BitMine buys $50M worth of Ethereum as Santiment eyes $3.2K level

BitMine, Tom Lee’s Ethereum treasury company, purchased $50.1 million worth of ETH as Santiment says the altcoin could soon test the $3,300 resistance level.

Indeed, the largest altcoin by market cap slipped more than 1% in the past 24 hours to trade at $2,993.61 as of 1:53 a.m. EST.

ETH prices (Source: CoinMarketCap)

BitMine buys the dip

The 24-hour drop in ETH price extended the altcoin’s weekly negative streak to over 22%, with BitMine, the largest company holding ETH, is buying the dip.

On-chain analytics firm Lookonchain said a new wallet “likely related” to BitMine received FalconX’s 16,693 ETH tokens.

It seems that Tom Lee(@fundstrat) #Bitmin I just bought 16,693 more $ETH($50.1 million).

A new 0x2e6c wallet — likely related to #Bitmin — just received 16,693 $ETH($50.1 million) of #FalconX. pic.twitter.com/4NExu4RpTw

– Lookonchain (@lookonchain) November 29, 2025

Santiment says ETH could soon reclaim $3,200

Several crypto Twitter users commented that purchasing BitMine ETH could be strategic positioning for the treasury company. This is consistent with a recent analysis by Santiment.

In a recent reportSantiment predicted that ETH could soon recover $3,200 as moderate stablecoin returns suggest the crypto market has not yet reached overheated conditions.

“Currently, yields are low, around 4%. This indicates that the market has not reached a major peak and could rise further,” the company said. This is the main reason why Santiment analysts believe that ETH could still try to reach the $3,200 resistance level,” Santiment said.

ETH ETFs continue their entry streak

Meanwhile, Ethereum spot ETFs (exchange traded funds) find themselves on a multi-day entry streak.

Data from Distant investors shows that ETH investment products have seen five consecutive days of net daily inflows. This follows an eight-day outflow streak, during which hundreds of millions of dollars left funds.

In the last trading session, only two funds saw inflows. BlackRock’s ETHA, which is the largest spot ETH ETF by cumulative inflows, consolidated its dominance with net inflows of $68.3 million. The only other fund to see inflows was Grayscale’s ETHE, which saw inflows of $8.3 million.

Technicals start to turn bullish for ETH

ETH technical indicators also indicate an upcoming move in the Ethereum price.

Daily chart for WETH/USD (Source: GeckoTerminal)

ETH is currently trying to turn the $3,070 resistance level into support. A break above this level would be significant, as the barrier also confluences with the 9 and 20 exponential moving averages (EMA) on the daily chart. As such, overcoming resistance could signal a change in bullish momentum that could see ETH rise by over 15% to $3,590.

Meanwhile, the Moving Average Convergence Divergence (MACD) shows that the bulls have a slight advantage, while the Relative Strength Index (RSI) shows that ETH’s upside potential is greater than its downside potential.

The bullish thesis could be invalidated if ETH is rejected at the $3,070 mark. This could lead to a correction to $2,705.

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