Ethereum (ETH) Price: Token Reclaims $3,000 Level After Four Days of ETF Inflows

TLDR

• Ethereum price rose above $3,000, gaining 3.5% in 24 hours after dropping nearly 40% over the past month
• Spot Ethereum ETFs recorded their fourth consecutive day of inflows, bringing in $78 million and pushing total net inflows above $12 billion
• Large holders increased their positions with wallets holding 10,000-100,000 ETH reaching record balances of over 21 million ETH
• BitMine added 69,822 ETH last week worth approximately $197 million, bringing their total holdings to 3.63 million ETH
• Technical indicators show early signs of recovery with the relative strength index at 41.9 and MACD crossing into positive territory

Ethereum moved back above the $3,000 level on November 27, trading at $3,037 after gaining 3.5% in 24 hours. The increase comes after a difficult month that saw the cryptocurrency fall almost 40% from recent highs.

The world’s second-largest cryptocurrency by market cap now sits 38% below its all-time high of $4,946 reached in August. Trading volume for the 24-hour period stood at $21 billion, down approximately 5% from the previous day.

Derivatives markets showed mixed signals during the price movement. Futures volume declined 10% to $76 billion. However, open interest increased 6.59% to $37 billion, according to CoinGlass data.

The rise in open interest during a price recovery typically indicates traders are opening new positions rather than closing existing ones. This pattern often suggests fresh momentum entering the market.

ETF Inflows Continue Strong Run

Spot Ethereum ETFs brought in $78 million in net inflows on their fourth consecutive day of positive flows. SoSoValue data shows cumulative net inflows have now surpassed $12 billion.

These inflows create direct market demand because ETF issuers must purchase ETH to back their shares. This buying activity can provide price support during weaker market conditions.

Institutional purchases extended beyond ETF activity. BitMine, associated with Tom Lee, acquired 69,822 ETH last week valued at roughly $197 million. The purchase lifted BitMine’s total holdings to approximately 3.63 million ETH, now worth over $10 billion.

Whale Accumulation Reaches Records

Large holders have been building positions as the price recovered. A November 26 report from CryptoQuant contributor Arab Chain revealed wallets holding 10,000-100,000 ETH now control more than 21 million ETH. This represents the highest balance ever recorded for this wallet category.

The largest holder category, addresses with more than 100,000 ETH, accumulated an additional 4.3 million ETH in recent months. At the same time, Binance’s ETH reserves dropped to 3.76 million tokens.

This movement suggests coins are being transferred into long-term storage or staking programs rather than remaining on exchanges. The shift reduces available sell-side supply in the market.

Technical Indicators Turn Positive

Ethereum’s daily chart shows the price climbing away from a multi-week downtrend. ETH is currently testing the middle band of its Bollinger setup after spending weeks near the lower band, which typically marks sell-off exhaustion.

The relative strength index has moved up to 41.9. The MACD indicator has crossed into a mild buy zone, showing the market is attempting to build strength from oversold conditions.

ETH trades just above its 10-day moving averages, which have flipped into short-term buy territory. The 20-day through 200-day moving averages still show bearish positioning. This combination usually appears during early reversal attempts where the market begins stabilizing but hasn’t fully changed trend.

If buyers maintain the price above $3,000, ETH could move toward the $3,115-$3,250 range next. A failure to hold this level may push the price back toward $2,850, where buyers provided support earlier this week.

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