Ethereum Up 9% Even As Steak ‘n Shake Ditches Payment Plan

Join Our Telegram channel to stay up to date on breaking news coverage

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

With the recent gain, the ETH price reclaimed the $4,100 level, bouncing back after the Oct. 10 flash crash that sent the token to as low as $3,686.

The surge happened as retail investors rushed to buy the dip.

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

The food chain company carried out a poll on X, asking its over 468k followers whether it should accept Ether on Saturday, promising to “abide by the results of the poll.”

Should Steak n Shake accept ETH payments? We will abide by the results of this poll.

— Steak ‘n Shake (@SteaknShake) October 11, 2025

On the results, 53% of the over 48k votes went for yes. However, Steak ‘n Shake suspended the poll after 4 hours due to backlash from the Bitcoin community.

“Poll suspended. Our allegiance is with Bitcoiners. You have spoken,” it said on X.

Steak n’ Shake started accepting Bitcoin as payment on May 16 in all of its locations where permitted by law, including the US, France, Monaco, and Spain.

Ethereum Price Holds Support, Aims For A Massive Rally

The ETH price, after touching its all-time high (ATH) at $4,946 in August, has been holding well the $4,800 resistance and the $3,909 support, as shown on the daily chart.

The recent crash drove the Ethereum price below its sustained support level, which, according to the Fibonacci retracement levels, found a stronger support between the 0.5 fib level ($3,589) and the 0.382 fib level ($3,909). This support allowed the price of ETH to soar back above the 0.5 Fib level, as it targets to move above the 0.236 Fib level ($4,304).

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

Despite the recent crash, Ethereum has held strong above the 200-day Simple Moving Average (SMA), which is a sign that the bullish sentiment is still holding strong. The recovery is also pushing back the price of ETH near the 50-day SMA, currently acting as immediate resistance at $4,351.

Ethereum Price Chart Analysis Source: GeckoTerminal — WETH/USD Chart Analysis Source: GeckoTerminal

Moreover, the Relative Strength Index (RSI) seems to be rebounding from the 30-oversold levels, currently at 47 and climbing, 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 ETH/USD daily chart analysis, the ETH price seems to be rebounding towards a strong rally that could push 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 accumulation is taking place, with buyers gradually regaining control.

If the bulls sustain the current momentum, the price of Ethereum could continue surging, first clearing the 0.236 Fib level and the 50-day SMA, as it aims to soar to the previous ATH around $4,940.

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