Ethereum (ETH) Price Surges Past $2,700 as Institutional Demand Intensifies

Key Highlights

• ETH maintained support above $2,760 following a robust 14% weekly advance.
• American spot Ethereum ETFs recorded approximately $270 million in single-day inflows, pushing two-day totals to around $413.8 million.
• Blockchain tracker Lookonchain identified new whale activity, including a notable 6,247 ETH acquisition financed by 200.71 BTC.
• BitMine appears to have accumulated an additional 12,500 ETH, following its 27,562 ETH purchase from the prior week.
• Technical analyst Ted suggested that a weekly settlement above Ethereum’s 100-week SMA could target the $3,300-$3,400 zone.

Ethereum sustained its position above the $2,700 threshold on Tuesday as its seven-day appreciation reached approximately 14%.

The digital asset was changing hands around $2,760, after touching an intraday peak near $2,804 during recent trading.

This upward price movement has aligned with accelerating capital flows into United States spot Ethereum exchange-traded products.

These investment vehicles captured roughly $270 million in net inflows, representing their strongest single-day performance since October.

This represented the second straight session of positive flows, bringing the cumulative two-day intake to approximately $413.8 million and reversing the preceding three-day outflow trend.

Large Holders and BitMine Maintain Aggressive Accumulation

Data from Lookonchain indicated that one over-the-counter whale acquired 4,500 ETH, bringing its total holdings to approximately 37,000 ETH.

A separate large holder converted 200.71 BTC into 6,247 ETH. Throughout a six-day period, this wallet traded 1,308 BTC for 40,670 ETH and proceeded to stake the complete amount.

Ethereum treasury firm BitMine Immersion potentially acquired another 12,500 ETH, based on Lookonchain’s monitoring.

The previous week saw BitMine purchase 27,562 ETH. Current reported holdings approached 5.98 million ETH, valued at roughly $16.5 billion using the referenced pricing.

BitMine’s Chairman Thomas Lee expressed the company’s perspective that Ethereum’s third-quarter results could signal stronger momentum heading into the fourth quarter.

Activity in derivatives markets remains robust. Aggregate ETH futures open interest hovered around $36 billion, with CME open interest climbing over 8%.

Technical Barrier Emerges at $2,786

Ethereum encountered selling pressure near $2,786, establishing this level as the primary technical hurdle.

Subsequent resistance zones beyond this point are located around $2,894 and $3,177.

ETH continues trading above key daily exponential moving averages, with the 20-day EMA positioned near $2,537.

The Relative Strength Index registered near 71, while the Stochastic Oscillator exceeded 90, indicating that current momentum has entered extended territory.

Market analyst Ted noted on X that ETH had arrived at the $2,800 resistance area and was challenging its 100-week simple moving average.

According to Ted, a weekly closure above this moving average could propel Ethereum toward the $3,300-$3,400 range, whereas rejection might trigger a pullback toward $2,550.

Seasoned trader Peter Brandt additionally published a long-term Ethereum futures chart on X, identifying a possible objective near $8,674 after a breakout exceeding $5,000.

Currently, ETH trades beneath the $2,786 resistance point, with the $2,626-$2,544 area establishing the nearest support level according to available technical analysis.