Ethereum Price Forecast: ETH approaches $4,270 hurdle as BitMine expands treasury to 3.31 million ETH

Ethereum price today: $4,220

• Ethereum treasury firm BitMine scooped 77,055 ETH last week, boosting its holdings to 3.31 million tokens.
• BitMine's Chairman, Thomas Lee, says progress in US-China trade talks has been positive for Ethereum and the crypto market.
• ETH faces the $4,270 resistance after clearing key hurdles at $4,100, and the 100-day and 50-day EMAs.

Ethereum (ETH) gains 3% on Monday following BitMine's latest update that its treasury balance has reached 3.31 million ETH.

BitMine scoops over 77,000 ETH following progress in US-China trade talks

Ethereum treasury firm BitMine Immersion (BMNR) grew its stash by 77,055 ETH following another round of acquisition last week.

The company's holdings have reached 3.31 million ETH, nearly 2.8% of the 121.16 million ETH circulating supply and more than halfway towards its 'alchemy of 5%' of ETH goal, according to a statement on Monday.

BitMine also reported growing its cash holdings to $305 million while maintaining a 192 Bitcoin (BTC) balance and an $88 million stake in Worldcoin (WLD) treasury Eightco Holdings. As of October 26, the firm's total assets are worth $14.2 billion.

BitMine ranks as the second-largest digital asset treasury (DAT) globally, behind MicroStrategy (MSTR), which holds 640,808 BTC after acquiring $43.4 million worth of Bitcoin last week. The company also holds the top spot among the largest public Ethereum treasuries, with SharpLink Gaming (SBET) and The Ether Machine (ETHM) coming behind with 859,395 ETH and 496,712 ETH, respectively, according to StrategicETHReserve data.

BitMine's stock price is up 6% at the time of publication on Monday, following a 3% gain in ETH.

The positive sentiment follows progress in trade talks between the US and China over the past few days, which has been generally positive for risk assets, noted BitMine's Chairman, Thomas Lee.

"While the fundamentals of Ethereum and crypto are 'uncorrelated' to equities, Fundstrat work has shown that in the past 15 years, Ethereum and crypto perform better when equities rise, meaning crypto is correlated to 'risk-on' assets via the associated leverage channel," wrote Lee. "Open interest for ETH sits at the same levels as seen on June 30 of this year (ETH was $2,500). Given the expected Supercycle for Ethereum, this price dislocation represents an attractive risk/reward."

Ethereum Price Forecast: ETH clears key hurdles, tackles $4,270 resistance

Ethereum saw $124.6 million in liquidations over the past 24 hours, led by $94.6 million in short liquidations, per Coinglass data.

ETH has charged above the 100-day and 50-day Exponential Moving Averages (EMAs) and the resistance near $4,100 on Monday. The move comes after a week of struggling to sustain a move above these key hurdles.

The top altcoin is testing the $4,270 resistance, another key level that ETH failed to breach on October 14, only to decline below $3,700 in the days that followed. A move above $4,270 could push ETH toward $4,500 before approaching the $4,800 key resistance.

ETH/USDT daily chart

On the downside, ETH could find support near $3,800 if buyers fail to hold the $4,100 level.

The Relative Strength Index (RSI) is above its neutral level and the moving average yellow line. Meanwhile, the Stochastic Oscillator (Stoch) has crossed into its overbought region. The indicators paint a dominant bullish momentum, but overbought conditions in the Stoch could spark a short-term correction or pause in the price rise.