Ethereum Price Rises as BitMine Buys $140 Million in ETH

The price of Ethereum rose a fraction of a percent in the past 24 hours to trade at $2,926 as of 3:50 a.m. EST, on a 30% drop in trading volume to $20 billion.

This ETH price rise comes as treasury firm BitMine, led by Fundstrat co-founder Tom Lee, expanded its holdings on December 16 with another purchase of 48,049 ETH worth $140.58 million.

In its latest disclosure published on Monday, the NYSE-listed company said it holds a total of 3,967,210 ETH, purchased at an average price of $3,074. At current market prices, BitMine’s ETH holdings are worth approximately $11.6 billion, making it the largest company holding the world’s largest altcoin.

Bitmine (BMNR) and ETH:
4 FalconX dollars costs $48,049 ETH ($1.4)。

———————————————————
本文由 @Bitget Share Bitget VIP pic.twitter.com/r0mY9rFXuY

– 余烬 (@EmberCN) December 17, 2025

The company followed an aggressive buying strategy throughout the year, repeatedly stating that it believed Ethereum was in a “supercycle” and would play an increasing role in global finance. As part of its long-term strategy, the company aims to control 5% of Ethereum’s total circulating supply.

Despite the current market slowdown, BitMine has recently ramped up its purchases. The company purchased 240,711 ETH in the first two weeks of December alone, underscoring its strong belief in Ethereum’s long-term prospects.

Tom Lee says the “best days for crypto” are yet to come. He highlighted positive developments such as progress on crypto regulation in Washington and growing interest from Wall Street institutions.

Ethereum Price Drops as Bears Take Control

Ethereum is facing sustained bearish pressure after failing to stay above key resistance levels. The token is currently trading around $2,935, which is well below the 50-day simple moving average (SMA) at $3,202 and the 200-day SMA at $3,568.

The 50-day SMA has crossed below the 200-day SMA, forming a “death cross,” a strong technical signal that suggests continued downside risk for the market. This pattern shows that sellers remain in control and the overall trend remains negative.

The price action also highlights a rounded upper pattern. This structure formed after ETH reached a high of nearly $4,950 earlier this year and gradually lost momentum.

Rounding highs often indicate a shift from a bullish check to a bearish check, and the ensuing breakdown confirms that Ethereum has entered a corrective phase. This trend adds weight to the bearish outlook on the daily time frame.

Analysis of the ETHUSDT chart Source: Tradingview

Currently, ETH is testing a key support zone between $2,850 and $2,900. This area has historically acted as a demand zone, making it crucial for near-term direction. If Ethereum closes below this support, the next downside targets could be $2,500 and, in case of increased selling pressure, $2,200.

On the other hand, if buyers defend this level, a short-term rebound remains possible, although it would likely be a correction rather than the start of a new uptrend.

Ethereum price targets key $2,850 support level for reversal

The relative strength index (RSI) is near 41, which is below the neutral level of 50, indicating bearish momentum, but it is not yet in oversold territory. This suggests there is room for further declines.

Meanwhile, the MACD remains negative, with the MACD line located below the signal line. Although the histogram shows signs of flattening, signaling that bearish momentum may be slowing, there is no clear bullish crossover yet. This means that any near-term recovery could be temporary.

Ethereum remains technically bearish on the daily chart. Bulls need to reclaim the $3,200 level and surpass the 50-day SMA to reduce downside risks.

In the meantime, the $2,850 support area will be the key level to watch as a break below could open the door to deeper losses. Short-term rebounds are possible, but overall the trend favors sellers.

Related articles:

Best Wallet – Diversify your crypto portfolio

• Easy-to-use, feature-driven crypto wallet
• Get Early Access to Upcoming Token ICOs
• Multi-chain, multi-wallet, non-custodial
• Now on App Store, Google Play
• Stake to win a $BEST native token
• More than 250,000 active users per month