Ethereum Price Rises 10% in 7 Days as BitMine Buys $44 Million in ETH

The price of Ethereum climbed 10% over the past week and 1.1% over the past 24 hours to trade at $3,061 as of 3:50 a.m. EST, on a 25% drop in trading volume to $16.28 billion.

The ETH price surge comes as Tom Lee’s BitMine Immersion Technologies purchased an additional 14,618 ETH worth approximately $44.34 million, averaging $3,033 via BitGo.

The purchase brings the largest ETH treasury company’s holdings to 3.63 million ETH, or about 3% of the total supply, bringing it closer to its goal of 5% of the circulating supply.

BitMine buys more $ETH.

Even today he bought 14,618 $ETH worth $44.34 million.

This week, BitMine also announced having $800 million on its balance sheet.

I think their buying power alone could push ETH towards the $3,400-$3,600 level. pic.twitter.com/NiZS0EaQT1

– BitBull (@AkaBull_) November 28, 2025

Lee remains optimistic about the long-term value of Ethereum and BitMine plans to invest more of its holdings through a dedicated validator network starting in 2026.

Such plans reduce circulating supply and signal a commitment to long-term holding, rather than inward and outward trading.

Bhutan Deepens Ethereum Strategy with New Staking

The Royal Government of Bhutan has staked 320 ETH worth approximately $970,000 through staking provider Figment, activating 10 new validators on the network.

This participation shows how even small countries are adopting Ethereum’s proof-of-stake model to earn staking rewards.

Royal Government of #Bhutan staked 320 $ETH($971,000) 2 hours ago. pic.twitter.com/1A6bhsaRSM

– Lookonchain (@lookonchain) November 27, 2025

Bhutan is also in the process of moving its standalone national digital ID system from Polygon to Ethereum. Deployment has already begun, with full migration expected by early 2026.

The move will result in more consistent on-chain activity as citizens use government services directly on Ethereum, increasing real-world usage of the network beyond just trading and DeFi.

Coupled with BitMine’s massive ETH holdings and future staking plans, these developments indicate a strong trend of long-term players locking up Ethereum, tightening supply over time.

On the weekly chart, ETHUSD is trading around $3,050 after rebounding almost 10% from last week’s lows, but it still sits below the recent local high near $4,950 set earlier in the year. Price broke out of an ascending channel and is now testing the 50-week simple moving average (SMA) around $3,100, while the 200-week SMA offers stronger support near $2,450.

The Fibonacci retracement from the $1,378 low to $4,952 high shows that ETH is hovering near the 0.5 level around $3,165. With deeper support at the 0.618 retracement near $2,780 and the 0.786 level near $2,145, if selling resumes.

ETHUSD Analysis source: Tradingview

Dynamic indicators remain cautious but suggest stabilization. On the weekly time frame, the RSI is in the low 40s, showing that the bears have recently controlled the trend, but the bearish momentum is slowing.

The MACD histogram started to contract after a strong negative phase. The Average Directional Index (ADX) remains below 25, suggesting that the previous downtrend is losing strength and a new strong trend, either up or down, has not yet formed.

Ethereum Price Prediction

If buyers can hold ETH above the 50-week SMA around $3,100 and reclaim the intermediate Fibonacci zone near $3,300, the next upside targets are around $3,660 and then $4,000 to $4,100. Where the previous weekly supply and a key Fibonacci extension cluster.

A breakout and weekly close above $4,000 would open the door to a retest of the year’s high near $4,950. In this bullish case, ETH could target the $5,200-$5,500 zone over the next few months, echoing previous post-consolidation rallies.​

However, if ETH fails to hold the $3,000-$3,100 area and loses the 50-week SMA, traders will see support between $2,780 and $2,710, followed by a stronger demand zone near the 200-week SMA at around $2,450.

A weekly close below $2,450 would warn of a deeper correction towards $2,150 or even the previous cycle base near $1,380.

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