Ethereum (ETH) Price: BitMine Buys $82 Million Worth of Tokens at $2,800

TLDR

• BitMine Immersion Technologies purchased 28,625 ETH worth $82.11 million, expanding its Ethereum holdings to over 3.5 million ETH
• Ethereum is trading around $2,800 after recovering from recent market corrections, with technical indicators showing mixed signals
• The company plans to launch its MAVAN staking network in early 2026 as part of its long-term Ethereum strategy
• Analysts identify resistance levels between $2,850-$2,900, with potential downside risk to $2,500 if these levels aren’t breached
• Technical indicators show RSI near 39-40 suggesting oversold conditions, while the MACD remains in bearish territory

Ethereum is trading at $2,801.72 following a recent purchase by publicly traded company BitMine Immersion Technologies. The company bought 28,625 ETH worth approximately $82.11 million on November 24, 2025.

The purchase adds to BitMine’s existing holdings, bringing its total to over 3.5 million ETH. This represents roughly 3% of Ethereum’s circulating supply. The company made a previous purchase of 21,537 ETH worth around $59-60 million on November 23.

BitMine maintains these purchases despite Ethereum falling nearly 30% over the past month. The company views the price decline as a temporary liquidity issue rather than a problem with Ethereum’s underlying technology.

The firm is building a validator network called MAVAN, scheduled to launch in early 2026. This network will focus on staking and infrastructure development. The company also recently announced a dividend issuance for its shareholders.

Exchange data shows Ethereum reserves have dropped to multi-year lows. Large holders continue buying ETH even as exchange-traded fund products experience outflows. This suggests institutional investors see current prices as a buying opportunity.

Technical Levels Show Mixed Signals

Ethereum’s price chart shows the token has fallen from above $4,500 to current levels around $2,800. The 20 and 50-day exponential moving averages are declining, while the 200-day EMA sits at approximately $2,583.

The Relative Strength Index reads 39.5, approaching oversold territory. The MACD indicator remains in bearish territory with the MACD line below the signal line. These indicators point to a correction phase within a larger trend.

Analyst Ted notes that Ethereum has attempted to regain the $2,850-$2,900 range this week. The price faces strong resistance at these levels due to pressure from sellers.

Key Price Levels to Watch

If Ethereum breaks above $2,850-$2,900, analysts see potential for a move toward $3,000. Beyond that level, resistance appears at $3,120, $3,250, and $3,450.

Failure to break through $2,850 could result in a pullback to $2,500. This level represents a critical support zone that traders are monitoring.

The upper Bollinger Band sits near the $2,947-$3,000 zone, creating additional resistance. A clean break above $3,000 would need to overcome compressed moving averages and trendline resistance.

Open interest and long-short ratios on exchanges show traders are taking long positions. This positioning could create increased volatility in either direction.

The Singapore Exchange recently launched regulated ETH perpetual futures contracts. Ethereum’s Fusaka upgrade is scheduled for December 2025, which aims to improve network scalability.

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