BitMine Buys $50M Ethereum As Santiment Eyes $3.2K Degree

Tom Lee’s Ethereum treasury agency BitMine has bought $50.1 million price of ETH as Santiment says the altcoin might check the $3,300 resistance degree quickly.

That’s as the biggest altcoin by market cap slipped over 1% previously 24 hours to commerce at $2,993.61 as of 1:53 a.m. EST.

ETH value (Supply: CoinMarketCap)

BitMine Buys The Dip

The 24-hour drop within the ETH value prolonged the altcoin’s unfavorable weekly streak to over 22%, with BitMine, the biggest company ETH holder, shopping for the dip.

On-chain analytics agency Lookonchain stated {that a} new pockets that’s “doubtless linked” to BitMine had acquired the 16,693 ETH tokens from FalconX. 

Plainly Tom Lee(@fundstrat)’s #Bitmine simply purchased one other 16,693 $ETH($50.1M).

A brand new pockets 0x2e6c — doubtless linked to #Bitmine — simply acquired 16,693 $ETH($50.1M) from the #FalconX.https://t.co/yZbTCFm9GT pic.twitter.com/4NExu4RpTw

— Lookonchain (@lookonchain) November 29, 2025

Santiment Says ETH Might Reclaim $3,200 Quickly

A number of crypto Twitter customers commented that the BitMine ETH buy could possibly be a strategic positioning by the treasury firm. This aligns with a current evaluation by Santiment. 

In a current report, Santiment predicted that ETH could reclaim $3,200 quickly as subdued stablecoin yields counsel the crypto market has but to succeed in overheated circumstances. 

“Presently, yields are low, round 4%. This means the market has not reached a serious prime and will nonetheless push increased,” the agency stated. That is the first motive Santiment analysts consider ETH should attempt to attain the $3,200 resistance degree,” Santiment stated. 

ETH ETFs Proceed Their Inflows Streak

In the meantime, spot Ethereum ETFs (exchange-traded funds) discover themselves using a multi-day inflows streak.

Information from Farside Traders reveals that the ETH funding merchandise have seen 5 consecutive days of web every day inflows. This adopted an eight-day outflows streak, which noticed a whole bunch of thousands and thousands of {dollars} go away the funds. 

Within the newest buying and selling session, there have been solely two funds that recorded inflows. BlackRock’s ETHA, which is the biggest spot ETH ETF by cumulative inflows, cemented its dominance with $68.3 million web inflows. The one different fund to file inflows was Grayscale’s ETHE, which noticed $8.3 million inflows. 

Technicals Begin To Flip Bullish For ETH

Technical indicators for ETH additionally level to an upcoming transfer for the Ethereum value.

Every day chart for WETH/USD (Supply: GeckoTerminal) 

ETH is presently making an attempt to flip the resistance degree at $3,070 into assist. A break above this degree can be vital, as a result of the barrier can be confluent with the 9 and 20 Exponential Shifting Averages (EMAs) on the every day chart. As such, overcoming the resistance could sign a bullish shift in momentum which may see ETH rise over 15% to as excessive as $3,590.

In the meantime, the Shifting Averages Convergence Divergence (MACD) reveals bulls have a slight higher hand, whereas the Relative Energy Index (RSI) reveals ETH’s upside potential is larger than its draw back potential.

The bullish thesis could possibly be invalidated if ETH is rejected by the $3,070 mark. This would possibly lead to a correction to $2,705.

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