Bitmine buys $113 mln Ethereum as ETF inflows hit $380 mln – Is $7K next?

Key Takeaways

Is ETH doing well right now?

A $113 million whale purchase, $380 million in ETF inflows, and progress on the Fusaka upgrade mean Ethereum is doing well.

What needs to happen for Ethereum to hit $7K?

ETH must break above its current range with rising volume, stronger ETF inflows, and more whale buys.

Ethereum [ETH] is finding good momentum.

A major purchase by Bitmine, ETF inflows, and developments on the Fusaka front are causing optimism just as analysts eye a $7,000 target. Can ETH turn this alignment into a breakout?

Ethereum whale activity picks up!

Ethereum’s whale transactions surged following Bitmine’s recent $113 million purchase, so accumulation is at a high!

Source: X

Santiment data showed whale transactions exceeding $1 million spiked sharply on the 29th of October, reaching one of the highest levels in over three weeks.

Source: Santiment

This coincided with ETH’s rebound toward $4,000 — institutional buying could be reinforcing support around press time levels. If this trend continues, it may provide the boost needed for Ethereum to run faster.

ETF flows recover as network makes moves

Ethereum ETFs had also been recovering, recording $379.9 million in net inflows this week and lifting total net assets to $27.66 billion, according to SoSoValue.

Source: SoSoValue

This rebound followed two weeks of outflows and was in tandem with excitement around the Fusaka upgrade, now live on the Hoodi test network.

ethereum

With the mainnet activation set for the 3rd of December, the upgrade is said to enhance scalability, reduce gas costs, and enable parallel execution.

These are all key steps toward improving rollup efficiency and maintaining network competitiveness ahead of the next market cycle.

ETH to $7K if…

Source: X

ETH traded near $4,000 inside a tight consolidation box at press time, with volume at 25.8K. This is similar to May’s pre-rally structure posted by analyst MaxCrypto.

Source: TradingView

The momentum was neutral: RSI at 47 and CMF -0.06, indicating tepid buying pressure.

For a $7K run to materialize, price needs a proper break above the box with rising daily volume, CMF flipping positive, and continued ETF inflows/whale accumulation (Bitmine’s $113 million buy helps).

Failure to break would likely retest the lower support band and invalidate the steep upside projection. The setup is plausible, not guaranteed.