Ethereum was trading near $2,530 on Oct. 12 after rebounding from a low around $2,410 during the recent sell-off. The session high reached $2,579.88 before the price slipped back, leaving ETH below the critical resistance zone between $2,560 and $2,575.
BitMine Immersion Technologies added 12,532 ETH last week, bringing its total holdings to 6.028 million ETH and moving closer to its goal of holding 5% of Ethereum's supply. Chairman Tom Lee said the company will stop buying once that target is reached. However, Artemis data shows BitMine's position is still underwater with more than $4 billion in unrealized losses.
Lee also said the market is in the early stages of what could be the largest crypto bull market ever, citing tokenization, wealth transfer, digital asset treasuries and crypto as an AI downstream story. He argued that younger heirs are likely to have a higher risk appetite and that digital asset treasuries were not present in the 2019-2021 cycle.
US spot Ethereum ETFs recorded $542.2 million in net outflows from Oct. 5 to Oct. 9. The streak of nine consecutive daily outflows from Sep. 29 through Oct. 9 totaled $697.4 million. The largest single-day withdrawal was $201.9 million on Oct. 6, all from BlackRock's ETHA, followed by $160.9 million on Oct. 7, $72.5 million on Oct. 8 and $56.1 million on Oct. 9. Ethereum also experienced about $58 million in liquidations over 24 hours, with long positions accounting for 64%.
Analyst Ted Pillows identified $2,560-$2,570 as immediate resistance and said reclaiming that range could open the way to $2,700. Michael van de Poppe said he wants a strong breakout above $2,575 and expects ETH to outperform Bitcoin in the coming period. Ash Crypto noted ETH closed its fourth straight week above the weekly 50-period moving average after bouncing from multi-month support at $2,405.
On the daily chart, ETH remains below its 50-day moving average at about $2,558 and its 20-day average at $2,640, but above the 100-day average at $2,240 and the 200-day average at $2,137. The 4-hour RSI is 46.71, below the neutral 50 mark. Liquidation clusters above the price sit near $2,585, $2,635-$2,640 and $2,740, while support bands below are around $2,480, $2,450-$2,470 and $2,400.
