Ether Sees 30% Uptick in Volume as BitMine Buys $82M ETH

Core Insights - Ethereum (ETH) is currently trading around $2,795 after experiencing a drop to $2,664 last week, with efforts to reclaim the $2,850–$2,900 range [1] - A significant increase in trading volume of 35% has been observed, reaching $24 billion, driven by a major purchase of 28,625 ETH (approximately $82 million) by BitMine [1][2] - Large holders of Bitcoin are also increasing their exposure to ETH, indicating a potential bullish sentiment among major players [2][3] Market Activity - BitMine's recent purchase adds to a previous acquisition of 21,537 ETH valued at about $59 million [2] - A specific wallet identified as 0x8d0e purchased 4,022 ETH worth around $11 million and opened a leveraged long position of 2,034.5 ETH [2] Analyst Perspectives - Analysts suggest that Ethereum must reclaim the $2,850–$2,900 range to avoid a deeper decline, with warnings that failure to do so could lead to a drop to the $2,500 support zone [4] - Despite short-term volatility, the long-term outlook for Ethereum remains bullish, with some analysts attributing recent price movements to market-maker strain following heavy liquidations [5] - The upcoming Fusako upgrade on December 3 is viewed as a potential catalyst for Ethereum's recovery, with past upgrades historically leading to price gains of 10% to 50% [6]