Ethereum Price Up as BitMine Buys $29M ETH From Galaxy Digital

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Ethereum price rose 0.65% over the past 24 hours to trade at $3,865.10 As of 11pm EST with trading volume down 52% to $16.52 billion.

Ethereum got a boost from another purchase by Tom Lee’s Bitmain, which purchased 7,660 ETH worth $29 million from Galaxy Digital on October 31 via its over-the-counter desk. Such large special trades are usually executed to avoid impacting the price.

🔥 Now: Tom Lee’s Bitmine bought 7,660 $ Ethereum From Galaxy Digital. pic.twitter.com/Jtcvhbn7bg

— Cointelegraph (@Cointelegraph) November 1, 2025

BitMine’s goal is clear: to accumulate up to 5% of the Ethereum supply as part of its “Alchemy of 5%” plan. Download now 3.3 million EthereumOr 2.745% of the $12.8 billion supply, according to CoinGecko.

While institutions are busy accumulating, retailers are looking more cautious. Data from Kalshi shows that the odds of ETH reaching $5,000 before the end of the year have dropped sharply to just 34%.

However, many analysts remain positive about Ethereum’s medium-term prospects, given its strong fundamentals and growing interest from professional buyers.

The increase in institutional buying means a decrease in the number of ETH available for sale on cryptocurrency exchanges. As currencies move into portfolios held by long-term investors, short-term selling pressure decreases.

If this trend continues, supply could shrink further, supporting higher prices. Such moves by BitMine and other large companies often result in rallies that attract smaller investors back into the market.

Ethereum Price: On-chain signals show accumulation

Blockchain data confirms that Bitmain received Ethereum from its most recent purchase in two batches from Galaxy digital wallets. Analytics platforms such as Arkham and Whale Alert have tracked the movement and destination of ETH, verifying the timing and volume of the transaction. These transfers add to a long list of institutional purchases that are becoming more common for Ethereum during 2025.

Feelings on the chain change. Long-term holders move coins from exchanges into secure wallets. Addresses holding more than 1,000 ETH rose steadily during the quarter. Staking on Ethereum is also on the rise, with more tokens in validation contracts, indicating strong belief in the future of the network.

Active ETH addresses Source: Glassnode

This combination of tight exchange supply, increasing wallet backlog, and swelling staking balances is creating fertile ground for a rising ETH price, market watchers say. Participants demonstrate a desire for long-term stability, which reduces the risk 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 price of ETH price It is trading below the 50-day simple moving average at $4,164, while still well above the 200-day moving average at $3,352, according to the latest TradingView chart. The main support now lies between $3,350 and $3,800. This is an area where traders watch for new bounces if the price declines

Currently, the market is facing strong resistance near $4,164, where the 50-day simple moving average is gathering sellers. If ETH price can break above this area, the next target is the $4,955 high that was recorded earlier in the year.

The chart shows the potential for ETH price to rise in the coming weeks if buyers remain active and break the resistance. If not, the coin may pull back to test the $3,352-$3,350 support area.

ETH/USD Analysis source: TradingView

Technical indicators are mixed but point to a market poised for action. The Relative Strength Index (RSI) indicates neutral momentum at 43.90. The MACD is slightly bullish at 1.87, with the histogram bars starting to rise.

The ADX indicator is only reading 17.95, which indicates that the ETH price is consolidating, but any strong push could lead to a breakout or collapse.

ETH price could see a higher swing in November, with new forecasts setting average targets around $4,240 and a high of $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 areas.

If sellers force a decline, the $3,350-$3,870 area will likely attract new buyers looking for discounted entries.

With BitMine and other large players accumulating ETH, upside targets could reach $4,600 or higher this month if institutional buying continues and retail sentiment follows suit. However, traders should keep an eye on whether ETH price can break above $4,164 for further gains, or whether the lower support holds in case of a decline.

Either way, rising institutional demand is helping keep Ethereum’s outlook bright for both short-term upsides and long-term growth.

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