Why is Ethereum stuck around $2500? Bitmine has been buying ETH, while ETFs have been selling for 10

Ethereum price trend: Bitmine continues to increase its holdings. Market attention is focused on macroeconomic data and developments related to developers.

This week, the price of Ethereum (ETH) was around $2,512, with a weekly decline of approximately 1%. Currently, the ETH price is near the lower edge of the upward trend channel. Meanwhile, the institution Bitmine continues to buy ETH. Additionally, this week saw the release of important US macroeconomic data and numerous developer conferences, leading to high market activity. Below are some detailed analysis results.

Current situation of Ethereum price

As of today, the price of Ethereum on the Binance exchange (ETH/USDT) is around $2,512. This week’s opening price was $2,536.94, with a trading range between $2,409.09 and $2,579.88. According to Coinbase data, Bitmine’s latest quote is $2,544 per ETH. The ETH price dropped from $2,726 to $2,544, resulting in a decrease in Bitmine’s portfolio value by approximately $1.2 billion.

Key indicators Latest price (Binance): $2,512.32. Weekly opening price: $2,536.94. Weekly highest price: $2,579.88. Weekly lowest price: $2,409.09. Weekly percentage change: -0.97%. RSI (Relative Strength Index): 56.32. Average RSI: 53.67. Weekly trading volume: 441.04K units. Bitmine’s current holding of ETH

Bitmine currently holds 6,028,946 ETH, which accounts for approximately 4.9% of the total supply of 122.1 million ETH. According to Lookonchain data, this represents a share of 4.94%, with a market value of approximately $15.24 billion. Last week, Bitmine purchased 12,532 ETH, worth approximately $16.37 million. This is the third consecutive week of small-scale increases in Bitmine’s holdings.

Number of units purchased per cycle (in ETH) As of the week ending October 11, the number was 12,532. As of the week ending October 4, it was 15,112. Last week, it was 17,362. Lookonchain stated that Bitmine is still 77,442 ETH short of reaching its 5% target. Chairman Tom Lee stated in his testimony to the U.S. Securities and Exchange Commission that the company still needs approximately 100,000 ETH to meet the target. Although there are slight differences in the data, the overall gap is relatively small. Lee said that once this goal is achieved, Bitmine will stop “stacking” – meaning it will stop buying large amounts of assets. He also expects a significant bull market, but this is merely his personal opinion, not a fact.

Other assets of Bitmine

On October 12, 2026, Bitmine reported that its total assets in cryptocurrencies and “high-risk, high-reward” investments reached $16.2 billion.

Assets quantity/valuation Ethereum (ETH): 6,028,946 units, valued at $2,544 per unit Bitcoin (BTC): 214 units Beast Industries shares: $180 million Eightco Holdings (ORBS) shares: $85 million Cash and securities: $612 million It is reported that approximately 84% of ETH is in pledged status to generate income. However, pledging may limit the company’s ability to sell assets quickly.

Forecast for Ethereum prices: What will happen in the next few weeks?

The weekly chart indicates a possible rebound pattern. Earlier this year, ETH rebounded from the range of around $1,500 to $1,600, which was near the long-term downward trend line. Since then, prices have continued to rise within an upward channel, indicating that buying pressure has been steady and gradual. This supports the current price forecast for ETH.

Currently, the RSI stands at 56.32, which is higher than its average of 53.67. This suggests a moderate bullish signal, rather than a strong one. The target price of $5,000, near the peak in 2025, is still significantly higher than current prices.

Ethereum price forecast: How high can ETH rise or how low can it fall?

Key observation points and their potential meanings Neutral position remains at $2,250 – $2,350. ETH remains in an uptrend, with a strong volume support. Target prices are $3,200, $3,500, and $4,000. A strong bullish sentiment persists, with a possibility of testing the $4,750 to $5,000 range. A bearish scenario would see prices fall below $2,250 and move downward towards $2,000. Subsequently, prices might test the $1,500 to $1,600 range. This forecast is based solely on technical charts, and no level can guarantee a certain outcome. A breakout requires confirmation by strong trading volume to be credible.

