TLDR
- Ethereum traded near $2,290 on November 2 and 3, up about 1% in 24 hours.
- Whale long exposure is up about 368% since August, according to Merlin The Trader.
- BitMine bought 8,573 ETH and now holds 6,060,506 ETH, or about 4.9% of supply.
- U.S. spot Ethereum ETFs saw $155.7 million in net outflows on October 30.
- Staked ETH reached about 44.2 million after a record month for staking in October.
Ethereum is trading near $2,290 as buyers try to stabilize the price after a weak October. Data from Brave New Coin shows ETH up 1.08% over the past 24 hours at $2,291.31.
Crypto.news reported that ETH traded at $2,290.61 on November 2, a gain of 0.67% on the day. The price remains below its late September level near $2,750.
Analyst Blockto places ETH inside a broad weekly demand zone between $2,100 and $2,400. That area has acted as support during several earlier market swings.
If buyers defend the zone, the first recovery targets are $2,600 to $2,700. After that, the $3,000 to $3,200 region is the next area where ETH faced heavier resistance in the past.
Whale Positioning and ETF Flows
Merlin The Trader pointed to a roughly 368% rise in whale long exposure. Whales now hold about 3.6 times more long positions than they did in August.
Retail is selling the $ETH dip.
Whales are buying. 3.6x more longs than in August.
Guess who usually wins. pic.twitter.com/xuf1MUuEcy
— Merlijn The Trader (@MerlijnTrader) October 31, 2026
ETF flows tell a different story. U.S. spot Ethereum ETFs recorded about $155.7 million in net outflows on October 30.
BlackRock’s ETHA made up roughly $76.6 million of that total. The data was shared on X by DustyBC.
Staking activity is moving the other way. Cointelegraph reported that more ETH moved into staking in October than in any earlier month.
Total staked Ethereum now stands near 44.2 million. That reduces the amount of ETH available to trade right away.
Max Crypto highlighted a possible inverse head-and-shoulders pattern forming near the same demand area. The right shoulder is still forming, so the pattern is not confirmed.
A move above the neckline in the mid-$2,500s would point to $3,000 as the next target. The recent lows would need to hold for the setup to stay intact.
Dutch analyst Michaël van de Poppe said ETH shows more strength than Bitcoin right now. He said ETH swept all the important lows and now faces the final resistance of its downtrend.
$ETH shows a lot more strength than #Bitcoin currently.
It swept all the important lows and is currently facing the final resistance of this downtrend.
Once this downtrend breaks, that will be the sign that it's going to go back towards those highs.
My target of $3,000… pic.twitter.com/2Rnwp6NMnW
— Michaël van de Poppe (@CryptoMichNL) November 2, 2026
Van de Poppe said a break of that downtrend would signal a move back toward the highs. His target of $3,000 remains.
BitMine Adds More ETH
BitMine Immersion Technologies bought another 8,573 ETH last week. Its total holdings now stand at 6,060,506 ETH.
Tom Lee (@fundstrat)'s #Bitmine bought another 5,000 $ETH ($11.22M) 6 hours ago.
Bitmine now holds 6.065M $ETH ($13.7B), 4.96% of the total supply.https://t.co/f70iddoJZ2 pic.twitter.com/OaIcI7icJD
— Lookonchain (@lookonchain) November 3, 2026
That equals about 4.9% of Ethereum’s estimated 122.2 million circulating supply. The company’s stated goal is to own 5%.
Reaching 5% would take roughly 6.11 million ETH, leaving a gap of about 49,500 tokens. The prior week’s purchase was 10,452 ETH.
BitMine reported 5,227,037 staked ETH as of November 1, about 86% of its treasury. It estimates annual staking revenue of $358 million based on a 3.03% seven-day annualized yield.
On the charts, ETH’s Relative Strength Index was 37.14, below the 50 level. The MACD line was at -67.50, below its signal line at -62.29.
Immediate support sits near $2,250 and resistance near $2,320. A drop below support could expose $2,200, while a move above $2,320 would bring the $2,500 resistance zone into view.
BitMine chairman Tom Lee also commented on the October 29 Binance security breach, which involved about $6.3 billion in assets. He noted ETH fell about 4% afterward, compared with an 8% drop after the February 2025 Bybit hack.
Lee said the smaller reaction suggests the industry handles security incidents better now. He maintains a positive long-term view on Ethereum.
BitMine said it will continue running its Ethereum treasury and staking operations. ETH was trading near $2,287 at the latest reading.
