TLDR
- Ethereum hit resistance at $2,800 this week and pulled back slightly.
- Trading volume and MVRV Ratio signals suggest a longer-term move toward $4,000.
- ETF inflows have been positive for six straight days, totaling $834 million.
- ETH could dip to $2,600 before resuming its upward trend, per technical charts.
- BitMine added $140 million in ETH this week, growing its treasury to 3.97 million tokens.
Ethereum reached $2,800 this week before pulling back. That level had been a short-term target for weeks, following a breakout from a bullish flag pattern on the daily chart.
The pullback came after ETH gained about 7% over the past 30 days. That is slower growth than some other altcoins, including Hyperliquid and Zcash.
Despite the slower pace, two on-chain signals suggest the token could be entering a longer rally. Analysts track trading volume trends and a metric called the MVRV Ratio to spot early signs of bull markets.
What the On-Chain Signals Show
The 7-day and 30-day moving averages for trading volume crossed this week for the first time since November 2025. Past crossovers like this have preceded strong price increases for ETH.
The MVRV Ratio, which compares ETH’s market value to the price investors originally paid for their coins, also turned positive. The last four times this happened, ETH rallied to $4,000 or higher.
Momentum indicators also support a bullish case. The Relative Strength Index sits at 63, meaning buyers still control the price action even after the pullback.
Analyst Daan Crypto Trades pointed out that $2,800 has worked as both support and resistance for ETH over the past two years. He said price often makes a large move after testing that zone, and noted the current rejection may just be another test of a level that has held before.
$ETH The $2.8K level has acted as support & resistance many times over the past 2 years.
Often it caused a big move to follow from that point.
Therefore it is of course the main resistance to watch right now. Especially as price initially rejected it and seems to respect the… pic.twitter.com/SunZLEkSZ5
— Daan Crypto Trades (@DaanCrypto) September 26, 2026
He added that the broader trend remains upward, so repeated tests of $2,800 could eventually lead to a breakout.
Charts show ETH may drop to $2,600 before turning higher again. That area lines up with a psychological price point where institutional volume tends to build.
ETF Demand and Corporate Buying
ETFs linked to Ethereum have seen inflows for six consecutive days. Investors added $834 million to these funds during that stretch.
Separately, Ethereum treasury firm BitMine purchased $140.58 million worth of ETH this week. The company bought 48,049 tokens from a FalconX wallet, according to on-chain analysts EmberCN and Lookonchain.
BitMine, led by Fundstrat co-founder Tom Lee, now holds 3,967,210 ETH. That was bought at an average price of $3,074 per token, worth about $11.6 billion at current prices.
Tom Lee (@fundstrat)’s #Bitmine keeps buying $ETH, withdrawing another 12,500 $ETH($34.55M) from #Kraken today.https://t.co/0sGwiD72EO pic.twitter.com/HY5vDL89YL
— Lookonchain (@lookonchain) September 22, 2026
The firm bought 240,711 ETH during the first two weeks of December alone. BitMine has said it wants to hold 5% of all circulating ETH supply.
Lee said in a recent disclosure that legislative progress in Washington and growing Wall Street support are positive signs for crypto in 2025. BitMine stock closed up 1.42% on Tuesday, at $31.39.
BitMine shares have risen 551.24% over the past six months. The company has continued buying ETH through recent price swings, without pausing its acquisition strategy.
ETH currently trades near $2,713.96, up 1.21% as of Sunday morning UTC. The next resistance level analysts are watching sits at $3,400, above the current $2,800 zone.
