Ether was hovering around $4,023 after repeated defenses of the $4,000 level, as Arkham said on Oct. 28 that BitMine withdrew around $113 million 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 untaxed cash, and smaller holdings such as 192 BTC and an $88 million stake in Eightco.
The company described itself as the largest ether treasury and highlighted trading liquidity: around $1.5 billion on five-day average daily volume, which it said ranks the stock roughly 46th in the U.S. It also listed a group of well-known backers and reiterated the goal of achieving “5% alchemy” of ether supply.
Chairman Thomas “Tom” Lee linked recent activity to broader conditions and said easing tensions between the United States and China can support risk appetite. He said open interest in ether derivatives had restored to mid-year levels and called the setup attractive in terms of risk/reward.
BitMine said it raised cash to $305 million 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 rose modestly while declines towards the round number floor continued to attract buyers. The tone improved towards the close as selling pressure eased and price recovered above support.
Support Defense Testing vs. Resistance Testing: What Traders Should Keep in Mind
With few new catalysts, trading focused on whether the $4,000 floor would hold and how quickly the price could approach nearby tops. Investment flows were mixed: ETH investment products recorded the first weekly outflow in five weeks, totaling $169 million, while twice-leveraged ETH ETPs still attracted strong interest – signs of portfolio adjustments alongside continued demand for amplified exposure.
Key technical levels indicate consolidation for ETH
Support/Resistance
- Primary support: $4,000 (psychological zone).
- Secondary support: $3,965; then $3,920; deeper check near $3,780.
- Initial resistance: between $4,050 and $4,080; main 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 range (session figures in one place)
- Closing/change: $4,022.71, +0.98%.
- High/Low and Total Range: $4,102.69 / $4,018.51; Range of $211.28.
- Reconstruction per hour: $4,000.75 → $4,018.87 → $4,023.10.
Volume analysis
- Peak activity: 549,762 contracts during fault investigation (≈ 149% of the 24-hour average).
- Session context: +35% versus seven-day average, consistent with institutional repositioning rather than retail panic.
- The volume profile supports the idea of the double bottom near $4,000 (buyers absorb supply in the same area twice).
Chart Patterns
- Double bottom at $4,000: Two drops to roughly the same place followed by a bounce, often interpreted as tired sellers and reappearing buyers.
- “Power of 3” rhythm: Buildup → shake → stabilization; may precede clearer movement if nearby tops are broken.
- Long-term channel (since 2017): Described as intact, supporting a broader, constructive backdrop.
Objectives and risk framework
- Positive steps: $4,200 first; between $4,320 and $4,500 if momentum builds; $5,270–$5,940 only if $4,250 is decisively claimed (road markers, not promises).
- Downside Checks: If $4000/$3965 fails, watch out for $3920 and then $3780.
- Tactics: Favor long setups above $4,000 with stops below $3,965, treating $4,000 as the practical line in the sand.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk’s full AI policy.
