Ethereum (ETH) is showing early signs of stabilizing after a tumultuous month, rallying above the key $2,800 level as new institutional inflows reignite optimism across the market.
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ETH is currently trading around $2,821, up slightly over the past 24 hours, and traders are watching to see if this pullback turns into a sustained trend reversal. This new momentum follows a massive buildup by BitMine, which doubled down on its Ethereum strategy despite the market selloff.
ETH's price trends to the downside on the daily chart. Source: ETHUSD on Tradingview
BitMine’s $59 million ETH accumulation sparks new confidence among investors
Ethereum’s recent recovery was triggered on November 23, when blockchain data confirmed that Bitmine had acquired 21,537 ETH, worth approximately $59 million to $60 million. This purchase increases the company’s total holdings to over 3.5 million ETH, which is approximately 3% of Ethereum’s circulating supply.
Ethereum prices have fallen nearly 30% in the past month, but Bitmine claims the decline is due to a temporary liquidity shock rather than deteriorating fundamentals.
Bitmine is simultaneously expanding its ecosystem footprint through the upcoming MAVAN staking network, scheduled to launch in early 2026, and recently announced a dividend issuance, but these moves collectively demonstrate long-term confidence.
Investors also seem to be paying attention. Foreign exchange reserves have fallen to multi-year lows as whales continue to accumulate ETH even as traditional ETF products face outflows. This divergence suggests that deep-pocketed players view the current range as a strategic entry zone.
Ethereum fights downtrend but momentum improves
Despite the pullback, Ethereum remains within a steep descending channel, with resistance building up between $2,947 and $3,000. This zone includes a compressed EMA, trendline resistance, and the upper Bollinger Band, and is the first big test for buyers.
A big break above $3,000 could see ETH reach $3,120, $3,250, and even $3,450. However, a failure at this level could send ETH back below $2,760.
Indicators remain mixed. The RSI near 40 indicates oversold conditions and suggests a reversal may be underway, while the MACD and moving averages still indicate bearish pressure persists.
Rising open interest and rising long-short ratios across exchanges reflect aggressive long positions, momentum that can amplify volatility in either direction.
Institutional products and upgrades gain momentum
Beyond price fluctuations, Ethereum continues to gain structural support. The Singapore Exchange has just launched regulated ETH perpetual futures, giving financial institutions a compliant start. Meanwhile, expectations are rising regarding Ethereum’s December Fusaka upgrade, which is expected to bring meaningful scalability improvements.
With whales accumulating, institutional demand rising, and a network upgrade on the horizon, Ethereum’s rally above $2,800 could be more than just a bounce.
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However, breaking the downtrend will ultimately depend on buyers reclaiming the $3,000-$3,100 resistance range, which will be the battleground that will determine the next big swing.
Cover image from ChatGPT, ETHUSD chart from Tradingview
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