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The Ethereum price climbed 0.65% in the last 24 hours to trade at $3,865.10 as of 11 p.m. EST on a 52% drop in trading volume to $16.52 billion.
ETH got a boost from another buy by Tom Lee’s BitMine, which snapped up 7,660 ETH worth $29 million from Galaxy Digital on Oct. 31 via its OTC desk. Such large private deals are usually executed to avoid impacting the price.
🔥 NOW: Tom Lee’s Bitmine bought 7,660 $ETH from Galaxy Digital. pic.twitter.com/Jtcvhbn7bg
— Cointelegraph (@Cointelegraph) November 1, 2025
BitMine’s goal is clear: accumulate up to 5% of the Ethereum supply as part of its “Alchemy of 5%” plan. It now holds 3.3 million ETH, or 2.745% of its supply, worth $12.8 billion, according to CoinGecko.
While institutions are busy accumulating, retail traders seem more cautious. Data from Kalshi shows the odds of ETH hitting $5,000 before the year end have dropped sharply to just 34%.
Even so, many analysts remain positive about Ethereum’s medium-term prospects, given its strong fundamentals and rising interest from professional buyers.
A surge in institutional purchases means less ETH is available for sale on crypto exchanges. As tokens move to wallets held by long-term investors, short-term selling pressure drops.
If the trend continues, supply could tighten even further, supporting higher prices. Such moves by BitMine and other large firms often lead to rallies that attract smaller investors back into the market.
Ethereum Price: On-Chain Signals Show Accumulation
Blockchain data confirms BitMine received ETH from its latest buy in two batches from Galaxy Digital wallets. Analytics platforms like Arkham and Whale Alert have tracked both the movement and destination of this ETH, verifying the timing and size of the transaction. These transfers add to a long list of institutional buys that have become more common for Ethereum during 2025.
On-chain sentiment is shifting. Long-term holders are moving coins off exchanges into secure wallets. Addresses holding more than 1,000 ETH have been rising steadily this quarter. Ethereum staking is also picking up, with more tokens locked in validator contracts, signaling a strong belief in the network’s future.
ETH Active Addresses Source: Glassnode
Market watchers say this combination of less exchange supply, increasing wallet accumulation, and swelling staking balances creates fertile ground for the ETH price to climb. Participants are showing they want to hold for the long term, reducing the risks of sudden sell-offs.
Technical traders point out that when institutions lead the way, retail buyers often follow.
ETH Price Technical Analysis and Forecast
ETH/USD technical analysis shows the ETH price is trading just below the 50-day simple moving average at $4,164, while still well above the 200-day average at $3,352, according to the latest TradingView chart. The key support now sits between $3,350 and $3,800. This is an area traders watch for fresh bounces if the price dips.
Right now, the market faces strong resistance near $4,164, where the 50-day SMA gathers sellers. If the ETH price manages to break above this area, the next target is the $4,955 high marked earlier in the year.
The chart shows the potential for the ETH price to move higher in the coming weeks if buyers stay active and break resistance. If not, the coin might fall back to test the $3,352-$3,350 support region.
ETHUSD Analysis Source: Tradingview
Technical indicators are mixed but point to a market poised for a move. The Relative Strength Index (RSI) signals neutral momentum at 43.90. MACD is slightly bullish at 1.87, with histogram bars starting to tick up.
The ADX indicator reads just 17.95, showing that the ETH price is consolidating, but any strong push could spark a breakout or breakdown.
The ETH price could see a swing higher in November, with new forecasts placing average targets around $4,240 and peaks up to $4,632 if the rally continues. If the price breaks above $4,164, Ethereum could quickly move to test the $4,595 and $4,955 resistance zones.
If sellers force a drop, the $3,350–$3,870 area will likely attract new buyers looking for discounted entries.
With BitMine and other big players accumulating ETH, upside targets could reach $4,600 or higher this month if institutional buying keeps up and retail sentiment follows. However, traders should watch if the ETH price can break above $4,164 for more gains, or if lower support holds firm in case of a dip.
In either case, rising institutional demand helps keep Ethereum’s outlook bright for both short-term rallies and long-term growth.
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