Ethereum maintained stability around $2,707 during Monday trading, recording its first weekly settlement above $2,700 in nine months. The broader cryptocurrency market showed resilience with a 0.68% increase, while aggregate digital asset valuation reached $2.93 trillion.
Treasury firm BitMine purchased an additional 15,112 ETH tokens during the past week, elevating its total holdings to 6,016,414 ETH, representing approximately 4.9% of Ethereum's 122.1 million circulating supply. The acquisition, valued at roughly $41 million at the time of purchase, positions BitMine 99% toward its stated acquisition target.
BitMine's portfolio extends beyond Ethereum, including 214 Bitcoin tokens, a $180 million equity position in Beast Industries, and a $117 million stake in Eightco Holdings. The company maintains $643 million in liquid assets and tradable securities, with combined cryptocurrency, fiat, and staking positions valued at $17.4 billion.
Technical Outlook and Market Activity
Technical analyst Ted Pillows identified Ethereum's weekly close as approaching a pivotal threshold. A weekly settlement exceeding $2,800 combined with substantial spot buying pressure could drive the asset toward higher targets, with support levels identified near $2,550, $2,200, and $1,965.
Derivatives markets showed increased activity, with trading volume advancing 15.17% to $29.02 billion and open interest reaching $34.10 billion. Options contract volume surged 33.58% to $1.15 billion.
However, spot Ethereum exchange-traded funds in the United States experienced $138 million in net redemptions following four consecutive sessions of withdrawals. Liquidation data indicated $36.6 million in forced position closures over the previous 24 hours, with $20.4 million attributed to bearish positions.
