Trading at USD 2,693, Ethereum registered a 1.63% daily increase while maintaining its position above critical short- and long-term moving averages. Market demand continued to find backing from spot accumulation, increasing staking participation, and corporate treasury allocations. Concurrently, large derivatives positions and mixed momentum signals indicated that traders remained divided regarding Ethereum’s upcoming major direction.
Ethereum Price Holds Above Key Moving Averages
On the hourly chart, ETH/USD stayed above its 20-period moving average of USD 2,677 and its 50-period average of USD 2,680. It additionally traded comfortably above the daily 200-period moving average, which sat at USD 2,104.
Meanwhile, the Ichimoku Kijun rested near USD 2,678 to provide an additional short-term support level. Ethereum’s advance past USD 2,700 likewise invalidated bearish formations seen on prior charts.
Even so, momentum indicators presented a mixed outlook. The MACD flashed a sell signal, whereas the ADX stayed neutral. The RSI registered at 47.05, placing Ethereum right in the middle of its recent momentum band.
The CCI also displayed a sell signal alongside a neutral Stoch RSI. Bull/Bear Power signaled oversold conditions coupled with intraday seller pressure during a phase of relatively low volatility.
Furthermore, Ethereum held a value close to 0.032 BTC. Its recovery against Bitcoin took place as ETH continued its rebuilding process following the liquidation event on October 10, 2025. Historical data shows September typically yields an average Ethereum decline of 8.57%. This September, however, ETH surpassed several technical and market benchmarks.
BitMine Ethereum Holdings Pass 6 Million ETH
BitMine Immersion Technologies expanded its Ethereum reserves past 6 million ETH, securing its status among the foremost corporate holders of the asset. The enterprise also intends to stake the majority of these reserves.
Corporate treasuries collectively control roughly 8.49 million ETH. This amount serves as an additional pillar of concentrated, long-term Ethereum ownership, complementing staking pools and accumulation wallets. Additionally, SharpLink Gaming staked 42,072 ETH. Treasury-holding corporations increasingly incorporate staking into their Ethereum strategies rather than leaving all assets idle.
Across the wider network, 35.72% of the total Ethereum supply is currently staked, amounting to more than 43 million ETH locked within the staking architecture. Accumulation addresses have similarly expanded, holding over 23 million ETH after accelerating their growth throughout September.
In a separate transaction, an anonymous whale gathered roughly USD 31 million worth of ETH across OKX and Binance before transferring the holdings to a self-custodied wallet. Consequently, spot demand has persisted as a vital component of Ethereum’s market framework, while ETH preserves its utility across decentralized finance, staking, and alternative blockchain protocols.
Also Read: Vitalik Buterin Maps Ethereum’s 2030 Cryptographic Future
ETH Open Interest Tops USD 18 Billion
Fueled by heightened derivatives activity, Ethereum open interest climbed back past USD 18 billion. Hyperliquid assumed a more prominent role during the latest price surge, with Ethereum open interest temporarily outpacing Bitcoin contracts on the platform.
Hyperliquid whale positioning tilted toward the bullish side, with upwards of 65% of those traders maintaining long positions compared to a 57% average long open-interest share across alternative exchanges.
Nevertheless, the platform’s largest individual Ethereum holding remained a short position valued at approximately USD 283 million. Positive funding rates yielded roughly USD 2.6 million in funding fees for this position. Liquidity metrics additionally highlighted distinct zones on both sides of the market, with long-position liquidity stretching toward USD 2,500 and short-position liquidity extending as high as USD 2,900.
Wintermute positioned itself for active trading as well, backed by USD 126 million in short positions, out of which USD 46.92 million accounted for ETH short open interest.
That position accrued unrealized profits alongside roughly USD 402,000 in funding fees. Consequently, derivatives traders continue carrying substantial exposure even as spot accumulation and staking draw ETH out of active circulation. Ethereum sentiment registered at 55 points, placing the market in neutral territory and down from the greed levels observed the previous week.
A Brief Roundup
Ethereum maintains its stance above essential moving averages while accumulation addresses, treasury reserves, and staking metrics continue to scale upward. Nonetheless, mixed momentum indicators and sizeable derivatives exposure leave the near-term path uncertain. Market participants remain focused on support hovering near USD 2,678 alongside liquidity parameters spanning between USD 2,500 and USD 2,900.
