Ethereum (ETH) is showing early signs of stabilization after a turbulent month, rebounding above the crucial $2,800 level as new institutional inflows reignite optimism across the market.
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ETH is currently trading near $2,821, up slightly over the past 24 hours, and traders are watching closely to see if this bounce could develop into a sustained trend reversal. The new momentum follows a massive buildup by BitMine, which has doubled down on its Ethereum strategy despite steep 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 recent recovery came on November 23rd. Blockchain data confirmed that BitMine acquired 21,537 ETH, worth approximately $59-60 million. This purchase increases the company's total holdings to over 3.5 million ETH, equivalent to approximately 3% of Ethereum's circulating supply.
Although the price of Ethereum has fallen nearly 30% in the past month, BitMine argues that the decline is due to a temporary liquidity shock rather than deteriorating fundamentals.
Bitmine is expanding its ecosystem footprint with the upcoming MAVAN staking network, expected to launch in early 2026, and recently announced a dividend issuance, signaling its long-term confidence overall.
Investors appear to be paying attention to this. Forex reserves have fallen to multi-year lows as whales continue to accumulate ETH despite outflows from traditional ETF products. These differences mean that players with deep pockets view the current range as a strategic entry area.
Ethereum fights against a downward trend but gains momentum.
Despite the rebound, Ethereum remains in a steep downward channel with resistance between $2,947 and $3,000. This area contains a compressed EMA, trendline resistance, and the upper Bollinger Band, making it the first major test for buyers.
A move above $3,000 could pave the way for ETH to reach $3,120, $3,250, and even $3,450. However, a failure at this level could push ETH back below $2,760.
Indicators remain mixed. The RSI near 40 indicates oversold conditions and suggests a reversal is underway, while the MACD and moving averages still indicate continued bearish pressure.
The increase in open interest and long-short ratio across exchanges reflects aggressive long positioning and momentum that can amplify volatility in either direction.
Add momentum with institutional products and upgrades
In addition to the price action, Ethereum continues to gain structural support. The Singapore Exchange recently launched regulated ETH perpetual futures, giving institutions an opportunity to become compliant. Meanwhile, expectations are growing around Ethereum's December Fusaka upgrade, which is expected to deliver meaningful scalability improvements.
With whales accumulating, institutional demand growing, and network upgrades looming, Ethereum's bounce above $2,800 could be bigger than a deadcat bounce.
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But breaking the downtrend will ultimately depend on whether buyers can reverse the $3,000-$3,100 resistance range, the battleground that will determine the next major swing.
Cover image by ChatGPT, ETHUSD chart by Tradingview
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