Ethereum's near-term outlook remained uncertain on Nov. 9, with ETH trading near $2,130 as BitMine Immersion Technologies disclosed the purchase of another 9,587 ETH, lifting its treasury to 6.07 million tokens. The company now holds approximately 4.97% of Ethereum's reported circulating supply, approaching its stated goal of owning 5%. Meanwhile, technical analysts monitored the $2,150 support zone and a possible inverse head-and-shoulders formation, sharing their chart setups on X (here and here), although the proposed recovery pattern remains unconfirmed, keeping lower support levels in focus.

BitMine Nears Its 5% Supply Goal

BitMine Immersion Technologies held 6,070,092 ETH as of November 8, according to an official announcement. The company bought another 9,587 ETH last week, continuing the weekly purchases it has made since June 30, 2025. Chairman Tom Lee said BitMine has added Ethereum every week since launching the treasury strategy, and the latest figures place its holdings close to the company's stated target of owning 5% of Ethereum's supply.

Crossing that threshold would put roughly one of every 20 tokens of Ethereum's reported circulating supply in a single corporate treasury. Because the company has disclosed its holdings on a weekly basis since launching the strategy, its next announcement will show whether purchases made since November 8 pushed it past the 5% mark.

BitMine valued its ETH holdings using a reference price of $2,234 per token on November 8. The company also reported 216 Bitcoin, $475 million in cash and marketable securities, and equity investments in Beast Industries and Eightco Holdings. Taken together, its crypto assets, cash, securities, and strategic investments totaled $14.3 billion.

Ethereum Trades Around a Key Support Zone

The ETH/USD daily chart showed Ethereum trading near $2,132.90, slightly below the $2,150.40 level marked as the 0.5 Fibonacci retracement. Fibonacci retracement levels, which chartists derive from ratios associated with the Fibonacci sequence, are widely used to flag zones where price may find support or resistance, and that nearby zone forms an important reference point for the recovery scenario underpinning the bullish outlook.

A sustained move above $2,150 would put the next marked retracement at $2,339.30 into view. Beyond $3,800, the bullish Ethereum price prediction identifies $5,381 as the next major target, with ETH potentially pulling back toward $4,400 before attempting another move higher. The projected fifth wave targets $7,268.90, while extended Fibonacci levels at $8,732.90 and $11,826.80 mark additional upside objectives if bullish momentum continues.

These projections, however, depend on ETH holding its support zone and clearing several resistance levels. In practice, that makes $2,150 and $1,976.80 the near-term levels to watch: a decline below $1,976.80 would weaken the recovery setup and expose the next support near $1,753.50.

Inverse Head-and-Shoulders Chart Points to $3,800

A separate two-day ETH/USDT chart maps a possible inverse head-and-shoulders formation, identifying an earlier left shoulder, a deeper low around mid-2026, and a right shoulder that is still taking shape. A rising neckline connects the intervening price peaks.

Ethereum has not broken above that neckline, so the proposed pattern remains unconfirmed. In technical analysis, an inverse head-and-shoulders setup is generally considered valid only after price closes above its neckline, meaning a breakout above the rising neckline would provide the confirmation the formation currently lacks. The daily chart also places an additional horizontal reference near $3,872.70, close to the analyst's $3,800 upside scenario. That level sits above the recent trading range and would require Ethereum to clear intervening resistance first.

Staking Position and Estimated Rewards

Staking refers to locking ETH in the network's protocol to help validate transactions, with yields that vary over time as network conditions change. BitMine reported staking 5,227,037 ETH, approximately 86% of its total holdings, meaning the majority of its treasury is committed to the network rather than held liquid. Using a seven-day staking yield of 2.65%, the company estimated $309 million in annualized rewards at its current staking level. Full staking could raise that estimate to $359 million, according to BitMine.

This article provides financial information and does not constitute investment advice. Cryptocurrency prices fluctuate sharply, and technical forecasts carry substantial uncertainty. Readers should conduct independent research and consult qualified financial professionals before making investment decisions.

This article is based on reporting from The Market Periodical.