Ethereum Price Struggles as Bitmine Buying Fails to Stem ETF Outflows

Ethereum gained 2.5% over 24 hours, pushing its price to just below $2,450, but the cryptocurrency remained under the $2,500 mark as U.S. spot ETH ETFs experienced nearly $389 million in combined net outflows across five consecutive trading sessions. The latest rebound brings ETH closer to the key psychological level, although it remains down 2.0% over seven days, 6.0% over 14 days and 8.9% over the past month.

At the same time, Bitmine Immersion Technologies continued expanding its Ethereum reserves, purchasing an additional 12,535 ETH last week. The company’s holdings have increased to approximately 6.04 million ETH, highlighting the contrast between ongoing corporate accumulation and withdrawals from regulated investment products.

Ethereum market activity also remains elevated, with 24-hour trading volume reaching $13 billion and perpetual futures open interest standing at $44.6 billion. These figures indicate substantial market participation, although open interest alone does not establish whether traders expect prices to rise or fall.

The $2,500 level remains a critical threshold for ETH. A sustained move above this mark could strengthen expectations of a broader recovery, particularly if spot-market demand improves. However, another rejection could leave the cryptocurrency exposed to renewed selling pressure.

On the downside, $2,380 is an important short-term level to monitor, given its proximity to the reported 24-hour low. A decisive break below this area could weaken the current recovery and increase the possibility of further losses.

Bitmine Adds 12,535 ETH as Holdings Approach 5% of Supply

Bitmine reported approximately 6.04 million ETH in its treasury as of October 18, following the purchase of another 12,535 tokens during the previous week, according to the company’s latest press release.

Based on its stated valuation of $2,365 per ETH, Bitmine estimated the value of its Ethereum holdings at $14.3 billion. The company’s reserves now account for approximately 4.9% of Ethereum’s circulating supply, placing it close to its stated accumulation target of 5%.

The company also revealed that more than 5.06 million ETH had been staked through its MAVAN platform and external staking partners. This represents roughly 84% of its reported Ethereum holdings.

Bitmine’s continued accumulation highlights persistent corporate interest in Ethereum despite the cryptocurrency’s recent price weakness. However, corporate treasury purchases have not been sufficient to eliminate the selling pressure associated with withdrawals from spot ETFs.

Ethereum Price Forecast: Can ETH Reclaim $2,500?

Ethereum’s near-term outlook depends on whether the latest rebound can extend beyond the $2,470 area and produce a sustained breakout above $2,500. A convincing move through this resistance could open the door to higher price levels, particularly if stronger spot-market activity and improving ETF flows support the recovery.

Such a development would indicate that buying pressure is strengthening after the recent decline. Nevertheless, ETH’s broader performance remains under pressure, with losses across the seven-day, 14-day and 30-day periods despite its latest daily gains.

If Ethereum fails to overcome $2,500 and subsequently falls below $2,380, the $2,300 area could become the next level traders watch. Persistent ETF outflows could further complicate the recovery, although investment flows alone cannot determine the cryptocurrency’s future price direction.

For now, Ethereum is showing signs of a rebound but has yet to reclaim the $2,500 threshold. A sustained breakout supported by stronger demand could improve the bullish outlook, while another rejection followed by a drop below $2,380 would put the recovery at risk.

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