Ethereum price has recovered sharply after the weekend’s crash, and a major institutional player has taken advantage. BitMine Immersion Technologies, chaired by Tom Lee, has purchased roughly 202,037 ETH , pushing its holdings past 3.03 million ETH. That buying has refocused attention on whether Ethereum’s rebound can turn into a sustained bullish run. BitMine’s ETH acquisition BitMine Immersion Technologies added 202,037 ETH — worth roughly $839 million at current prices — bringing its total holdings to 3.03 million ETH, valued at about $12.6 billion. That represents nearly 2.5% of Ethereum’s entire circulating supply of 120.7 million coins. The purchase follows one of the most volatile weeks in recent crypto history , when Ethereum plunged from $4,500 to as low as $3,430 amid escalating US–China trade tensions. President Trump’s threat to impose 100% tariffs on Chinese goods triggered the steep sell-off, wiping out nearly $20 billion in leveraged crypto positions in a single day. BitMine’s timing proved strategic. Chairman Tom Lee said in a statement that the firm saw opportunity where others saw panic, explaining that “volatility creates deleveraging, and this can cause assets to trade at substantial discounts to fundamentals.” The company’s latest purchase pushes it more than halfway toward its goal of acquiring 5% of Ethereum’s total supply, or roughly 6.04 million ETH. Supported by institutional backers such as Ark Invest, Founders Fund, Pantera, and Galaxy Digital, BitMine now stands as the largest Ethereum treasury and the second-largest crypto treasury overall — trailing only Michael Saylor’s Bitcoin-focused Strategy. The firm’s total crypto and cash holdings now exceed $12.9 billion, including 192 BTC worth $22 million, a $135 million stake in Eightco, and $104 million in cash reserves. Technical analysis points to more upside for Ethereum Ethereum has rallied more than 20% from its crash lows near $3,430 to around $4,150 at press time, outperforming Bitcoin’s 0.8% daily gain and leading the broader market’s recovery. The rebound has been fueled by whale accumulation, with large wallets adding roughly 80,000 ETH (worth about $330 million) since October 11, according to Santiment data. This gradual but consistent buying underscores renewed confidence among long-term investors, even as short-term and mid-term holders remain cautious. On the technical front, Ethereum’s price has found strong support around the 50% Fibonacci retracement level near $4,111. The Relative Strength Index (RSI) sits at 46.85, suggesting neutral momentum but room for upside if buying continues. The MACD histogram remains slightly negative at -44.48, although its downward slope has begun to flatten, indicating slowing bearish momentum. On the 4-hour chart, Ethereum is forming a “cup” pattern — a classic bullish reversal structure. Source: CoinMarketCap The “cup” pattern formation points to a potential rise toward $4,390, after which a temporary pullback to the $4,070–$3,950 range could occur before the next leg higher. If momentum holds, a clean breakout above $4,390 could open the path toward $4,550 and possibly $4,750 in the short term. What to watch out for as macro and policy risks persist Despite improving sentiment, Ethereum’s path upward may face several macroeconomic hurdles. Investors are watching for the upcoming US Federal Reserve meeting on October 28–29, where potential rate cuts could bolster risk assets like cryptocurrencies. Meanwhile, China’s trade policy remains a key external risk factor. Market volatility surged last week after tariff threats, but subsequent moderation in rhetoric has allowed ETH to stabilise. Beyond macro pressures, Ethereum’s internal developments are also shaping sentiment. The network’s upcoming Fusaka upgrade, scheduled for December 3, has gained traction after successful testnet deployments on Holesky and Sepolia. The update introduces PeerDAS, a data scaling technology expected to boost Ethereum’s data capacity tenfold — potentially strengthening its long-term fundamentals and developer activity. With ETH now trading near $4,150 and exchange reserves down 3.46% over the past week, supply-side pressure continues to ease. As institutional accumulation deepens and technical momentum steadies, Ethereum appears poised to hold above $4,100 and challenge resistance around $4,450. The key test will come later this week with US inflation data, which could set the tone for whether Ethereum’s rebound evolves into a sustained bullish run or faces another round of volatility before the next breakout. The post Ethereum price forecast bullish as Tom Lee's BitMine buys the dip appeared first on Invezz
