Ethereum, the major altcoin, concluded October 28 at a price of $4,022, successfully maintaining its crucial $4,000 support level. Ethereum’s daily trading volume surpassed the seven-day average by 35%, reflecting heightened market activity. Technical indicators highlighted a double bottom formation around the $4,000 level, suggesting buyer defense at this price point.
BitMine's Strategic Ethereum Acquisition
Analysis showed BitMine pulled approximately $113 million worth of ETH from Bitgo on October 28, capitalizing on low prices. The company reported owning a diverse portfolio worth $14.2 billion, including 3,313,069 ETH, $305 million in cash, 192 BTC, and a separate $88 million share investment in Eightco. This substantial move underscores BitMine’s strategic positioning in the market.
Bitmine Immersion Technologies considers itself to be among the largest holders of Ethereum reserves worldwide. Averaging a daily dollar volume of $1.5 billion over five days, BitMine ranks approximately 46th on U.S. exchanges. In the past week, BitMine acquired an additional 77,055 ETH, boosting its total holdings to 3.31 million ETH, which constitutes about 2.8% of total Ethereum supply.
Thomas Lee, Chairman of the Board, suggested that easing U.S.-China trade tensions might enhance risk appetite. Lee noted that open positions in Ethereum futures have scaled back to mid-year levels, presenting an attractive risk/reward scenario for investors.
Analysts suggest Ethereum’s ability to hold above $4,000 keeps upward momentum alive in the short term. A breach of the $4,250 resistance could propel prices into the $5,270–$5,940 range, highlighting a potential for significantly higher valuations.
Technical Outlook for Ethereum: Key Levels to Watch
Technical models maintain $4,000 as a primary support level for ETH, with additional supports at $3,965 and $3,920. On the upside, the first target is the $4,050–$4,080 range, with $4,200 emerging as a major resistance level. Moving above $4,250 with persistent bullish candles could trigger a strong rally.
Daily trades amounted to 549,762 contracts, exceeding the 24-hour average by 149%, indicating continued institutional repositioning within the market. The chart’s double bottom formation is interpreted as a sign of weakening sellers and re-engagement of buyers. Meanwhile, on October 28, a net inflow of $246.02 million into ETFs was recorded, reinforcing positive sentiment.