Ethereum (ETH) is showing the first signs of stabilization after a turbulent month, rebounding above the crucial $2,800 level as new institutional inflows reignite optimism in the market.
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ETH is currently trading near $2,821, up slightly over the past 24 hours, with traders closely monitoring whether this rebound can evolve into a lasting trend reversal. This new momentum follows a significant accumulation by BitMine, which doubled down on its Ethereum strategy despite sharp market declines.
ETH's price trends to the downside on the daily chart. Source: ETHUSD on Tradingview
BitMine’s $59M ETH Accumulation Sparks New Investor Confidence
The catalyst for Ethereum’s latest rally came on November 23, when blockchain data confirmed that BitMine acquired 21,537 ETH worth approximately $59-60 million. This purchase brings the company’s total holdings to over 3.5 million ETH, which is equivalent to approximately 3% of Ethereum’s circulating supply.
While Ethereum prices have fallen nearly 30% over the past month, BitMine maintains that the slowdown is the result of a temporary liquidity shock rather than a deterioration in fundamentals.
Bitmine is simultaneously expanding its ecosystem footprint through its upcoming MAVAN staking network, scheduled to launch in early 2026, and recently announced dividend issuance, moves that collectively signal long-term conviction.
Investors seem to be taking note. 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 rebound, Ethereum remains in a steep descending channel, with resistance between $2,947 and $3,000. This area contains compressed EMAs, trendline resistance, and the upper Bollinger Band, making it the first major test for buyers.
A clear break above $3,000 could pave the way for ETH to reach $3,120, $3,250, and potentially even $3,450. However, a failure at this level could send ETH back towards $2,760 or lower.
The indicators remain mixed. The RSI near 40 signals oversold conditions, hinting that a reversal could develop, while the MACD and moving averages still indicate continued bearish pressure.
Rising open interest and high long-short ratios on exchanges reflect aggressive long positioning, momentum that could amplify volatility in either direction.
Institutional products and upgrades add momentum
Beyond price action, Ethereum continues to see structural support. The Singapore Exchange has just launched regulated ETH perpetual futures contracts, providing institutions with a compliant on-ramp. Meanwhile, anticipation is building around Ethereum’s Fusaka upgrade in December, which is expected to bring significant scalability improvements.
With whale accumulation, increasing institutional demand, and network upgrades approaching, Ethereum’s bounce above $2,800 could be more than a dead cat bounce.
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But breaking the downtrend ultimately depends on whether buyers can reclaim the $3,000-$3,100 resistance range, a battleground that will determine the next major move.
Cover image from ChatGPT, ETHUSD chart from Tradingview
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