Ethereum held above $2,700 on Monday after its first weekly close above that level in nine months. Treasury firm Bitmine added 15,112 ETH to its holdings, while rising open interest and bullish technical indicators point toward a possible move to $3,000 this week.
Ethereum reached $2,707 on Monday, rising 0.52% over 24 hours while holding above $2,700. The move keeps a near-term advance toward $3,000 in focus for the week.
The wider cryptocurrency market gained 0.68% over the same period, lifting its capitalization to $2.93 trillion. Bitcoin stayed above $85,000, and XRP traded above $1.50 as the major cryptocurrencies extended gains that began in mid-September. Ethereum reportedly posted its first weekly close above $2,700 in nine months, adding to the positive outlook.
Bitmine Adds 15,112 ETH to Its Treasury
Ethereum treasury firm Bitmine acquired 15,112 ETH last week, lifting its holdings to 6,016,414 tokens. Those holdings represent about 4.9% of Ethereum's total supply, moving the company closer to its 5% ownership target.
The weekly addition was worth roughly $41 million, based on the release's quoted price of $2,726. Bitmine's crypto holdings, cash, securities and investment stakes reached a combined $17.4 billion, according to the company's latest update.
Analyst Flags $2,800 as the Next Threshold
Crypto analyst Ted Pillows said Ethereum recorded its highest weekly close in more than eight months. He identified $2,800 as the key level for a sustained upward move, saying strong spot demand and a weekly close above it could support gains toward $3,400-$3,500. His analysis also marked initial support near $2,550, another near $2,200, and a further level at $1,965 if downward pressure intensifies.
Derivatives Activity and Technical Indicators Firm Up
Ethereum's derivatives market saw trading volume increase 15.17% to $29.02 billion, while open interest rose 1.14% to $34.10 billion. Options volume climbed 33.58% to $1.15 billion, and options open interest rose 1.62% to $6.25 billion.
ETH rallied about 13% from its September price near $2,400 and consolidated around $2,718 on October 5. Its Relative Strength Index registered 57, suggesting a mild bullish tilt, while the MACD line stood at 7.45, above the signal line at 4.71, with a positive histogram reading of 2.73.
A sustained four-hour close above $2,800 could open the way toward resistance at $2,900, with further gains bringing $3,000 into focus — about 10.4% upside from the displayed price. Rejection near $2,800 could extend consolidation instead, with $2,600 as the key support to watch.
Source: CoinGape
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