Ethereum (ETH) is regaining traction after rebounding from its $3,700 support level, as traders and institutions closely watch whether the cryptocurrency can reclaim $4,000 and trigger a new bullish leg.
After weeks of consolidation near critical levels, Ethereum’s price action is showing renewed momentum. Market participants are monitoring the $4,000 mark, which has historically acted as a psychological barrier and potential launchpad for further gains.
Ethereum Prepares for $4,000 Test After $3,700 Bounce
Ethereum (ETH) is showing renewed signs of strength after bouncing off key support between $3,600 and $3,700. Traders are now eyeing the $4,000 level, a critical psychological barrier, as a potential confirmation point for the next bullish leg.
Ethereum (ETH) bounces off $3,600–$3,700 support, eyeing a reclaim of $4,000 as a key sign of bullish strength. Source: @TedPillows via X
As of October 18, 2025, Ethereum trades at $3,893, up 2.9% in the past 24 hours, with a trading volume of $47.9 billion. Crypto analyst Ted @TedPillows notes, “$ETH is trying to reclaim a key support level. If Ethereum can reclaim the $4,000 level, it’ll be the first sign of strength.” His 4-hour ETH/USDT chart highlights a clear bounce from $3,600–$3,700, with $4,000 as the next resistance to watch.
BitMine’s Massive ETH Buy Signals Institutional Confidence
Institutional activity is heating up. BitMine Immersion Technologies reportedly purchased $279.64 million in ETH, moving roughly 72,898 ETH from FalconX and BitGo hot wallets in the last 10–14 hours.
BitMine makes a massive $279.64M ETH purchase, signaling strong institutional accumulation of Ethereum. Source: @TedPillows via X
Tom Lee, BitMine’s chairman, continues to expand the company’s Ethereum holdings, now exceeding 3.03 million ETH—valued at over $11.8 billion. According to reports, BitMine is targeting about 5% of the total ETH supply through strategic accumulation.
“This latest purchase follows prior acquisitions, including 202,037 ETH earlier this month amid price dips,” noted news10.com, highlighting a clear buy-the-dip strategy. While institutional buying adds bullish momentum, market participants remain cautious following recent ETF outflows totaling $232 million.
Technical Outlook: $4,000 Is the Key
Technically, Ethereum is testing a pivotal level. Korinek_Trades points to a weekly Elliott Wave setup indicating a potential move toward ~$4,968.
Ethereum sets up for a potential Wave 5 rally toward $5K after retracing to typical Wave 4 levels, signaling an imminent bullish move. Source: @korinek_trades via X
“The market has retraced into common wave 4 levels, forming a bull flag within wave 4. With an incomplete bullish count and bearish sentiment at recent lows, a strong upward move could be coming,” he explained. Intermediate resistance sits around $4,100, while wave 5 could push ETH toward ~$4,968 if momentum continues.
Key levels to watch:
- Support: $3,600–$3,700
- Immediate Resistance: $4,000
- Next Resistance: $4,100–$4,300
- Potential Target: ~$4,968
Market Sentiment and Outlook
Ethereum’s short-term trajectory appears bullish, supported by institutional accumulation and technical setups. A successful break above $4,000 could open the door for a move toward $4,300 and higher.
Ethereum (ETH) was trading at around $3,902, up 3.19% in the last 24 hours at press time. Source: Ethereum Price via Brave New Coin
However, traders should remain aware of short-term volatility from recent ETF outflows and broader market trends. With strong support levels holding and major players like BitMine increasing their exposure, Ethereum remains in focus for potential medium-term gains.
