Ethereum advanced 2.5% in 24 hours to trade just below $2,450, but the price remained beneath $2,500 as U.S. spot Ethereum ETFs recorded nearly $389 million in combined net outflows over five trading sessions. Despite the daily recovery, ETH has lost 2.0% over the past week, 6.0% over 14 days and 8.9% over the last 30 days.
Meanwhile, Bitmine Immersion Technologies continued building its Ethereum treasury, purchasing 12,535 ETH during the previous week. Its total holdings have reached approximately 6.04 million ETH, highlighting the contrast between corporate accumulation and investor withdrawals from regulated investment products.
Trading activity across Ethereum markets remains strong. The cryptocurrency recorded $13 billion in 24-hour trading volume, while perpetual futures open interest reached $44.6 billion. These figures point to significant market participation, although futures open interest does not independently indicate whether traders are positioned for further gains or additional losses.
The $2,500 mark remains a crucial level for Ethereum’s near-term direction. A sustained move above this threshold could reinforce recovery expectations, particularly if spot-market demand strengthens. However, another rejection could trigger renewed selling pressure.
On the downside, $2,380 remains an important short-term support reference because it is close to the reported 24-hour low. A clear break below this level could undermine the current rebound and expose ETH to further declines.
Bitmine Adds 12,535 ETH as Its Treasury Approaches 5% of Supply
Bitmine reported that its Ethereum reserves reached approximately 6.04 million ETH as of October 18, following the acquisition of another 12,535 tokens during the previous week, according to its latest company announcement.
Using a reported price of $2,365 per ETH, the company valued its holdings at approximately $14.3 billion. Its reserves now represent around 4.9% of Ethereum’s circulating supply, bringing Bitmine close to its stated goal of accumulating 5% of the asset’s supply.
The company also disclosed that more than 5.06 million ETH had been staked through its MAVAN platform and staking partners. This accounts for approximately 84% of its reported Ethereum holdings.
Bitmine’s continued purchases demonstrate that corporate treasury demand remains active despite Ethereum’s recent weakness. However, the accumulation has not fully offset selling pressure associated with withdrawals from spot ETH investment products.
Ethereum Price Outlook: Will ETH Break Above $2,500?
Ethereum’s short-term trajectory depends on whether the current rebound can extend beyond $2,470 and establish a sustained move above $2,500. A confirmed breakout could bring higher resistance levels into focus, especially if stronger spot trading activity and improving ETF flows support the upward move.
Such a development would suggest that buyers are gradually regaining control following the recent downturn. Nevertheless, Ethereum’s broader trend remains under pressure, as the token continues to post losses across the weekly, two-week and monthly time frames.
If ETH fails to overcome $2,500 and subsequently drops below $2,380, traders may shift their attention toward $2,300. Continued ETF outflows could make a sustained recovery more difficult, although fund flows alone are not enough to predict the next market move.
Ethereum has rebounded, but confirmation of a stronger recovery remains elusive. A sustained move above $2,500 backed by stronger demand would improve the bullish outlook, while a rejection at resistance followed by a break below $2,380 could reverse the latest gains.
