Ether Sees 30% Uptick in Volume as BitMine Buys $82M ETH

Ethereum ETH $2 798 24h volatility: 1.3% Market cap: $337.65 B Vol. 24h: $23.59 B is trading mostly flat after a rough stretch last week when it dropped to as low as $2,664. As of now, ETH is attempting to retake the $2,850–$2,900 range and sits near $2,795.

According to data by CoinMarketCap, ETH has seen a 35% surge in its 24-hour trading volume to reach $24 billion. The increase follows another major purchase from Tom Lee’s BitMine, which acquired 28,625 ETH (worth about $82 million) through FalconX.

The purchase adds to an earlier shopping on Nov. 22, according to LookOnChain. A wallet believed to be linked to BitMine received 21,537 ETH valued at about $59 million during the weekend.

Market data also shows big Bitcoin holders increasing their exposure. According to Lookonchain, the wallet 0x8d0e bought 4,022 ETH worth around $11 million on Hyperliquid. The same wallet opened a 20x leveraged long position of 2,034.5 ETH.

The move suggests that some large players expect a strong upward swing if ETH manages to recover its short-term resistance zone.

Analysts Remain Positive Long Term on ETH Price

Some analysts caution that Ethereum must soon reclaim the $2,850–$2,900 band to avoid a deeper retreat. Popular market watcher Ted said that failure to hold this level could lead to a major drop to the $2,500 support zone.

Despite short-term volatility, many observers say the broader outlook remains bullish. Lee recently linked Ethereum’s recent drop to market-maker strain after heavy liquidations on Oct. 10. Despite the disruption, he maintains that Ethereum’s long-term cycle remains intact.

Bitwise chief investment officer Matt Hougan recently pointed to the upcoming Fusako upgrade as a potential catalyst for the network.

The update, set for activation on Dec. 3, will include adjustments to the execution layer and staking returns, along with several other improvements. Hougan said he believes the upgrade is an “under-appreciated” factor that could help ETH guide a wider market recovery.

Analysts note that past upgrades often led to gains in the months that followed, with typical moves ranging from 10% to 50%. Some believe a similar pattern could carry ETH toward new highs if momentum builds.

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