Why Analysts Think Ethereum Price Could Rally to $3K This Week

Ethereum price reached $2,707 on Monday, rising 0.52% over 24 hours while holding above $2,700. The move keeps a near-term advance toward $3,000 in focus for the week.

The wider cryptocurrency market gained 0.68% during the same period, lifting its capitalization to $2.93 trillion. 

Bitcoin price remained above $85,000, and XRP was trading above $1.50 as the major cryptocurrencies continued their gains. The latest advance follows several weeks of gains across these assets since the middle of September.

Ethereum reportedly recorded its first weekly close above $2,700 in nine months, adding to the positive outlook. 

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Bitmine Buys 15,112 ETH as Ethereum Holdings Top 6 Million

The Ethereum treasury firm Bitmine acquired 15,112 ETH last week, lifting its holdings to 6,016,414 tokens. Those holdings represent approximately 4.9% of Ethereum’s total supply, bringing the company closer to its 5% ownership target.

🚨BITMINE JUST BOUGHT ANOTHER 15,112 ETH!

Bitmine added 15,112 ethereum:native over the past week, about $41 million at the $2,726 price in the release.

Holdings are now 6,016,414 ethereum:native, 4.9% of supply, and the company says it is 99% of the way to its 5% target.

Total crypto, cash and stakes are $17.4 billion.

— Crypto Banter (@crypto_banter) October 5, 2026

The weekly addition was worth roughly $41 million, based on the release’s quoted Ethereum price of $2,726. Bitmine’s cryptocurrency holdings, cash, securities and investment stakes reached a combined $17.4 billion, according to the company’s latest update.

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Analyst Predicts Ethereum Above $3,000 After Strong Weekly Close

Crypto analyst Ted Pillows said Ethereum recorded its highest weekly close in more than eight months. He identified $2,800 as the key threshold for a sustained upward move.

$ETH closed its highest weekly candle in 8+ months.

Now, Ethereum needs a weekly close above $2,800 with strong spot demand and it’ll rally towards $3,400-$3,500. https://t.co/ODGEN0lLag

— Ted (@TedPillows) October 5, 2026

The analyst said strong spot demand and a weekly close above that level could support gains toward $3,400–$3,500. His analysis also marked initial support near $2,550 and another around $2,200. The chart showed $1,965 as another support level if downward pressure intensifies.

Ethereum Open Interest Climbs to $34.10 Billion

The Ethereum derivatives market recorded higher activity, with trading volume increasing 15.17% to $29.02 billion. Open interest rose 1.14% to $34.10 billion, indicating an increase in the value of outstanding contracts.

The volume of options increased by 33.58% to $1.15 billion, the highest increase of the metrics reported. Options open interest rose 1.62% to $6.25 billion, indicating increased options contract values outstanding.

Ethereum Price Analysis

The ETH price rallied about 13% from its September price, which was nearly $2,400, and consolidated at around $2,718 on October 5.

The Relative Strength Index registered 57. This positioning suggests a mild bullish tilt.

The MACD line stood at 7.45, above the signal line at 4.71, with a positive histogram reading of 2.73.

A sustained four-hour close above $2,800 could open the way toward the marked resistance level at $2,900. Further gains could bring $3,000 into focus, representing approximately 10.4% upside from the displayed price. 

Rejection near $2,800 could further extend consolidation, with $2,600 being a key support to watch. Failure of that support would compromise the recovery and might lead to a reversion of the previous trading range from $2,400.