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• ETH is up 2% and is currently trading close to $2,900.
• The leading altcoin could rally towards the $3,200 resistance if the recovery continues.
• BitMine purchased 69,822 ETH, growing its total holdings to 3.63 million ETH.

The cryptocurrency market is off to a positive start this week, following last week’s massive selloff.

Bitcoin reclaimed the $89k level on Monday, but has slightly dipped and now trades above $86k.

Ether, the second-largest cryptocurrency by market cap, is trading above $2,800 per coin and could rally higher in the near term.

Its recovery comes as institutional investors continue to acquire more Ether tokens. 
 

BitMine purchases more Ether coins

Ether is up by 2% in the last 24 hours and is currently trading close to the $2,900 mark.

The positive performance comes as the Ethereum treasury company BitMine Immersion Technologies increased its ETH holdings last week.

The company purchased  69,822 ETH, growing its total holdings to 3.63 million ETH.

Thanks to this latest acquisition, BitMine now holds 3% of the entire ETH circulation, bringing it closer to its original goal of holding 5% of Ethereum’s supply.

In its statement on Monday, the company confirmed that it also maintained a balance of 192 Bitcoin (BTC), a $38 million stake in Worldcoin (WLD) treasury, Eightco Holdings, and unencumbered cash of $800 million.

However, thanks to the recent dip in crypto prices, BitMine’s total assets value has declined to $11.2 billion.

BitMine is holding an unrealized loss of over $3.4 billion via its ETH treasury. BitMine Chairman Thomas Lee stated that,

“The continued decline in crypto prices in the past week reflects the impaired liquidity since October 10th, as well as price technicals, which remain weak. A few weeks ago, we noted the likely downside for ETH prices would be around $2,500 and current ETH prices are basically there. This implies asymmetric risk/reward as the downside is 5% to 7%, while the upside is the supercycle ahead for Ethereum.”

Additionally, BitMine has announced its intention to start staking its ETH holdings in 2026 using the Made in America Validator Network (MAVAN).

The staking could help BitMine boost the average cost basis of its ETH holdings. 

The company is currently the leading Ethereum treasury globally, followed by SharpLink Gaming and The Ether Machine with holdings of 859,395 ETH and 496,712 ETH, respectively. 
 

Ether eyes $3,200 despite resistance pressure around $3k

The ETH/USD 4-hour chart is bearish and efficient as Ether has added 2.5% to its value in the last 24 hours.

Short traders suffered a $53 million liquidation over the past 24 hours as Ether briefly tested the $3k resistance level.

The positive performance comes after Ether dipped below the $2,600 level on Friday.

The coin is now trading above $2,880 and could rally higher in the near term. 
 

(Click on image to enlarge)

Ether is currently facing pressure as it shows early signs of rejection after hitting the $3k psychological level a few hours ago.

Overcoming the $3k level would allow ETH to hit the ILQ and TLQ levels above $3,100. 

On the flipside, failure to overcome $3k resistance level could see Ether decline towards $2,300 if the $2,850 support fails to hold again.

The 4-hour RSI of 50 is currently neutral, indicating a fading bearish momentum. The MACD lines are also looking to cross into the bullish region in the near term.

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