Ethereum Price Rises as BitMine Buys $29 Million ETH from Galaxy Digital

Ethereum price is up 0.65% for trading in the last 24 hours $3,865.10 as of 11:00 PM EST with a 52% drop in trading volume to $16.52 billion.

ETH got a boost from another purchase by Tom Lee’s BitMine, which raised 7,660 ETH worth $29 million from Galaxy Digital through its OTC desk on October 31. Such large private deals are usually carried out to avoid influencing the price.

🔥 NOW: Tom Lee’s Bitmine bought 7,660 $ETH from Galaxy Digital. pic.twitter.com/Jtcvhbn7bg

— Cointelegraph (@Cointelegraph) November 1, 2025

BitMine’s goal is clear: to collect up to 5% of the Ethereum supply as part of its ‘Alchemy of 5%’ plan. It’s holding up now 3.3 million ETHor 2.745% of the offering, valued at $12.8 billion, according to CoinGecko.

While institutions are busy accumulating, retailers appear more cautious. Data from Kalshi shows that the probability of ETH reaching $5,000 before the end of the year has fallen sharply to just 34%.

Still, many analysts remain bullish on Ethereum’s medium-term prospects given its strong fundamentals and increasing interest from professional buyers.

An increase in institutional purchases means that there is less ETH available for sale on crypto exchanges. As tokens move into long-term investors’ portfolios, short-term selling pressure diminishes.

If the trend continues, supply could tighten even further, supporting higher prices. Such moves by BitMine and other big companies often lead to rallies that draw smaller investors back into the market

Ethereum Price: On-chain Signals Show Accumulation

Blockchain data confirms that BitMine has received ETH from its latest two-batch purchase of Galaxy Digital wallets. Analytics platforms such as Arkham and Whale Alert have tracked both the movement and destination of this ETH, verifying the timing and size of the transaction. These transfers add to a long list of institutional purchases that have become more common for Ethereum in 2025

The sentiment in the chain is changing. Long-term holders move coins from exchanges to safe wallets. The number of addresses holding more than 1,000 ETH has steadily increased this quarter. Wagering on Ethereum is also increasing, with more tokens locked in validator contracts, indicating strong belief in the future of the network.

ETH active addresses Source: Glassnode

Market watchers say this combination of reduced exchange supply, increasing portfolio accumulation, and growing strike balances is creating fertile ground for the ETH price to rise. Participants show that they want to hold for the long term, reducing the risks of sudden sell-offs.

Technical traders point out that when institutions take the lead, retail buyers often follow

ETH Price Technical Analysis and Prediction

The ETH/USD technical analysis shows the ETH price is trading just below the 50-day moving average of $4,164, while according to the latest TradingView chart, it is still well above the 200-day moving average of $3,352. The main support now lies between USD 3,350 and USD 3,800. This is an area where traders look for new increases as the price falls

Currently, the market is facing strong resistance near $4,164, where the 50-day SMA is gathering sellers. If ETH price manages to break above this area, the next target is the high of $4,955 reached earlier this year.

The chart shows that ETH price may move higher in the coming weeks if buyers remain active and break through resistance. If not, the coin may fall back to test the $3,352-$3,350 support region.

ETHUSD Analysis source: Tradingview

The technical indicators are mixed, but indicate that the market is ready for a move. The Relative Strength Index (RSI) signals neutral momentum at 43.90. MACD is slightly bullish at 1.87, with the histogram bars starting to rise.

The ADX indicator only reads 17.95, indicating that ETH price is consolidating, but any strong momentum could cause a breakout or collapse.

ETH price could see a rise in November, with new forecasts placing average price targets around $4,240 and peaking at $4,632 if the rally continues. If the price breaks above $4,164, Ethereum could quickly test the $4,595 and $4,955 resistance zones.

If sellers force a decline, the area between $3,350 and $3,870 will likely attract new buyers looking for discounted entries.

With BitMine and other major players accumulating ETH, upside targets could reach $4,600 or higher this month if institutional buying continues and retail sentiment follows suit. However, traders should keep an eye on whether the ETH price can break above $4,164 for more gains, or if the lower support holds in case of a dip.

In either case, rising institutional demand helps keep Ethereum’s prospects bright for both short-term rallies and long-term growth.

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