Ethereum Price Rises as BitMine Purchases $29M ETH from Galaxy Digital

Ethereum price has been trading up 0.65% over the last 24 hours. $3,865.10 As of 11 PM ET, trading volume had fallen 52% to $16.52 billion.

ETH got a boost thanks to another buy from Tom Lee’s BitMine. BitMine purchased 7,660 ETH worth $29 million from Galaxy Digital through the OTC desk on October 31. These large, private transactions are usually executed so as not to affect the price.

🔥 NOW: 7,660 units of Tom Lee’s Bitmine purchased $ETH From Galaxy Digital. pic.twitter.com/Jtcvhbn7bg

— Cointelegraph (@Cointelegraph) November 1, 2025

BitMine’s goal is clear. Part of the “5% Alchemy” plan is to accumulate up to 5% of the Ethereum supply. According to CoinGecko, it currently holds 3.3 million ETH, or 2.745% of supply, or $12.8 billion worth.

While institutions are busy raising funds, retailers appear more cautious. According to Kalshi’s data, the odds of ETH reaching $5,000 before the end of the year have fallen sharply to 34%.

Nonetheless, many analysts remain positive about Ethereum’s medium-term outlook, considering its strong fundamentals and growing interest from professional buyers.​

A surge in institutional buying means less ETH available for sale on cryptocurrency exchanges. As tokens move into wallets held by long-term investors, short-term selling pressure drops.

If this trend continues, supply could become tighter, supporting higher prices. These moves by BitMine and other large companies often lead to rallies that draw smaller investors back into the market.​

Ethereum price: cumulative shown on on-chain signal

According to blockchain data, BitMine received ETH through recent purchases in two batches from the Galaxy Digital wallet. Analytics platforms such as Arkham and Whale Alert have tracked both the movement and destination of this ETH, confirming the timing and size of transactions. These transfers add to the long list of institutional purchases that will become more common on Ethereum during 2025.​

On-chain sentiment is changing. Long-term holders are moving their coins from exchanges to secure wallets. Addresses holding more than 1,000 ETH have been steadily increasing this quarter. Ethereum staking is also increasing, with more tokens locked in validator contracts, indicating strong faith in the future of the network.​

ETH active address source: Glassnode

Market observers say this combination of reduced exchange supply, increased wallet accumulation, and rising staking balances creates fertile ground for ETH prices to rise. Participants showed that they wanted to hold for the long term to reduce the risk of a sudden sale.

Technical traders point out that when institutions lead, retail buyers often follow.​

ETH price technical analysis and forecast

ETH/USD technical analysis shows ETH. price According to the latest TradingView chart, the company is trading just below its 50-day simple moving average of $4,164, but still well above its 200-day average of $3,352. Currently, major support lies between $3,350 and $3,800. This is an area where traders observe new bounces when prices fall.​

The market is currently facing strong resistance near $4,164, where the 50-day SMA is gathering sellers. If ETH price breaks through this area, the next target would be the $4,955 high seen earlier this year.

The chart shows the potential for ETH price to move higher in the coming weeks if buyers remain active and break resistance. Otherwise, the coin may pull back to test the $3,352-$3,350 support area.​

ETHUSD Analysis source: Tradingview

Technical indicators are mixed but suggest the market is ready to move. The Relative Strength Index (RSI) indicates neutral momentum at 43.90. MACD is slightly bullish at 1.87 and the histogram bars are starting to rise.

The ADX indicator is only at 17.95, showing that ETH price is consolidating, but a strong uptrend could trigger a breakout or collapse.​​

ETH price could rise higher in November, with the new forecast setting an average target at around $4,240 and a rise as high as $4,632 if the rally continues. If the price falls above $4,164, Ethereum could quickly test the $4,595 and $4,955 resistance zones.

If sellers are forced to lower their prices, they will likely attract new buyers looking for discounted tickets in the $3,350 to $3,870 range.​​

As BitMine and other large players accumulate ETH, the upside target for this month could be above $4,600 if institutional buying holds and retail sentiment takes over. However, traders will have to wait and see if ETH price breaks above $4,164 to open the door to further profits or if a decline sees lower support.

In both cases, increased institutional demand helps keep Ethereum’s prospects for both short-term upside and long-term growth bright.

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