Ethereum Rallies to $2,750 as Corporate Buyer Nears 5% of Supply

Ethereum has rallied by approximately 80% from its July low of $1,510 to trade around $2,750. Analysts, including Michael van de Poppe, see the next major resistance level at $3,400.

Bitmine Immersion Technologies now holds nearly 5% of the total ETH supply after adding 27,562 coins in the latest week, with about 85% of its 5,983,940 ETH staked. The firm's chairman, Thomas Lee, noted that Ethereum has outperformed Bitcoin and Solana since June 30, calling it a prelude to a potentially stronger up move in the fourth quarter.

The U.S. spot Ethereum ETFs attracted roughly $270 million in a single day, their strongest session since October, while total futures open interest approached $36 billion. Network revenue hit a seven-day high of $689,893 on September 21.