Ethereum (ETH) Price: Analysts Eye $3,000 as BitMine Adds Millions in ETH Holdings

October 6, 2026 CryptoExpert Uncategorized
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TLDR

  • Ethereum traded near $2,700-$2,740, holding its first weekly close above $2,700 in nine months.
  • BitMine bought 15,112 more ETH last week, pushing total holdings to 6.016 million ETH.
  • Analyst Ted Pillows said a weekly close above $2,800 could open the door to $3,400-$3,500.
  • Ethereum open interest climbed to $34.10 billion, with options volume up over 33%.
  • US spot ETH ETFs saw $138 million in net outflows after four straight negative days.

Ethereum price traded around $2,707 on Monday, up 0.52% over 24 hours. The move kept the token above the $2,700 mark heading into the week.

Ethereum (ETH) Price
Ethereum (ETH) Price

The broader crypto market rose 0.68% in the same period. Total market capitalization reached $2.93 trillion.

Bitcoin held above $85,000. XRP traded above $1.50. Both continued gains that began in mid-September.

Ethereum closed last week above $2,700, its first weekly close at that level in nine months. Analysts pointed to this as a sign of recovering momentum.

BitMine Adds to Its ETH Stockpile

Ethereum treasury firm BitMine bought 15,112 ETH last week. That purchase lifted its total holdings to 6,016,414 ETH.

The new tokens were worth about $41 million, based on a quoted price of $2,726. BitMine’s holdings now equal roughly 4.9% of Ethereum’s total supply.

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Crypto Banter shared the update on social media. The analyst wrote that Bitmine added 15,112 ETH over the past week, worth about $41 million, bringing total holdings to 6,016,414 ETH, or 4.9% of supply, with the firm now 99% of the way to its 5% target and combined crypto, cash and stakes at $17.4 billion.

BitMine Chairman Thomas Lee said ETH outperformed the S&P 500 by 6,832 basis points in the third quarter. He noted this came during a quarter with a hawkish Fed, rising oil prices, and higher global bond yields.

Ethereum gained over 70% in the third quarter. That marked its best quarter since the first quarter of 2021.

BitMine also holds 214 Bitcoin, a $180 million stake in Beast Industries, and a $117 million stake in Worldcoin treasury firm Eightco Holdings. The company reported $643 million in cash and marketable securities.

Despite the gains, Ethereum’s market liquidity has thinned. Median market depth fell to 35-45% of Bitcoin’s liquidity, down from at least 60% in 2025, according to CoinGecko.

Analyst Targets Set Above $3,000

Analyst Ted Pillows pointed to Ethereum’s strongest weekly candle in more than eight months. He said Ethereum closed its highest weekly candle in 8+ months, and that a weekly close above $2,800 with strong spot demand could send Ethereum toward $3,400-$3,500.

He marked support levels near $2,550 and $2,200, with $1,965 as a deeper support if selling pressure builds.

Ethereum derivatives activity also increased. Trading volume rose 15.17% to $29.02 billion, while open interest climbed 1.14% to $34.10 billion.

Options volume jumped 33.58% to $1.15 billion. Options open interest rose 1.62% to $6.25 billion.

Not every signal pointed upward. US spot ETH ETFs recorded $138 million in net outflows last week, following four consecutive days of negative flows, according to SoSoValue data.

On the charts, Ethereum has held support near $2,657, reinforced by the 20-day Exponential Moving Average. A drop below that zone could bring the 50-day EMA and $2,432 into focus.

On the upside, clearing $2,790 could open a path toward $2,880 and then $3,066. Ethereum has seen $36.6 million in liquidations over the past 24 hours, with $20.4 million coming from short positions.





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