Ethereum up 9% even as Steak ‘n Shake payment plan Ditches

The price of Ethereum climbed 9% in the past 24 hours to trade at $4,175 as of 4:03 a.m. EST on trading volume that jumped 29% to $56.6 billion.

With the recent gain, ETH price has regained the $4,100 level, rebounding from the October 10 flash crash that sent the token down to $3,686.

This rise occurred as retail investors rushed to buy the dip.

Amid this wave, Steak ‘n Shake reversed its potential plan to accept Ether payments after several Bitcoiners balked at the idea of ​​a fast food chain expanding beyond Bitcoin.

The food chain company conducted a poll on

Should Steak n Shake accept ETH payments? We will respect the results of this survey.

– Steak’n Shake (@SteaknShake) October 11, 2025

Regarding the results, 53% of the more than 48,000 votes were in favor. However, Steak ‘n Shake suspended the poll after 4 hours due to backlash from the Bitcoin community.

“Poll suspended. Our allegiance is to the Bitcoiners. You have spoken,” he said on X.

Steak n’ Shake began accepting Bitcoin as payment on May 16 in all of its locations where legally permitted, including the United States, France, Monaco and Spain.

Ethereum Price Holds Support and Aims for Massive Rally

ETH price, after hitting its all-time high (ATH) at $4,946 in August, held the $4,800 resistance and $3,909 support well, as seen in the daily chart.

The recent crash pushed Ethereum price below its sustained support level, which according to Fibonacci retracement levels found stronger support between the 0.5 fib level ($3,589) and the 0.382 fib level ($3,909). This support has allowed the ETH price to rally above the 0.5 Fibonacci level as it aims to surpass the 0.236 Fibonacci level ($4,304).

Meanwhile, major indicators also support the bullish outlook for ETH.

Despite the recent crash, Ethereum has held above the 200-day simple moving average (SMA), indicating that bullish sentiment is still strong. The rally also pushes ETH price back near the 50-day SMA, currently acting as immediate resistance at $4,351.

Additionally, the Relative Strength Index (RSI) appears to be rebounding from oversold levels of 30, currently at 47 and rising, a sign that buyers are taking control and could push it to higher levels.

CMF Signals Buying Interest, ETH Price Eyes ATH

According to the analysis of the ETH/USD daily chart, the ETH price seems to be rebounding towards a strong recovery which could send the price higher.

The current CMF reading of 0.13 indicates moderate buying pressure, showing that capital is flowing into the market after recent weakness. This suggests that a buildup is taking place, with buyers gradually regaining control.

If the bulls maintain the current momentum, Ethereum price could continue higher, first crossing the 0.236 Fib level and the 50-day SMA, as it aims to reach the previous ATH around $4,940.

Ali Martinez believes that the current setup could push ETH price towards resistance around $4,500 in the near term.

BULL-ive! $ETH pic.twitter.com/91T3pa0e86

– Ali (@ali_charts) October 12, 2025

However, if the bears exert some pressure here, the 0.5 Fibonacci level at $3,589 still provides a likely cushion against downward pressure.

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