Ethereum Holds Firm Over $4,000; Arkham Data Points to Tom Lee’s BitMine Buying the Pullback

Ether Holds Above $4K as BitMine Accumulates $113M in ETH; Traders Eye Key Breakout Levels

October 29, 2025 — Ether (ETH) stayed resilient above the $4,000 mark on Tuesday, recovering from an early dip as on-chain data pointed to fresh large-scale accumulation by BitMine Immersion Technologies.

Market Overview
ETH closed near $4,023, holding steady after briefly touching $4,102. Repeated defenses of the $4,000 support level helped stabilize price momentum, with trading activity rising sharply into the session close.

Blockchain analytics firm Arkham Intelligence reported on October 28 that BitMine withdrew about $113 million worth of ETH from BitGo, describing the move as part of a “buy the dip” strategy.

A day earlier, BitMine Immersion Technologies (BMNR) revealed total assets of $14.2 billion, including 3.31 million ETH, $305 million in unencumbered cash, and smaller holdings such as 192 BTC and an $88 million stake in Eightco. The company called itself the largest Ether treasury, citing an average daily trading volume of $1.5 billion — ranking its stock roughly 46th in U.S. equity markets by liquidity.

BitMine reaffirmed its long-term goal to control 5% of the total ETH supply, highlighting growing investor interest in regulated corporate exposure to digital assets.

Institutional and Macro Context
Chairman Thomas “Tom” Lee linked the renewed accumulation to improving global sentiment, noting that easing U.S.–China tensions could support broader risk appetite. He said open interest in Ether derivatives has returned to midyear levels, calling the setup “attractive from a risk/reward perspective.”

BitMine said it raised its cash reserves to $305 million and added 77,055 ETH during the past week, bringing its holdings to roughly 2.8% of Ether’s circulating supply.

Technical Overview
Data from CoinDesk Research’s technical model showed that dips toward the $4,000 level continued to attract buyers, keeping the short-term bias constructive.
Selling pressure eased late in the day, allowing ETH to recover above support.

• Primary support: $4,000 (psychological level)
• Secondary supports: $3,965 → $3,920 → deeper near $3,780
• Initial resistance: $4,050–$4,080; major barrier: $4,200
• Bullish trigger: Break above $4,250 could extend gains toward $5,270–$5,940

ETH ended up 0.98% at $4,022.71, trading within a $211 range between $4,102.69 and $4,018.51.
Volume surged roughly 35% above the seven-day average, with 549,762 contracts exchanged — about 149% of the 24-hour norm — suggesting institutional repositioning rather than retail speculation.

Market Structure and Signals
Analysts pointed to a double-bottom pattern near $4,000, signaling seller fatigue and renewed demand. The developing “Power-of-3” rhythm — accumulation, shakeout, stabilization — suggests a potential base for a breakout if ETH clears nearby resistance.
Ether’s long-term channel from 2017 remains intact, maintaining a structurally bullish backdrop.

Outlook
Traders are watching whether ETH can sustain momentum above $4,050–$4,080 to confirm breakout potential toward $4,200–$4,500.
A decisive close below $3,965, however, could expose deeper retracements toward $3,920 or $3,780.
For now, $4,000 remains the key pivot zone, separating accumulation from potential breakdown territory.

About The Author

ctleditor

See author's posts