Ethereum Regains Strength With a $2,800 Rebound, Will BitMine’s $59M Bet Break the Downtrend?

Ethereum (ETH) is showing early signs of stabilization after a turbulent month, bouncing back above the crucial $2,800 level as fresh institutional inflows reignite optimism across the market.

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ETH currently trades near $2,821, up modestly over the past 24 hours, with traders closely watching to see whether this rebound can evolve into a sustained trend reversal. The renewed momentum follows major accumulation from BitMine, which has doubled down on its Ethereum strategy despite steep market drawdowns.

BitMine’s $59M ETH Accumulation Sparks Fresh Investor Confidence

The catalyst for Ethereum’s latest recovery came on November 23, when blockchain data confirmed that BitMine acquired 21,537 ETH worth roughly $59–60 million. The purchase increases the company’s total holdings to more than 3.5 million ETH, equivalent to approximately 3% of Ethereum’s circulating supply.

While Ethereum prices have fallen nearly 30% in the last month, BitMine maintains that the downturn stems from a temporary liquidity shock rather than deteriorating fundamentals.

Bitmine is simultaneously expanding its ecosystem footprint through its upcoming MAVAN staking network, expected to launch in early 2026, and recently announced a dividend issuance, moves that collectively signal long-term conviction.

Investors appear to be taking notice. Exchange reserves have dipped to multi-year lows as whales continue accumulating ETH, even as traditional ETF products face outflows. This divergence suggests deep-pocketed players view the current range as a strategic entry zone.

Ethereum Battles the Downtrend but Momentum Improves

Despite the bounce, Ethereum remains inside a steep descending channel, with resistance stacking between $2,947 and $3,000. This zone contains compressed EMAs, trendline resistance, and the upper Bollinger Band, making it the first major test for buyers.

A clean 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 may send ETH back toward $2,760 or lower.

Indicators remain mixed. The RSI near 40 signals oversold conditions, hinting that a reversal may be developing, while the MACD and moving averages still indicate lingering bearish pressure.

Rising open interest and elevated long-short ratios across exchanges reflect aggressive long positioning, momentum that could amplify volatility in either direction.

Beyond price action, Ethereum continues to gain structural support. The Singapore Exchange just launched regulated ETH perpetual futures, giving institutions a compliant on-ramp. Meanwhile, anticipation builds around Ethereum’s December Fusaka upgrade, expected to deliver meaningful scalability improvements.

With whales accumulating, institutional demand rising, and network upgrades approaching, Ethereum’s rebound above $2,800 may 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 swing.

Cover image from ChatGPT, ETHUSD chart from Tradingview