Ether Holds Above $4K as BitMine Accumulates; Technical Setup Signals Consolidation

October 29, 2025 — Ether (ETH) held firm above the key $4,000 level on Tuesday, recovering from a brief pullback as trading volumes spiked and Arkham Intelligence flagged large-scale buying by BitMine Immersion Technologies.

Market Overview
Ether ended the session near $4,023, after rebounding from an intraday high of $4,102, as buyers repeatedly defended the $4,000 zone. On-chain data from Arkham showed that BitMine withdrew roughly $113 million in ETH from BitGo on October 28, signaling fresh accumulation and what Arkham described as “buying the dip.”

In a press release dated October 27, BitMine Immersion Technologies (BMNR) reported total holdings of $14.2 billion, including 3.31 million ETH, $305 million in cash, and smaller positions such as 192 BTC and an $88 million stake in Eightco. The company called itself the largest ether treasury, citing a five-day average trading volume of $1.5 billion, ranking its stock roughly 46th in the U.S. by liquidity. BitMine reiterated its long-term ambition to accumulate 5% of the total ether supply.

Macro and Institutional Context
Chairman Thomas “Tom” Lee said improving U.S.–China relations could boost overall risk appetite. He noted that open interest in ETH derivatives has reset to mid-year levels, creating what he described as an “attractive risk/reward setup.”

BitMine said it raised its cash reserves to $305 million and purchased an additional 77,055 ETH over the past week, bringing its holdings to about 2.8% of total supply.

Price and Technical Structure
CoinDesk Research’s technical model indicated a modestly bullish tone as Ether continued to find support at the round-number floor of $4,000. Selling pressure faded late in the session, allowing prices to stabilize above key levels.

• Primary support: $4,000 (psychological zone)
• Secondary support: $3,965 → $3,920 → deeper support near $3,780
• Initial resistance: $4,050–$4,080; major barrier: $4,200
• Breakout trigger: Sustained close above $4,250 could open an expansion phase toward $5,270–$5,940

Ether closed at $4,022.71 (+0.98%), trading within a $211 intraday range between $4,102.69 and $4,018.51. Trading activity spiked 35% above the seven-day average, with 549,762 contracts exchanged during the breakdown probe — roughly 149% of the 24-hour average, indicating institutional repositioning rather than retail-driven volatility.

Chart and Market Signals
Analysts noted a double-bottom formation near $4,000, suggesting buyers are absorbing supply at that level. The emerging “Power-of-3” rhythm — accumulation, shakeout, stabilization — hints at potential upside if resistance zones are cleared.
Long-term chart structure remains intact, preserving a constructive outlook within Ether’s broader upward channel that dates back to 2017.

Trading Outlook
Market participants are watching for a confirmed close above $4,050–$4,080, which could open near-term upside toward $4,200–$4,500.
Conversely, a drop below $3,965 may expose downside levels at $3,920 and $3,780.
Tactically, traders continue to treat $4,000 as the key “line in the sand” for maintaining a constructive bias.