Ethereum is currently trading near $2,290 as buyers strive to stabilize the price following a turbulent October. Recent data indicates that ETH has gained approximately 1.08% over the past 24 hours, now sitting at $2,291.31.
Despite this upward movement, Ethereum’s price remains below its late September peak of around $2,750. Analyst Blockto has identified a broad weekly demand zone for ETH between $2,100 and $2,400, which has historically served as a reliable support level during market fluctuations.
If buyers can maintain their defense of this zone, initial recovery targets are set at $2,600 to $2,700, followed by a more challenging area of resistance located between $3,000 and $3,200.
Whale Positioning and ETF Flows
Merlin The Trader has highlighted a dramatic increase in whale long exposure, reporting a staggering 368% rise since August. Currently, whales hold approximately 3.6 times more long positions than they did just a few months ago.
In contrast, the flows of U.S. spot Ethereum ETFs tell a less optimistic story. On October 30, these ETFs recorded net outflows totaling about $155.7 million, with BlackRock’s ETHA accounting for roughly $76.6 million of that amount.
On a more positive note, staking activity for Ethereum has seen a notable uptick. October marked a record month for staking, bringing the total amount of staked ETH to approximately 44.2 million, effectively reducing the supply available for immediate trading.
Technical analysts are observing a potential inverse head-and-shoulders pattern forming within this demand zone, though confirmation of the pattern is still pending. A breakthrough above the neckline in the mid-$2,500s could signal a surge toward the $3,000 target.
Dutch analyst Michaël van de Poppe noted that ETH currently exhibits more strength compared to Bitcoin. He remarked that once ETH breaks through its current downtrend resistance, it could pave the way for a return to previous highs.
BitMine’s Expanding Holdings
In noteworthy news, BitMine Immersion Technologies has recently acquired an additional 8,573 ETH, bringing its total holdings to 6,060,506 ETH. This acquisition represents about 4.9% of Ethereum’s estimated 122.2 million circulating supply, with the company aiming to secure 5%. To achieve this goal, BitMine needs to acquire approximately 49,500 more tokens.
As of November 1, BitMine reported that 5,227,037 of its ETH are staked, constituting about 86% of its treasury. The company anticipates annual staking revenue of $358 million based on a 3.03% seven-day annualized yield.
On the technical front, Ethereum’s Relative Strength Index (RSI) currently sits at 37.14, indicating potential bearish momentum, while the MACD line is at -67.50, below its signal line of -62.29. Immediate support is located near $2,250, with resistance looming at $2,320. A drop below this support level could expose Ethereum to a decline toward $2,200, while a move above $2,320 would bring the $2,500 resistance zone into play.
BitMine’s chairman, Tom Lee, also shared insights regarding the recent security breach involving Binance, which resulted in approximately $6.3 billion in asset losses. He noted that ETH experienced a 4% drop following the incident, a smaller reaction compared to past breaches, suggesting that the industry is becoming more resilient. Lee maintains a positive long-term outlook for Ethereum.
As ETH continues to trade around $2,287, market participants will be keenly observing both whale activities and BitMine’s strategic moves as indicators of Ethereum’s future trajectory.
