Ethereum (ETH) price is showing renewed bullish momentum as buyers defend the recovery structure. Technical indicators signal strong buying pressure, while Bitmine continues expanding its Ethereum holdings. Rising network activity further supports the improving outlook, although traders remain focused on resistance and potential consolidation ahead.
Ethereum Price Enters a Critical Technical Zone
Ethereum (ETH) is entering an important technical area as buyers attempt to extend its recovery from the July low. Crypto analyst Michael van de Poppe said ETH is “getting into an interesting zone,” highlighting the importance of the current price structure. He noted that a break above this area could open the path toward the $3,400 resistance level.
Source: Michael van de Poppe’s X Post
Van de Poppe also suggested that Ethereum is unlikely to revisit the sub-$2,000 region in the near term. His outlook comes after ETH established a stronger recovery structure from its July bottom near $1,510.
However, the forecast remains an analyst view, while broader market conditions and key support levels will determine whether the recovery can continue.
ETH Momentum Remains Strong but Near Overbought
According to the TradingView analysis, Ethereum climbed from around $1,510 in July to a late-September peak near $2,776.97.
After consolidating around $1,850, ETH broke above $2,400 in late August before advancing toward $2,750. The latest session showed a modest 0.92% pullback, indicating some short-term profit-taking.
Source: TradingView
Technical indicators continue to reflect strong buying pressure. Ethereum’s Relative Strength Index stands at 69.50, placing it close to the widely watched 70 overbought threshold.
Meanwhile, the MACD line at 97.20 remains above the 80.53 signal line, while the positive histogram reading of 16.67 reinforces the current bullish momentum.
Also Read: Ethereum Price Analysis: Can ETH Hold $2,560 Support After Breakout?
Resistance Level at $3,400 Becomes Key for Ethereum
The $3,400 region has become an important level for Ethereum as buyers attempt to establish a higher trading range. A decisive move through this resistance could strengthen the bullish structure and potentially shift market attention toward higher levels.
However, rejection around resistance could result in another period of consolidation before buyers make another attempt.
The current configuration also implies that traders will have to keep a close watch on how Ethereum behaves near the support levels.
Though the overall technical formation is still favorable, high readings on the RSI imply that the momentum can take a break. Hence, holding the breakout levels will be vital.
Bitmine Continues Building Its Ethereum Treasury
The technical configuration of Ethereum is evolving in parallel with ongoing accumulations from Bitmine Immersion Technologies.
According to the Arkham, the accumulations of Ethereum amounted to 5,983,940 ETH, or 4.9% of the Ethereum supply. The accumulations are estimated at around $16.1 billion, according to the price of ETH mentioned in their September 21 report.
Source: Arkham’s X Post
According to Bitmine, it had staked 5,067,309 ETH in total, equivalent to about 85% of its entire holdings in the Ethereum network.
For the recently ended period, Bitmine increased its ETH stake by 27,562 coins. With such a huge treasury holding, Bitmine is giving the market something else to watch out for.
Ethereum Network Activity Shows Signs of Strength
On-chain data forms yet another indicator to support the positive narrative surrounding Ethereum. According to Chainspect, the platform earned $689,893 from transactions on September 21, which was the highest daily earnings of the past seven days.
Increased revenues can be attributed to higher demands, but the one-day increase cannot form a trend.
Source: Chainspect’s X Post
Improvements in price structure along with the build-up of ETH in addition to increased network activity have made some developments for traders to keep track of.
It will be seen whether these indicators result in a developing trend. In the meantime, the price response of Ethereum near resistance levels is crucial in deciding its next move.
What Comes Next for the Ethereum Price?
For Ethereum, the key price level to watch out for is $3,400, according to Van de Poppe’s breakdown. Breaking above this level could mean a new range, whereas failure to do so may lead to consolidation.
On the other hand, Bitmain’s increasing treasury of ETH and rising network fees form the fundamentals of this bounce-back story.
Also Read: Ethereum Price Breaks $2,700 as Bulls Target the $2,900 Liquidity Zone
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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