Ethereum (ETH) appears to be regaining its footing as it stabilizes after a tumultuous downtrend, recently rebounded above the critical $2,800 threshold. This resurgence has been driven by fresh institutional inflows that are rekindling optimism in the broader crypto market.
Currently trading around $2,821, Ethereum has recorded a modest gain over the past day, with market watchers keenly observing if this uptick could signify a sustained trend reversal. Renewed vigor in ETH’s price coincides with a hefty accumulation by BitMine, which has reaffirmed its commitment to Ethereum despite the prevailing market turbulence.
BitMine’s $59M ETH Accumulation Sparks Fresh Investor Confidence
The catalyst for Ethereum’s latest rally was a substantial purchase confirmed on November 23, when blockchain data revealed that BitMine acquired 21,537 ETH for approximately $59–60 million. This acquisition boosts the firm’s total holdings to over 3.5 million ETH, equivalent to around 3% of the circulating supply of Ethereum.
Despite Ethereum’s roughly 30% decline in value over the last month, BitMine suggests that the current downturn is a result of a temporary liquidity shock and not indicative of any fundamental weaknesses.
Moreover, BitMine is leveraging this moment by expanding its presence with the upcoming launch of its MAVAN staking network, slated for early 2026, alongside a recent dividend issuance. These initiatives signal their long-term confidence in Ethereum’s future potential.
Investor confidence appears to be on the rise as well, evidenced by a notable decrease in exchange reserves to multi-year lows. While traditional ETF products have seen outflows, it seems that major investors view the current price range as an attractive entry point.
Ethereum Battles the Downtrend but Momentum Improves
Nevertheless, Ethereum is still ensnared within a steep descending channel, with significant resistance lingering between the $2,947 and $3,000 marks. This zone houses compressed EMAs, trendline resistance, and the upper Bollinger Band—all posing the first real challenge for eager buyers.
A firm breakout above the $3,000 level could set the stage for ETH to ascend towards $3,120, $3,250, and potentially as high as $3,450. Conversely, a failure to breach this resistance might see ETH retrace back toward $2,760 or lower.
Indicators present a mixed outlook. The Relative Strength Index (RSI) positions near 40, suggesting oversold conditions that could be ripe for reversal, while the Moving Average Convergence Divergence (MACD) and moving averages continue to hint at enduring bearish pressures.
A rise in open interest and elevated long-short ratios across exchanges reflect a growing sentiment among traders for bullish positions, suggesting a possible volatility spike.
Institutional Products and Upgrades Add Momentum
In addition to price movements, Ethereum is consolidating its structural foundation. The Singapore Exchange has recently launched regulated ETH perpetual futures, providing institutions a compliant gateway to participate. Anticipation is also building around Ethereum’s upcoming December Fusaka upgrade, which promises significant improvements in scalability.
With accumulation from whales, rising institutional demand, and upcoming network upgrades, Ethereum’s bounce above $2,800 might not just be another temporary blip.
However, the ultimate fate of this rebound will hinge on whether buyers can reclaim the critical $3,000–$3,100 resistance range—a battleground poised to dictate the next significant price movement.
