Ether has been hovering around $4,023 after repeated defenses of the $4,000 level, as Arkham said on Oct. 28 that BitMine withdrew about $113 million worth of ETH from Bitgo and was “buying the dip.”
In a press release issued on October 27, Bitmine Immersion Technologies (BMNR) said its cryptocurrencies, cash and moonshots totaled $14.2 billion, including 3,313,069 ETH, $305 million in unencumbered cash, and smaller holdings such as 192 BTC and an $88 million stake in Eightco.
The company described itself as ether’s largest treasury and highlighted trading liquidity — about $1.5 billion in five-day average daily volume, which it said ranks the stock roughly 46th in the United States. She also listed a group of well-known backers and reiterated her goal of achieving “5% alchemy” of the ether supply.
Chairman Thomas “Tom” Lee linked recent activity to broader conditions, saying easing tensions between the United States and China can support risk appetite. He said open interest in ether derivatives had been reset to mid-year levels and called the setup attractive on a risk/reward basis.
BitMine said it raised $305 million in liquidity and acquired 77,055 ETH over the past week, bringing its holdings to 3.31 million ETH, or about 2.8% of the supply.
Market Overview
According to CoinDesk Research’s technical analysis data model, ether edged higher as declines toward the round number bottom continued to attract buyers. The tone improved at the close as selling pressure eased and the price reestablished itself above support.
Support and Resistance Defense Tests: What Traders Should Watch For
With few new catalysts, trading focused on whether the $4,000 bottom would hold and how quickly the price could approach near highs. Investment flows were mixed: ETH investment products saw their first weekly release in five weeks, totaling $169 million, while 2x leveraged ETH ETPs continued to see strong interest – signs of portfolio adjustments alongside continued demand for amplified exposure.
Key Technical Levels Signal Consolidation for ETH
Support/Resistance
- Primary support: $4,000 (psychological zone).
- Secondary support: $3,965; then $3,920; further checking nearly $3,780.
- Initial resistance: $4,050 to $4,080; major obstacle: $4,200.
- Continuation Trigger: A break above $4,250 “opens an expansion phase” towards $5,270 – $5,940 on the expansion chart.
Price and range (session figures in one place)
- Close/change: $4,022.71, +0.98%.
- High/Low and Total Range: $4,102.69 / $4,018.51; Range of $211.28.
- Hourly reconstruction: $4,000.75 → $4,018.87 → $4,023.10.
Volume analysis
- Peak activity: 549,762 contracts during the outage investigation (≈ 149% of the 24-hour average).
- Context of the session: +35% compared to the seven-day average, consistent with an institutional repositioning rather than a panic of retailers.
- The volume profile supports the idea of a double bottom near $4,000 (buyers are absorbing twice the supply in the same area).
Chart templates
- Double bottom at $4,000: two drops to roughly the same location followed by a rebound, often interpreted as a sign of sellers fatigue and buyers reappearing.
- “Power of 3” rhythm: Accumulation → shakeout → stabilization; may precede clearer movement if nearby ceilings break.
- Long-term channel (since 2017): described as intact, supporting a larger-scale constructive context.
Objectives and risk framing
- Upward steps: $4,200 first; $4,320 to $4,500 if momentum builds; Only $5,270 to $5,940 if $4,250 is decisively recovered (road markers, not promises).
- Downside Checks: If $4,000/$3,965 fails, watch $3,920, then $3,780.
- Tactics: Favors long setups above $4,000 with stops below $3,965, viewing $4,000 as the practical line in the sand.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance. our standards. For more information, see CoinDesk Comprehensive AI Policy.
