TLDR
- Ethereum is trading near $2,510–$2,530 after a rebound from a low around $2,410.
- BitMine bought 12,532 ETH last week, bringing its holdings to 6.028 million ETH, close to its 5% supply goal.
- US spot Ethereum ETFs recorded $542.2 million in net outflows from Oct. 5 to Oct. 9.
- Analysts Ted Pillows and Michaël van de Poppe both point to $2,560–$2,575 as the key recovery zone.
- ETH is below its 20-day and 50-day moving averages, with RSI near 42 on the daily chart.
Ethereum is trading near $2,530 after a recovery from last week’s slide. The price has not yet cleared a resistance zone between $2,560 and $2,575.
On Oct. 12, TradingView’s Binance ETH/USDT daily chart showed ETH at $2,529.47. The session high reached $2,579.88 before the price slipped back. Ether had bounced from a low around $2,410 during the sell-off.
BitMine Immersion Technologies (BMNR) bought 12,532 ETH last week. That lifts its stash to 6.028 million ETH. The company is nearing its goal of holding 5% of Ethereum’s supply.
Chairman Thomas Lee said the company will stop buying once it reaches that target. That would end one of Ethereum’s main sources of demand over the past year. BitMine’s holdings also remain underwater, with more than $4 billion in unrealized losses, according to Artemis.
Lee Points to Wealth Transfer and Treasuries
Lee said the market is in the early stages of what could be the largest crypto bull market ever. In a Monday statement, he listed tokenization, wealth transfer, supply absorbed by digital asset treasuries, and crypto as an AI downstream story as the drivers.
He said the generation inheriting wealth is younger and likely has a higher risk appetite. He also noted that digital asset treasuries were not a factor in the 2019–2021 cycle.
Outflows from ETFs have added pressure. Farside Investors recorded $542.2 million in net withdrawals from US spot Ethereum ETFs from Oct. 5 to Oct. 9. There were nine straight days of outflows from Sep. 29 through Oct. 9, totaling $697.4 million.
The largest daily withdrawal came on Oct. 6, at $201.9 million, all from BlackRock’s ETHA. Another $160.9 million left on Oct. 7, followed by $72.5 million on Oct. 8 and $56.1 million on Oct. 9.
Ethereum also saw about $58 million in liquidations over 24 hours. Long positions made up 64% of that total.
Analyst Ted Pillows named $2,560–$2,570 as the immediate resistance zone in an Oct. 12 post. He said reclaiming that range could open the way to $2,700.
Michaël van de Poppe wrote on Oct. 11 that he wants to see a strong breakout above $2,575. He said Ethereum remains beneath important resistance and needs more strength. He also expects ETH to outperform Bitcoin in the coming period.
I’d prefer to see a strong breakout above $2,575 for $ETH.
It’s currently remaining quite calm and under critical resistances.
Overall, my expectations are that this will outperform #Bitcoin for the coming period, but we need to see a little bit more strength. pic.twitter.com/mKOfKAMwx8
— Michaël van de Poppe (@CryptoMichNL) October 11, 2026
Ash Crypto said on X that ETH closed its fourth straight week above the weekly 50-period moving average after bouncing from multi-month support at $2,405. He said the bulls are in control.
$ETH just closed its 4th straight week above the Weekly MA 50 after bouncing from multi-month support at $2,405.
The bulls are in control🚀 pic.twitter.com/XzMbfEpqlC
— Ash Crypto (@AshCrypto) October 12, 2026
CoinGlass data shows liquidation clusters above the price near $2,585, $2,635–$2,640 and $2,740. Below the market, bands sit around $2,480, $2,450–$2,470 and $2,400.
Ethereum now trades between support near $2,500 and resistance at $2,560–$2,575. The 50-day moving average sits at $2,558, and the 20-day average is at $2,640.
Chart Analysis
On the daily chart, ETH sits below its 50-day moving average at about $2,558 and its 20-day average at $2,640. It remains above the 100-day average at $2,240 and the 200-day average at $2,137. The 4-hour RSI is 46.71, below the neutral 50 mark, and the price is between the middle Bollinger Band at $2,514 and the upper band at $2,560.
Support sits at $2,500, then $2,468 and $2,410. The level to watch next is $2,575: a sustained move above it would put $2,640 and $2,700 in view.
