Ethereum price held near $2,700 on Oct. 5 as traders watched resistance around the $2,800 level, which analysts have flagged as the gateway to a move toward $3,500. The zone has repeatedly capped rallies in recent sessions.

Analyst Ted Pillows said a weekly close above that threshold, supported by spot demand, could bring $3,400–$3,500 into focus. He noted that Ethereum recorded its highest weekly close in more than eight months and identified $2,800 as the next major level ETH needs to clear before the market can move toward the $3,500 region. After clearing $2,800, the analyst said, Ethereum would also face levels near $2,900 and $3,000. The emphasis on a weekly close is notable because weekly closes are generally treated as more significant than daily ones in technical analysis, as they filter out short-term volatility.

The technical setup came as Bitmine Immersion Technologies continued to expand its Ethereum treasury. The company bought another 15,112 ETH last week, lifting its holdings above 6 million tokens, and disclosed that roughly 84% of its ETH remains staked, with its recent seven-day staking yield annualizing at 2.63%. Bitmine is part of a broader cohort of publicly listed companies that have adopted ether treasury strategies, a corporate accumulation model popularized by bitcoin-focused firms such as Strategy, and these vehicles have become a recurring source of spot demand for ETH.

Ethereum Price Prediction Points to $2,800 Breakout

Ethereum price is trading near $2,714 after facing repeated selling around the $2,680–$2,770 resistance zone. Recent daily candles have formed upper wicks in the area, a sign that selling pressure near the range has persisted through several attempts to break higher.

Despite the rejections, ETH remains above the rising trendline and the moving averages shown on the daily chart, leaving the broader structure intact. A daily close above $2,770 would bring the $2,800 level into focus.

Initial support sits between $2,564 and $2,547, while a deeper support area lies near $2,175. A break below the first support zone could increase selling pressure and push Ethereum toward those lower levels.

Support Levels Remain Below the Market

The four-hour chart shows Ethereum trading inside an ascending channel after recovering from a recent decline. The asset moved back toward the middle of the channel after facing rejection near $2,780. Holding above the channel midpoint around $2,670 could keep another attempt at the upper boundary in play.

A move below the recent $2,650 low would weaken the current price structure. The next support areas appear around $2,630 and $2,580 followed by a broader demand zone between $2,440 and $2,480.

Liquidation data also shows a large concentration around $2,630, with another cluster sitting between $2,550 and $2,600. Clusters like these are tracked closely because leveraged positions that reach those levels can be forcibly closed, which can magnify short-term price swings without reflecting a change in spot demand.

Bitmine Adds 15,112 ETH to Treasury

In the latest round of corporate accumulation, Bitmine Immersion Technologies purchased 15,112 ETH over the past week, bringing its total holdings to 6,016,414 ETH. The company valued the holdings at approximately $16.33 billion, based on an Ethereum price of about $2,714.62 at the time.

Bitmine has continued to increase its position even as ETH remains below the $2,800 resistance level. The company now owns more than 4.9% of Ethereum's circulating supply and is approaching its stated target of holding 5%, a scale that makes it one of the largest single holders of ether.

Bitmine has staked 5,067,309 ETH, representing about 84% of its holdings. The company projects an annualized staking yield of 2.63%, which it estimates could produce about $363 million in annual staking income. Staking commits tokens to Ethereum's proof-of-stake network, where they help validate transactions and secure the chain in exchange for rewards, turning otherwise idle treasury assets into yield-bearing positions.

Bitmine's average purchase price stands at about $3,336 per ETH, above the current market price, meaning the company has been adding to its position at levels below its historical cost basis. The company also reported buying back 21 million shares of its common stock during the first three quarters of 2026.

This article is for informational purposes only and does not constitute financial or investment advice. Technical levels, staking yields and analyst targets do not guarantee future Ethereum performance.