Ethereum Holds Strong Above $4,000 as BitMine Expands Massive ETH Treasury

Ethereum (ETH) continued to show resilience around the $4,000 mark, trading at approximately $4,020.84 after repeated defenses of this critical support level. On October 28, blockchain analytics firm Arkham revealed that BitMine Immersion Technologies (BMNR) withdrew nearly $113 million in ETH from BitGo wallets, signaling confidence and a “buy the dip” strategy amid volatile conditions.

In its October 27 press release, BitMine reported total assets of $14.2 billion, comprising 3,313,069 ETH, $305 million in cash, 192 BTC, and an $88 million stake in Eightco. The firm emphasized its position as the largest ether treasuryand highlighted strong trading liquidity, with a five-day average daily dollar volume of $1.5 billion, ranking its stock roughly 46th in the U.S. market. BitMine reiterated its long-term goal of controlling 5% of the total ETH supply.

Chairman Thomas “Tom” Lee linked the firm’s recent activity to improving global sentiment, noting that easing U.S.–China tensions are boosting investor risk appetite. He described ether’s derivatives setup as attractive, with open interest resetting to midyear levels — a favorable signal for bullish traders.

BitMine’s latest purchases include 77,055 ETH, raising its total holdings to 3.31 million ETH — around 2.8% of Ethereum’s circulating supply.

Technical models from CoinDesk Research suggest Ethereum remains in a consolidation phase, with strong support at $4,000 and resistance near $4,200. A decisive breakout above $4,250 could trigger a rally toward the $5,270–$5,940range. Volume surged 35% above the seven-day average, reinforcing the double-bottom pattern at $4,000 — a signal of renewed institutional buying.

Traders now view $4,000 as the key pivot, favoring long positions while maintaining stop-loss levels below $3,965, as Ethereum continues to attract buyers amid shifting macroeconomic and crypto-specific dynamics.