Ethereum [ETH] has once again captured investor attention after a wave of bullish activity across institutional and on-chain fronts. A massive $113 million Ethereum purchase by mining firm Bitmine, combined with a strong rebound in ETF inflows, has reignited market optimism. With the Fusaka upgrade nearing mainnet activation, traders are now debating whether ETH could soon reclaim its previous highs and aim for the $7,000 mark.
Bitmine’s $113M Ethereum purchase signals renewed confidence
On October 29, blockchain data revealed that Bitmine executed a large Ethereum purchase worth $113 million, adding significant liquidity to its holdings. This single accumulation event has contributed to a noticeable uptick in whale activity across the Ethereum network.
According to on-chain analytics platform Santiment, transactions exceeding $1 million in ETH spiked sharply following Bitmine’s purchase, marking one of the busiest whale accumulation periods in over three weeks. Historically, such behavior has preceded strong bullish momentum, especially when supported by institutional buying patterns.
The transaction also coincided with ETH’s rebound toward $4,000 — a psychological and technical level that has acted as both resistance and support over the past few months. Analysts believe this level could serve as a new consolidation base before Ethereum’s next major leg upward.
ETF inflows surge to $380 million after two weeks of outflows
Ethereum’s market sentiment was further boosted by renewed institutional demand through spot and futures ETFs. According to data from SoSoValue, Ethereum ETFs recorded net inflows of approximately $379.9 million over the past week, reversing two weeks of steady outflows. This brought total net assets under Ethereum ETFs to around $27.66 billion.
These inflows indicate that investors are regaining confidence in Ethereum’s long-term outlook following the market’s brief cooling earlier in October. The timing of the rebound also aligns with upcoming network upgrades and strengthening fundamentals.
ETF inflows often act as a proxy for institutional sentiment, reflecting both direct and derivative exposure to Ethereum’s ecosystem. Analysts at Glassnode noted that such inflows are typically followed by periods of higher volatility and increased liquidity, both of which can catalyze price movements.
The Fusaka upgrade strengthens Ethereum’s fundamentals
Beyond capital inflows, Ethereum’s development roadmap continues to make progress. The upcoming Fusaka upgrade, which recently went live on the Hoodi testnet, is expected to reach mainnet activation by December 3.
Fusaka represents one of Ethereum’s most important updates since the Dencun fork, focusing on improving scalability, transaction throughput, and gas efficiency. It introduces parallel execution, which allows multiple smart contracts and rollups to process simultaneously.
This upgrade is critical for Ethereum’s Layer-2 ecosystem, as it will improve rollup performance and significantly reduce congestion during peak usage periods. For developers, Fusaka promises a more efficient environment for decentralized applications (dApps), while users can expect lower fees and faster transaction times.
According to developers from the Ethereum Foundation, Fusaka also sets the stage for enhanced interoperability between Layer-1 and Layer-2 chains — a key requirement for long-term network growth.
Technical picture: ETH consolidates near $4,000 before the next move
At press time, ETH was trading close to $4,000 within a narrow consolidation range. This range resembles the price structure seen in May before a major upward breakout.
On the technical side, Ethereum’s Relative Strength Index (RSI) hovered near 47, showing neutral momentum. The Chaikin Money Flow (CMF) indicator printed -0.06, suggesting slightly negative capital flow but not strong selling pressure.
Trading volume stood around 25.8K on the day, with minor fluctuations pointing toward cautious accumulation rather than large-scale liquidation. Market analysts like MaxCrypto observed that ETH’s structure remains constructive — as long as the asset maintains support above $3,800 and ETF inflows persist.
For Ethereum to break decisively toward $7,000, analysts argue that several conditions need to align:
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ETF inflows must continue to rise, signaling sustained institutional demand.
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Daily trading volume needs to increase, confirming a breakout above resistance.
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Whale accumulation should remain strong, with large holders continuing to buy dips.
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The Fusaka upgrade rollout must proceed smoothly, strengthening network confidence.
If these elements materialize, ETH could enter a high-momentum phase similar to previous post-upgrade rallies. Conversely, failure to break above the current range might trigger another retest of lower supports, potentially near $3,600.
Institutional and retail sentiment align
The alignment between institutional and retail sentiment has been a crucial driver in Ethereum’s latest price stability. Retail traders have shown renewed participation across major exchanges, while derivatives markets indicate a cautious but optimistic stance.
Data from Coinalyze revealed that Ethereum’s open interest rose to $4.36 billion following the ETF rebound, suggesting that traders are reopening leveraged positions. However, the funding rate remained slightly negative at -0.18%, showing that short positions still outweigh longs — a setup that can sometimes precede short squeezes in bullish markets.
The combination of higher open interest, steady ETF inflows, and whale accumulation suggests that a broader market rotation back toward Ethereum might be underway.
Outlook: Can Ethereum reach $7,000?
While Ethereum’s fundamentals are strengthening, the path to $7,000 will depend on global liquidity conditions and Bitcoin’s broader market influence. The recent Federal Reserve rate cut and improving macro liquidity could create favorable conditions for risk assets like ETH.
If ETF inflows sustain and whale buying continues through November, a rally above $4,500 could open the door to higher resistance levels at $5,200 and $6,400. A confirmed breakout from this zone would make the $7,000 target plausible before early 2026.
However, traders should remain cautious of overleveraging, as Ethereum’s short-term structure remains range-bound and vulnerable to sudden profit-taking.
For now, Ethereum’s combination of strong ETF inflows, whale accumulation, and upcoming network upgrades paints a bullish medium-term picture — one that could define the next phase of its market cycle.
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