TLDR
- ETH trades near $2,400 as it struggles to break above the 20- and 50-day EMAs at about $2,504 and $2,483.
- BitMine bought 12,535 ETH last week, raising its holdings to 6.041 million ETH, or 4.9% of supply.
- JPMorgan has expanded its JPM Coin to Ethereum mainnet for institutional clients.
- US spot ETH ETFs saw about $320 million in outflows last week, the third straight week of net outflows.
- Analyst Ted says spot demand is weak and large buyers may wait for a dip to $2,200-$2,250.
Ethereum (ETH) traded near $2,400 on Monday, reversing a small recovery from the early Asian session. The price rose about 1.16% over 24 hours to roughly $2,407, according to one data source.
BitMine Immersion (BMNR) bought 12,535 ETH last week, worth about $30.3 million. This extends a weekly buying streak that began on June 30, 2025.
The purchase lifts the firm’s holdings to more than 6.041 million ETH, worth about $14.47 billion. That is 4.9% of the 122.1 million ETH supply, and the company is aiming for 5%.
BitMine Adds 12,535 ETH, Holdings Rise to 6.04M ETH
BitMine said it acquired 12,535 ETH over the past week, bringing total holdings to 6,041,481 ETH, or about 4.9% of Ethereum’s 122.1 million supply. The company has 5.07 million ETH staked, while its total crypto, cash,… pic.twitter.com/kQE0mwWxto
— Wu Blockchain (@WuBlockchain) October 19, 2026
BitMine Chairman Thomas Lee linked the recent market weakness to several factors. He pointed to rising AI spending, US-Iran tensions, worry ahead of US midterm elections and higher global bond yields.
“In the past, whenever fundamentals remain resilient and strong, while price declines, these have historically been attractive risk/reward opportunities,” Lee said.
JPMorgan Brings JPM Coin to Ethereum
JPMorgan Chase has expanded JPM Coin to the Ethereum mainnet. The dollar-pegged deposit token settles nearly instantly, 24 hours a day.
JUST IN: JPMorgan, US largest bank with $5T+ in assets, now allows clients send USD deposits on Ethereum using JPM Coin. pic.twitter.com/zsjAhyF8ZQ
— Coin Bureau (@coinbureau) October 19, 2026
Kinexys manages the product, which first went live on Base in 2025. It is open only to approved institutions, unlike public stablecoins.
The Ethereum Daily account on X (@ETH_Daily) said the launch extends Ethereum’s role in traditional finance. It added that more institutions using the network could strengthen its place as a settlement layer for tokenized assets.
Fund flows remain weak. US spot ETH ETFs recorded about $320 million in net outflows last week, per SoSoValue. On October 16 alone, outflows were $69.68 million, almost all from BlackRock’s ETHA.
Total ETF net assets stood at $14.95 billion. That is 5.07% of Ethereum’s market cap.
Analyst Ted said on X that spot demand is still weak. He noted that rallies are mostly driven by shorts closing. He added that large buyers appear to be waiting for a drop to $2,200-$2,250.
$ETH spot demand is still weak.
Any rally is mostly due to shorts being closed.
It seems like large buyers are waiting for a drop around $2,200-$2,250 for accumulating Ethereum. pic.twitter.com/BkNGg7GTPh
— Ted (@TedPillows) October 19, 2026
Ethereum futures saw $87 million in liquidations over 24 hours. More than $71 million came from short positions.
Crypto Patel, another analyst, took a longer view on X. He said ETH is testing a key structural zone on the higher time frame chart. He sees resistance at $3,000 and major support at $1,800-$1,950.
Patel said a pullback below $2,000 could offer another buying opportunity if ETH keeps its higher highs and higher lows pattern. He said the setup fails if the demand zone does not hold.
ETH Chart Analysis
ETH is stuck under the 20- and 50-day EMAs, and bulls keep getting rejected at that band around $2,504. RSI sits in the high 30s and the Stochastic is near the low 20s, so rallies look like they’re meeting sellers. The 100-day EMA near $2,351 and horizontal support at $2,355 are the first floor. Lose that and $2,205 comes into view.
On the 4-hour chart, MACD is still below zero, but the histogram has turned positive. A 4-hour close above $2,400 could put $2,500 back in play. The level to watch next is $2,504. A clean break there opens $2,548 and $2,637.
Ethereum was trading near $2,400 at last report, with attention turning to the Federal Reserve’s rate decision.
