Ethereum prices rise from $3700 support to $4300 with $280M BitMine ETH purchase
Ethereum (ETH) is currently experiencing a resurgence in momentum after bouncing back from the $3,700 support level. Traders and institutional investors alike are closely monitoring the cryptocurrency’s performance to see if it can surpass the $4,000 mark, a crucial threshold that could potentially trigger a new bullish phase.
Following a period of consolidation around critical levels, Ethereum’s price action is showing signs of renewed strength. Market participants are paying close attention to the $4,000 mark, which has historically served as both a psychological barrier and a launching point for further upward movements.
At the moment, Ethereum is trading at $3,893 as of October 18, 2025, marking a 2.9% increase over the past 24 hours with a trading volume of $47.9 billion. Analysts like Ted @TedPillows are optimistic about Ethereum reclaiming the $4,000 level, noting that it would be a significant indication of strength. The current bounce from the $3,600-$3,700 support range has set the stage for Ethereum’s potential move towards the $4,000 level.
Institutional activity is also gaining momentum, with BitMine Immersion Technologies making a substantial purchase of $279.64 million in ETH. This move involved transferring approximately 72,898 ETH from FalconX and BitGo hot wallets within a span of 10-14 hours. BitMine’s chairman, Tom Lee, has been actively increasing the company’s Ethereum holdings, which now exceed 3.03 million ETH, valued at over $11.8 billion. The company’s strategic accumulation approach aims to secure about 5% of the total ETH supply.
From a technical perspective, Ethereum is currently testing a critical level. Analysts like Korinek_Trades are pointing to a weekly Elliott Wave setup that suggests a potential rally towards $4,968. With Ethereum retracing to typical Wave 4 levels and forming a bullish flag within Wave 4, there is anticipation of a strong upward movement. Intermediate resistance is expected around $4,100, with Wave 5 potentially pushing ETH towards approximately $4,968 if the current momentum persists.
Key levels to monitor include support at $3,600-$3,700, immediate resistance at $4,000, and subsequent resistance levels at $4,100-$4,300. The potential target for Ethereum’s price movement is around $4,968. The short-term outlook for Ethereum appears bullish, supported by institutional accumulation and promising technical setups. A successful breakthrough above $4,000 could pave the way for further upward movement towards $4,300 and beyond.
Despite recent ETF outflows and market volatility, Ethereum remains a focal point for traders and investors looking to capitalize on potential medium-term gains. With strong support levels in place and institutions like BitMine increasing their exposure to Ethereum, the cryptocurrency continues to attract significant attention.
