Ethereum Dips as Bitmine Reports Large ETH Holdings

Ethereum (ETH) experienced a slight decline on October 5, with its price dropping by 0.98% to $2,703.74. This follows a previous close of $2,730.47, as reported by Moomoo. The 24-hour trading volume reached 209,890 ETH, with a turnover of $570.59 million.

In other news, Bitmine Immersion Technologies (BMNR) announced that its Ethereum holdings have reached 6.02 million tokens, representing 4.9% of the total ETH supply. The company also reported total crypto and cash holdings of $17.4 billion, highlighting its significant investment in digital assets.

Meanwhile, Cardano (ADA) surged by 11% on the same day, while Bitcoin (BTC), Ethereum (ETH), and XRP saw only modest gains of around 1%. Analysts are also noting a potential 'Sunday pump, Monday dump' pattern for Bitcoin, Ethereum, and Solana (SOL), suggesting short-term sell signals.

Looking ahead, one trader speculated that if Ethereum can climb to $3,000 and hold that level, it might next retest $3,400, with potential moves toward $4,000 and eventually challenging all-time highs around $4,800 to $5,200.