Key Highlights
- ETH maintained support around $2,760 following a 14% weekly surge.
- Spot Ethereum ETFs in the United States captured approximately $270 million in single-day inflows, pushing the two-day total to about $413.8 million.
- On-chain analytics platform Lookonchain tracked new whale accumulation, including a 6,247 ETH acquisition financed by selling 200.71 BTC.
- BitMine reportedly purchased an additional 12,500 ETH, following its 27,562 ETH acquisition from the prior week.
- Market analyst Ted noted that a weekly close above the 100-week simple moving average could target the $3,300-$3,400 zone.
Ethereum sustained its position above the $2,700 threshold on Tuesday as its weekly rally reached approximately 14%.
The second-largest cryptocurrency by market capitalization traded around $2,760, after touching an intraday peak near $2,804.
This upward momentum has been accompanied by increased capital allocation into United States-based spot Ethereum exchange-traded products.
These investment vehicles attracted roughly $270 million in net inflows during a single trading session, representing the strongest daily performance since October.
This achievement represents the second consecutive day of positive flows, bringing the cumulative two-day inflow figure to approximately $413.8 million and reversing the previous three-day outflow trend.
Major Holders and BitMine Expand ETH Holdings
According to blockchain intelligence provider Lookonchain, one over-the-counter whale acquired 4,500 ETH, increasing its total holdings to approximately 37,000 ETH.
A separate large holder converted 200.71 BTC into 6,247 ETH. Within a six-day period, this wallet has exchanged 1,308 BTC for 40,670 ETH before staking the complete allocation.
Corporate Ethereum accumulator BitMine Immersion appears to have secured another 12,500 ETH, based on Lookonchain’s tracking data.
The firm had previously acquired 27,562 ETH during the week before. Its estimated total holdings now approach 5.98 million ETH, valued at approximately $16.5 billion based on current pricing.
BitMine’s Chairman Thomas Lee stated that the organization considers Ethereum’s third-quarter price action as potentially setting up enhanced fourth-quarter momentum.
Trading activity in derivatives markets remains elevated. Aggregate ETH futures open interest reached roughly $36 billion, with CME open interest climbing more than 8%.
ETH Confronts $2,786 Barrier
Ethereum experienced a rejection around $2,786, establishing this level as the primary near-term resistance zone.
Additional resistance targets above this threshold include $2,894 and $3,177.
The cryptocurrency continues trading above its critical daily exponential moving averages, with the 20-day EMA positioned near $2,537.
The Relative Strength Index registered near 71, while the Stochastic Oscillator exceeded 90, indicating that upward momentum has entered overbought territory.
Chart analyst Ted highlighted on X that ETH has arrived at the $2,800 resistance area and is currently challenging its 100-week simple moving average.
According to Ted’s analysis, a weekly close surpassing this moving average could propel Ethereum toward the $3,300-$3,400 range, whereas rejection might trigger a pullback to approximately $2,550.
Seasoned trader Peter Brandt additionally published an extended-timeframe Ethereum futures chart on X, identifying a potential price objective near $8,674 following a decisive breakout above the $5,000 level.
Currently, ETH trades beneath the $2,786 resistance barrier, with the $2,626-$2,544 range establishing the nearest support area according to available technical analysis.
