important notes
- Institutional investors drove ETH’s recovery with $291 million in net ETF deposits for the second consecutive session.
- Tom Lee-linked wallets accumulated $185.6 million worth of Ethereum this week, reinforcing bullish momentum across the market.
- Technical analysis shows a descending wedge pattern that predicts a 53% chance of an increase to $4,600 if the price sustains above $3,150.
Ethereum Ethereum $3,043 24 hour volatility: 0.4% Market capitalization: $36.737 billion Vol. 24 hours: $2.019 billion Prices regained the $3,000 level on Friday, up 17% from the weekly low of $2,620 hit on Nov. 21.
This recovery has been primarily driven by institutional capital flows, with the US Ethereum ETF recording $291 million in net deposits in consecutive sessions since November 21, according to data from FardiseInvestors.
ETF demand has brought back discretionary buying across derivatives and spot markets. Strategic investors have also returned to accumulation mode.
Arkham reported on Friday that an additional $44.3 million in ETH flowed from Tom Lee-linked wallets to Bitmine-linked wallets, bringing total weekly purchases to $185.6 million. These new inflows propelled Ethereum price into a double-digit recovery, reaching intraday highs near $3,070 on November 28th.
Tom Lee is still buying ETH
Bitmine’s wallet just received an inflow of $44.3 million ETH, and $185.6 million ETH was purchased in the past week.
Tom Lee believes 2026 will be bullish for $ETH. pic.twitter.com/dVt5j9FJKm
— Arkham (@arkham) November 28, 2025
Lee highlighted strong short-term support for Ethereum at $2,500 in a November 24 press release confirming the annual general meeting to be held in January 2026 in Las Vegas. He also made a bold prediction that Ethereum’s price could be primed for an impending supercycle.
Ethereum Price Prediction: Can the Bulls Cause a Breakout towards $4,600?
Ethereum price has rebounded 17.8% over the past eight days due to institutional inflows, but a well-defined descending wedge structure points to a potential 50% upside. A descending wedge is a bullish reversal pattern that forms when price compresses between downward trend lines, indicating weakening seller control and an eventual breakout to the upside.
Ethereum (ETH) Technical Price Analysis |Source: TradingView
Momentum indicators are solidifying as ETH approaches the next major resistance cluster below the middle band of the Keltner Channel at $3,108. The MACD entered positive territory and Woodies CCI returned to the zero line with a series of new lows, reflecting improved liquidity and market sentiment.
A full bullish breakout will be confirmed if the daily close moves above the wedge’s intermediate resistance zone of $3,150-$3,200. If verified, the completed wedge resolution predicts a reading up towards $4,500-$4,600, representing a 53% upside from current ETH price.
However, the bullish setup weakens once ETH price loses the $2,880 support shelf. A break below this level risks momentum compression and could force a retest of $2,744 near the Keltner lower bound, invalidating the upside scenario.
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