Ethereum Gears Up for $2,900 Surge Following BitMine’s Massive Purchase

• Ethereum sees growing institutional confidence as BitMine buys 28,625 ETH, showing long-term commitment.
• Technical indicators suggest Ethereum is testing critical support zones amid ongoing market corrections.
• Analysts highlight a potential rebound toward $2,900 as Ethereum faces resistance levels and market momentum shifts.

Ethereum is showing resilience for a potential reversal, with its value showing stability around the key support. The token is currently trading at $2801.72 with signs of stability over the last 24 hours.

However, the data from Whale Insider revealed that publicly traded BitMine Immersion Technologies (BMNR) bought 28,625 more ETH, worth about $82.11 million, expanding its Ethereum treasury. The move strengthens its long-term plan to hold one of the largest corporate ETH positions. Analysts see it as a sign of confidence despite short-term market swings.

The acquisition makes BitMine a prominent institutional shareholder, and its ‘Made in America Validator Network’ of 2026 focuses on staking and the development of infrastructure. The investors consider the company as a proxy entity to the world of crypto-assets and believe it to be directly related to the performance of ETH. This reflects the growing significance of the Ethereum network both as a financial asset and as a blockchain platform.

Also Read: Ethereum Price Prediction: Will ETH Break $2,800 or Correct to $2,500?

Technical Outlook Points to a Guarded Optimism

The price chart of Ethereum (ETH) illustrates the volatility of the market. Price action demonstrates a strong bear trend from the high of above $4,500 to the current level of about $2,800. The EMA indicator demonstrates contradictory signals: the short-term EMAs (20 & 50) are declining, while the long-term EMA 200 of about $2,583 might support the price.

Source: TradingView

The RSI value of approximately 39.5 suggests that the ETH is likely to reach the oversold region but could halt at a point of slight recovery. The MACD remains in the bearish region, and the MACD line is beneath the signal line along with the negative histogram. In general, the signals point to a corrective phase of a larger upward move as the price has been testing a support level.

Ethereum Eyes $2,900 Rally with $2,500 Pullback Risk

Additionally, the crypto analyst, Ted, revealed that the Ethereum (ETH) price has been trying to regain the levels of $2,850-$2,900 this week but has faced strong resistance in the market. This pressure can be attributed to the push and pull of bulls and bears in the market. The bears’ pressure can be seen through the fall in the price of the asset. Experts are watching closely to see if the rally can regain strength.

Source: Ted

If the Ethereum price does not break through the level of $2,850 soon, there might be a possibility of a fall to the level of $2,500. The crucial market levels and market sentiment also signify the possibility of a fall in the coming days. Investors are advised to stay alert as the market tests these critical support levels.

Also Read: Ethereum Eyes Reversal: Could Institutional Adoption Push the ETH to $4,250?