TLDR
- Elliott Wave analysis suggests Ethereum has completed corrective waves and may be starting impulsive wave five, which could push prices to $7,000-$8,000.
- BitMine Immersion Technologies accumulated $1.5 billion worth of Ether in three purchases since the recent market crash, bringing its holdings to 3.03 million ETH.
- Tom Lee maintains his $10,000-$12,000 price target for 2025, calling current buying strategic rather than speculative.
- Arthur Hayes reiterated his $10,000 ETH target and suggested prices could reach $20,000 before the current cycle ends.
- The December Fusaka upgrade is expected to boost transaction throughput, with analysts predicting it could drive prices toward $7,000-$9,300.
Ethereum has developed a bullish technical pattern following recent market turbulence. Technical analyst Ash Crypto identified an Elliott Wave structure that suggests the cryptocurrency may be preparing for a major move higher.
The analysis shows Ethereum has completed its corrective waves and could be entering what traders call impulsive wave five. This pattern typically represents the final and often most aggressive leg of a price advance. According to the technical projections, this setup could push ETH into the $7,000 to $8,000 range.
ETH IS FOLLOWING THE 5 WAVES PRICE ACTION
The corrective waves (2 and 4) for ETH appear to be complete, each showing a similar price action pattern.
If this Elliott Wave structure plays out, the next move should be an impulsive Wave 5, potentially pushing ETH toward the $7K–$8K… pic.twitter.com/iPuPkpWRTj
— Ash Crypto (@Ashcryptoreal) October 19, 2025
The current price structure shows Ethereum completed its C-wave correction between $3,550 and $4,000. Support has stabilized in this zone. Resistance sits near $4,750 to $5,000, which has been tested multiple times. A breakout above that level could confirm the fifth wave pattern.
BitMine Becomes Largest Corporate Holder
BitMine Immersion Technologies made three separate purchases totaling 379,271 ETH worth approximately $1.5 billion since the recent market crash. The company acquired 202,037 ETH after the weekend crash, 104,336 ETH on Thursday, and 72,898 ETH on Saturday.
💥 BREAKING:
TOM LEE'S BITMINE ACQUIRED OVER $1.5B OF $ETH
HE 100% KNOWS SOMETHING! 👀 pic.twitter.com/CiZ7dbEsGh
— ᴛʀᴀᴄᴇʀ (@DeFiTracer) October 19, 2025
These purchases were tracked through wallet movements on Kraken and BitGo. BitMine now holds roughly 3.03 million ETH, representing about 2.5% of Ethereum’s total supply. The total value of their holdings exceeds $12 billion.
The company started accumulating Ethereum in early July when prices were around $2,500. BitMine chairman Tom Lee has described these purchases as strategic investments rather than speculation.
Lee maintains his price target of $10,000 to $12,000 for Ethereum by the end of 2025. He cited several factors supporting this outlook including potential Federal Reserve rate cuts, expanding tokenized financial infrastructure, and strong Ethereum fundamentals.
Lee told ARK Invest CEO Cathie Wood that “Ethereum could flip Bitcoin similar to how Wall Street and equities flipped gold post 71.” Despite this bullish stance, Lee acknowledged that the digital asset treasury bubble may have burst.
Many digital asset treasury companies are now trading below their net asset value. This means their market price is lower than the worth of their underlying crypto holdings.
Industry Figures Remain Bullish
Arthur Hayes, former CEO of BitMEX, also maintains a bullish outlook on Ethereum. Hayes gave his $10,000 ETH target during an October Bankless podcast appearance.
Hayes described recent market volatility as background noise in a larger uptrend. He compared Ethereum’s evolution to that of Nvidia or AWS, calling it a computational backbone for AI, DeFi, and tokenized settlement.
Hayes previously suggested Ethereum could reach $20,000 before the current market cycle concludes.
The Fusaka upgrade scheduled for December is expected to increase transaction throughput and efficiency. Analysts predict this upgrade could drive prices toward $7,000 to $9,300 if successfully deployed.
ETF inflows and institutional custodianship continue to expand Ethereum’s market base. The cryptocurrency has maintained its uptrend and held above key Fibonacci zones despite some mild outflows earlier in the month.
With Ethereum trading around $4,000, a move to $7,000 would represent a 70% increase from current levels.
Lee told CNBC that investors were still recovering from the recent leverage flush. He also noted some “gold envy” as that commodity has performed strongly this year. Lee stated that leveraged long positions in crypto are near record lows, suggesting the market is “at the basement and working our way back up.”
Crypto markets are currently down 15% from their record high on October 7. BitMine has reached the halfway point toward its goal of holding 5% of Ethereum’s total supply after accumulating its position in just a few months.
