ETH Holding Above $4K, Arkham Says ‘BitMine Is Buying the Dip’

Ether (ETH) maintained its position around $4,023 following multiple defenses of the $4,000 level. According to a statement from Arkham on Oct. 28, BitMine withdrew approximately $113 million worth of ETH from Bitgo and was actively “buying the dip.”

In a press release issued on Oct. 27, Bitmine Immersion Technologies (BMNR) announced that its total crypto, cash, and “moonshot” holdings amounted to $14.2 billion. This included 3,313,069 ETH, $305 million in unencumbered cash, as well as smaller investments such as 192 BTC and an $88 million stake in Eightco.

BMNR described itself as the largest ether treasury, highlighting its trading liquidity of approximately $1.5 billion in five-day average daily dollar volume, ranking it around No. 46 in the U.S. The company also listed a roster of prominent backers and reiterated its goal to reach the “alchemy of 5%” of the ether supply.

Chairman Thomas “Tom” Lee connected recent market activity to broader geopolitical conditions, stating that easing tensions between the U.S. and China could bolster risk appetite. He noted that open interest in ether derivatives had returned to midyear levels, deeming the current setup attractive from a risk/reward perspective.

BitMine disclosed that it had raised $305 million in cash and acquired an additional 77,055 ETH over the past week, bringing its total ETH holdings to 3.31 million, equivalent to approximately 2.8% of the total supply.

Market Overview:
Based on CoinDesk Research’s technical analysis data model, ether experienced modest gains as buyers continued to step in during dips towards the $4,000 level. By the end of the trading session, selling pressure had eased, allowing the price to recover above key support levels.

Support Defense vs. Resistance Tests:
Traders focused on whether the $4,000 floor would hold and how quickly the price could approach nearby resistance levels. Investment flows were mixed, with ETH investment products seeing the first weekly outflow in five weeks, while 2x leveraged ETH ETPs continued to attract strong interest.

Key Technical Levels Signal Consolidation for ETH:
– Primary support: $4,000 (psychological zone).
– Secondary support: $3,965; then $3,920; deeper support near $3,780.
– Initial resistance: $4,050–$4,080; major barrier at $4,200.
– Continuation trigger: A break above $4,250 could lead to an expansion phase towards $5,270–$5,940.

Price & Range:
– Closing price and change: $4,022.71, +0.98%.
– High/low and total range: $4,102.69 / $4,018.51; $211.28 range.
– Hourly rebuild: $4,000.75 → $4,018.87 → $4,023.10.

Volume Analysis:
– Activity spike: 549,762 contracts during the breakdown probe.
– Session context: +35% vs. seven-day average, indicating institutional repositioning.
– The volume profile supports the idea of a double-bottom near $4,000.

Chart Patterns:
– Double-bottom at $4,000.
– “Power-of-3” rhythm.
– Long-term channel since 2017.

Targets and Risk Framing:
– Upside steps: $4,200 first; $4,320–$4,500 with momentum; $5,270–$5,940 with a break above $4,250.
– Downside checks: $3,920 and $3,780 if support levels fail.
– Tactics: Prefer long setups above $4,000 with stops below $3,965.

Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team for accuracy and adherence to our standards. For more information, refer to CoinDesk’s full AI Policy. With the rise of social media and the internet, there has been a surge in the popularity of online shopping. More and more people are turning to the convenience of shopping online rather than going to physical stores. This trend has been accelerated by the COVID-19 pandemic, which has forced many brick-and-mortar stores to close their doors temporarily or permanently.

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