Ethereum rose 2.5% over the past 24 hours, bringing its price close to $2,450, but ETH remained below $2,500 as U.S. spot Ethereum ETFs recorded nearly $389 million in cumulative net outflows across five trading sessions. Despite the recent bounce, the cryptocurrency remains down 2.0% over seven days, 6.0% over 14 days and 8.9% over the past month.
Meanwhile, Bitmine Immersion Technologies continued increasing its Ethereum holdings, acquiring another 12,535 ETH last week. The company now holds approximately 6.04 million ETH, illustrating the contrast between continued corporate accumulation and capital leaving regulated investment products.
Ethereum’s trading activity remains elevated, with 24-hour volume reaching $13 billion and perpetual futures open interest standing at $44.6 billion. These figures reflect substantial market participation, although open interest alone cannot determine whether traders are anticipating further gains or preparing for additional declines.
The $2,500 threshold remains a key level for Ethereum’s near-term outlook. A sustained move above this mark could strengthen expectations of a recovery, particularly if spot-market demand improves. However, failure to overcome this resistance could expose ETH to renewed selling pressure.
On the downside, $2,380 is an important short-term reference level, as it sits close to the reported 24-hour low. A decisive move below this area could weaken the rebound and increase the risk of further losses.
Bitmine Expands Ethereum Treasury With Another 12,535 ETH
According to its latest press release, Bitmine held approximately 6.04 million ETH as of October 18 after purchasing an additional 12,535 tokens during the previous week.
The company valued its Ethereum reserves at around $14.3 billion, using a reported ETH price of $2,365. Its holdings now represent approximately 4.9% of Ethereum’s circulating supply, putting Bitmine close to its stated target of accumulating 5%.
Bitmine also reported that more than 5.06 million ETH had been staked through its MAVAN platform and staking partners. This represents roughly 84% of its total reported Ethereum holdings.
The continued accumulation highlights Bitmine’s commitment to expanding its Ethereum treasury despite recent market weakness. However, corporate purchases have not been enough to counter the selling pressure associated with ETF withdrawals.
Ethereum Price Prediction: Can ETH Regain $2,500?
Ethereum’s immediate direction will depend on whether the current recovery can extend beyond $2,470 and establish a sustained breakout above $2,500. A successful move through this resistance could open the way for further gains, especially if stronger spot demand and improving ETF flows provide additional support.
Such a breakout would suggest that buyers are regaining momentum following the recent downturn. However, the broader trend remains weak, with ETH still trading lower across the seven-day, 14-day and 30-day periods.
If Ethereum fails to break above $2,500 and subsequently falls below $2,380, the $2,300 area could become the next level to watch. Continued ETF outflows could add pressure to the market, although fund movements alone cannot determine Ethereum’s next price direction.
For now, ETH is showing signs of recovery but has yet to establish a convincing move above $2,500. Stronger buying activity and a sustained breakout could improve the bullish outlook, while another rejection followed by a drop below $2,380 could threaten the rebound.
