaction.
This added 63,539 tokens to their holdings. Bitmine now controls over 3 million ETH valued at roughly $13 billion.
The position represents about 2.7% of Ethereum’s circulating supply. Industry watchers compare this strategy to MicroStrategy’s Bitcoin accumulation approach.
BlackRock clients separately purchased $41.91 million in Ethereum. The asset manager has expanded beyond Bitcoin after leading spot ETF approvals.
Analyst Tom Lee believes ETH remains undervalued. He expects strong performance in the near term based on current fundamentals.
Technical Setup and Price Targets
Ethereum broke a descending trendline according to analyst Ali. Support around $3,800 provides a base for continued upward momentum.
The next resistance level sits at $4,440. This target comes from historical patterns and current market structure.
Critical support zones exist at $3,800 and $3,600. These levels must hold for the bullish trend to continue.
Some analysts project $4,800 to $5,000 if momentum persists. These targets assume favorable market conditions and sustained institutional interest.
On-chain data reveals accumulation in wallet activity. Exchange outflows indicate investors are moving tokens to long-term storage.
Ethereum’s Proof of Stake transition improved energy efficiency. This change meets institutional ESG requirements and attracts traditional finance participation.
The platform’s role in tokenization continues expanding. Real estate, bonds, and securities are being digitized on Ethereum’s network.
DeFi applications drive ongoing ecosystem growth. Total value locked in protocols supports fundamental value beyond speculation.
Spot Ethereum ETF products increase institutional access. Regulatory clarity around these investment vehicles could trigger additional capital inflows.
The correlation with gold suggests macro investors view Ethereum as a digital store of value. This perception supports the long-term investment thesis.
Bitmine’s position makes it one of the largest institutional Ethereum holders. The company’s strategy demonstrates conviction in the asset’s future utility.
Market liquidity has improved with institutional participation. Larger players provide stability and depth to trading activity.
Ethereum’s developer community remains active with ongoing upgrades. Technical improvements continue enhancing scalability and functionality.
At press time, Ethereum traded at $3,870, down 4.10% over 24 hours.
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