Ethereum News Today: Bullish Buys vs. Bearish Walls: Ethereum's Pivotal Price Battle

Ethereum's price has been in a tug-of-war between bullish institutional buying and bearish market pressures, sparking debates over whether the cryptocurrency is poised for a significant rebound or faces further consolidation. On-chain data reveals that BitMine, a blockchain infrastructure firm led by veteran analyst Tom Lee, has acquired 63,539 ETH ($251 million) amid recent volatility, boosting its holdings to 3.29 million ETH, or 2.73% of the total supply. Lee, who aims to accumulate 5% of Ethereum's circulating supply, has called the current correction a "buying opportunity" and reiterated a $10,000–$12,000 price target by 2025, according to a Yahoo Finance report.

Despite this institutional confidence, Ethereum's price has struggled to break above key resistance levels. As of Oct. 21, ETH traded near $3,880, having slipped below $4,000 earlier in the week. Analysts like Ali Martinez have raised their short-term targets to $4,440, citing technical patterns such as a rebound from the lower boundary of a descending parallel channel formed since August. However, on-chain data from sources like Glassnode and Santiment highlights headwinds: large holders reduced their ETH stash by 140,000 coins ($550 million), and a "supply wall" of 1.06 million ETH bought between $3,955–$4,015 acts as a cap on upward momentum, according to a BeInCrypto analysis.

The conflicting signals have left traders on edge. While Ethereum's network activity and staking participation remain robust, macroeconomic factors—including U.S. interest rate speculation and Bitcoin's sideways movement—continue to weigh on sentiment, according to a Coinpedia analysis. Some analysts argue that a clean breakout above $3,900 with strong volume could reignite bullish momentum, while a drop below $3,500 risks triggering a deeper correction, Coinpedia notes. Meanwhile, bearish indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest a potential breakdown below $3,950, with some suggesting Ethereum could test $3,740 or even $3,550 if support levels fail, according to a CCN analysis.

The market's uncertainty is further amplified by internal tensions within Ethereum's ecosystem. A reported feud between developers and co-founder Vitalik Buterin has added to the bearish narrative, though this remains unconfirmed, CCN reported. On the flip side, proponents highlight Ethereum's long-term fundamentals, including growing institutional adoption and upcoming network upgrades, as catalysts for a potential $10,000 breakout, the Yahoo Finance report adds.

As the cryptocurrency consolidates, the next critical test will be a sustained close above $4,340, which aligns with both on-chain resistance and Fibonacci retracement levels. A successful breakout could pave the way for $4,520 and even $4,960, retesting Ethereum's all-time high. Conversely, a breakdown below $3,880 may expose support at $3,680, deepening the bearish outlook, a BeInCrypto analysis previously warned.

With over $145 million in outflows from spot Ethereum ETFs recorded on Oct. 20, retail investor caution contrasts with institutional accumulation. The coming weeks will be pivotal in determining whether Ethereum can overcome its technical hurdles and macroeconomic headwinds-or if the market will continue to oscillate in a prolonged consolidation phase.