Analyst Reveals Ethereum Price Path to $3.4K as Bitmine Adds 15,112 ETH

Ethereum price held near $2,700 on Oct. 5 as traders watched resistance around $2,800. Analyst Ted Pillows said a weekly close above that level, supported by spot demand, could bring $3,400–$3,500 into focus.

The setup came as Bitmine Immersion Technologies expanded its Ethereum treasury. The company bought another 15,112 ETH last week and raised its holdings above 6 million tokens.

Bitmine also reported that roughly 84% of its ETH remained staked. Its recent seven-day staking yield annualized at 2.63%.

Ethereum Price Prediction Points to $2.8K Breakout

Ethereum price is trading near $2,714 after facing repeated selling around the $2,680-$2,770 resistance zone. Recent daily candles have formed upper wicks in the area, showing continued selling pressure near the resistance range. ETH crypto remains above the rising trendline and the moving averages shown on the daily chart.

ETH crypto daily close above $2,770 would bring the $2,800 level into focus. The Ethereum price prediction shows initial support between $2,564 and $2,547, while a deeper support area sits near $2,175. A break below the first support zone could increase selling pressure and move Ethereum toward the lower levels.

Analyst Ted Pillows said Ethereum recorded its highest weekly close in more than eight months. The analyst identified $2,800 as the next major level that ETH needs to clear before the market can move toward the $3,500 region. Ethereum price would also face levels near $2,900 and $3,000 after clearing $2,800.

Ethereum Price Support Levels Remain Below Market

The four-hour chart shows Ethereum trading inside an ascending channel after recovering from a recent decline. ETH crypto moved back toward the middle of the channel after facing rejection near $2,780. Holding above the channel midpoint around $2,670 could keep another attempt at the upper boundary in play.

A move below the recent $2,650 low would weaken the current price structure. The next support areas appear around $2,630 and $2,580, followed by a broader demand zone between $2,440 and $2,480. Liquidation data also shows a large concentration around $2,630, with another cluster between $2,550 and $2,600.

Ethereum News: Bitmine Adds 15,112 ETH to Treasury

In other Ethereum news, Bitmine Immersion Technologies purchased 15,112 Ethereum over the past week, bringing its total holdings to 6,016,414 ETH. The company valued the holdings at about $16.33 billion when Ethereum traded at approximately $2,714.62. Bitmine continues to increase its position as ETH remains below the $2,800 resistance level.

The company now owns more than 4.9% of Ethereum’s circulating supply and is approaching its target of holding 5%. Bitmine has staked 5,067,309 ETH, representing about 84% of its holdings. The Ethereum news projects an annualized staking yield of 2.63%, which it estimates could produce about $363 million in annual staking income.

Bitmine’s average purchase price stands at about $3,336 per ETH, above the current market price. The company also reported buying back 21 million shares of its common stock during the first three quarters of 2026.

This article is for informational purposes only and does not constitute financial or investment advice. Technical levels, staking yields and analyst targets do not guarantee future Ethereum performance.