Today's news regarding Ethereum

Developer Conference: The 189th call for all core developers

On October 15 at 10 AM, a 90-minute “Call for All Core Developers” meeting will take place. The meeting will discuss the development of Glamsterdam, Hegotá, and hard forks. This is a planning meeting, not an activation meeting for any updates.

Glamsterdam includes proposals for separating protocol implementation from transaction processing roles, as well as a block access list. These measures are aimed at improving transaction throughput and network efficiency. Developers launched this feature on the Sepolia test network on October 6th, setting a gas limit of 200 million. Hegotá plans to launch this feature in 2027, with the goal of enhancing resistance to censorship, transaction processing capabilities, and security. More Ethereum-related news is expected to be released after the conference.

Why are there withdrawals from Ethereum spot ETFs?

Yesterday, Ethereum spot ETFs experienced a net outflow of $85.39 million. This is the tenth consecutive day of outflows. The report does not provide a clear explanation for this trend, but continuous outflows may indicate a weakening demand for these funds. In contrast, Bitmine’s buying actions contradict this trend.

Major events that could affect the market this week

This week has been quite busy for the ETH market:

Dates and details of events 10月14日 上午8:30美国9月CPI数据 headline预测月率0.6%，年率3.6%（前值0.4%，3.4%）；核心预测月率0.2%，年率2.5%（前值0.3%，2.4%）10月14日贝莱德（BlackRock）财报预期每股收益(EPS)为14.24美元10月15日 上午8:30美国PPI数据预测月率0.5%，年率5.3%（前值0.4%，5.4%）；核心预测月率0.3%，年率4.4%（前值0.2%，4.6%）10月15日 上午10:00所有核心开发者第189次会议讨论Glamsterdam和Hegotá10月15日 - 10月22日Arbitrum DAO USDG投票请求再拨款1亿ARB用于DRIP预算10月15日 晚上11:30美联储主席Kevin Warsh与IMF总裁Kristalina Georgieva对话预定谈话 以上均为预测数据，非最终结果。市场预期美联储将在10月维持利率不变。无论方向如何，意外波动都可能冲击包括ETH在内的风险资产。

本周其他加密市场活动

日期事件详情10月13日Balancer和Compound投票结束Balancer自资助分叉；Compound wETH储备从Ronin桥接10月13日中国September inflation data was released on October 15th. Gitcoin voting will take place on October 15th. The threshold for participating in Snapquorum was lowered from 2.5 million to 1.5 million. On October 15th, Starknet and Connex unlocked 3.37% of STRK (approximately 13.2 million units); 1.39% of CONX (12.18 million units). On October 15th, UK GDP, BNY’s financial reports, and US retail sales were released. BNY’s expected EPS for the month is $2.27. On October 16th, Arbitrum unlocked 1.56% of ARB, worth $18.07 million. On October 16th, Balancer’s deadline was postponed. The consultation regarding Singapore’s MAS stablecoins is still open. Version 3 of the pool can continue to operate until November 30th. The Payment Services Act in Singapore is undergoing review. On October 16th, the final September CPI data from the Eurozone was released. On October 17th, Cronos unlocked 2.33% of CRO, worth $73.08 million. Is it a wise decision to invest in Ethereum now? Summary:

Currently, ETH is trading between $2,250 and $2,900. If it holds above these levels, a bullish trend will continue. If it falls below $2,250, the bullish momentum will weaken. Bitmine’s buying activity has increased demand for ETH. However, ETF outflows and inflation data pose risks.

Whether ETH is suitable for you depends on your goals and risk tolerance. No one can predict exactly what will happen next, so it’s recommended to conduct thorough research. Please make your own independent judgment based on your own circumstances.