Ethereum (ETH) is currently experiencing a noteworthy recovery after a challenging period, regaining stability above the pivotal $2,800 mark as renewed institutional interest boosts optimism in the broader crypto landscape.
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At present, ETH is trading around $2,821, reflecting a slight increase over the last day. Market participants are keenly observing whether this rebound signals a lasting reversal in trend. The recent surge can be attributed to significant accumulation from BitMine, which remains committed to its Ethereum strategy amidst ongoing market fluctuations.
BitMine’s $59M ETH Acquisition Fuels Optimism
Ethereum’s resurgence gained momentum on November 23, following reports that BitMine purchased 21,537 ETH for an estimated $59–60 million. This acquisition expands the company’s holdings to over 3.5 million ETH, representing about 3% of the total circulating supply.
Despite a nearly 30% price decline over the last month, BitMine asserts that this drop is a temporary liquidity hiccup rather than a reflection of weakening fundamentals.
Additionally, BitMine is broadening its influence within the ecosystem with its forthcoming MAVAN staking network set to launch in early 2026, alongside a recently declared dividend issuance, explicitly showcasing their long-term commitment.
This accumulation appears to resonate with investors. Notably, exchange reserves have plummeted to historic lows as whales continue to hoard ETH, despite traditional ETF products experiencing significant outflows. This divergence reveals that large investors see the current market as a prime opportunity for entry.
Ethereum Faces Challenges Yet Gains Momentum
Even with this momentum, Ethereum finds itself within a challenging descending channel, with resistance forming between $2,947 and $3,000. This critical zone features various resistance markers, including the upper Bollinger Band and compressed EMAs, serving as an initial trial for bullish sentiment.
A decisive breakthrough above $3,000 could open pathways for ETH to reach values of $3,120, $3,250, and possibly $3,450. Conversely, failure to maintain this upward trajectory may lead ETH retreating back to around $2,760 or even further.
Current indicators exhibit mixed signals. The RSI hovering near 40 suggests potential oversold conditions, indicating that a reversal may be underway; however, the MACD and other moving averages still reflect bearish tendencies.
Increased open interest and significant long-short ratios across exchanges signify an active market with aggressive long positioning, which could heighten volatility in either direction.
Institutional Products and Upcoming Upgrades Drive Forward Movement
Aside from price fluctuations, Ethereum is solidifying its structural foundation. The Singapore Exchange has rolled out regulated ETH perpetual futures, offering institutions a compliant entry point. On top of that, anticipation grows around Ethereum’s December Fusaka upgrade, which promises substantial scalability enhancements.
With increasing interest from whales, greater institutional demand, and impending network upgrades, Ethereum’s rebound above $2,800 may reflect more than a short-lived bounce.
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Ultimately, breaking free from the downtrend hinges on buyers’ ability to reclaim the resistance level in the range of $3,000–$3,100, a key battleground that will shape the direction of the market.
Image provided by source; ETHUSD graph from Tradingview.
