Ethereum (ETH) gained 5% over the past 24 hours, recovering to near the highest levels seen since the August rally at $2,500. Trading volumes remain above the usual average at $13 billion, accounting for over 4% of the asset's circulating market cap.
Bitmine, a digital asset treasury focused on Ethereum and headed by investor Tom Lee, announced it added another 30,000 tokens to its holdings. This purchase represents a $75 million investment at a time when technical indicators and on-chain data suggest a bullish outlook for the asset. In a press release disclosing the purchase, Lee stated that "there are multiple positive catalysts" that could push ETH higher during the last quarter of the year. He identified the Clarity Act September vote, capital rotation from AI stocks into crypto, and trends in tokenization and agentic AI as key drivers.
Data from SoSoValue shows that investors continue to buy into exchange-traded funds (ETFs) linked to ETH. Net inflows to these vehicles reached $106 million in September, following a $1.85 billion pour in the previous month. This sustained interest indicates that investors are positioning for the continuation of the rally despite a relatively unfavorable macroeconomic backdrop.
On-chain metrics from Santiment show that the MVRV Ratio is nearing the zero line for the first time in months. The MVRV Ratio tracks the value of all ETH in circulation at the price at which it was bought and compares it with the token's circulating market cap. This metric has predicted Ethereum's previous bull markets four times in the last three years. The last time the ratio surged above zero, Ethereum rallied from around $2,500 to its all-time high of $4,750.
On the daily chart, ETH has formed a bullish flag pattern, a continuation setup that emerges after strong price movement. This pattern indicates an ongoing transfer between early buyers and late buyers. If price action breaks past the flag's upper bound, currently at $2,550, it could result in a resumption of the rally toward a $2,800 target.
Momentum remains on the side of bulls, with the Relative Strength Index (RSI) currently at 64. Analysts note that as long as the price stays above the $2,400 mark, ETH is likely to rise to $3,000 in the mid-term. Institutional buyers like Tom Lee appear to agree with this view.