Tom Lee’s Ethereum treasury BitMine has bought $50.1 million worth of ETH as Santiment says the altcoin could soon test the $3,300 resistance level.
That’s because the largest altcoin by market cap has fallen more than 1% in the past 24 hours to trade at $2,993.61 as of 1:53 a.m. EST.
ETH price (Source: CoinMarketCap)
BitMine buys the dip
The 24-hour drop in ETH price extended the altcoin’s negative weekly streak to over 22%, with BitMine, the largest corporate ETH holder, is buying the dip.
On-chain analytics firm Lookonchain said a new wallet “likely linked” to BitMine had received the 16,693 ETH tokens from FalconX.
It looks like Tom Lee (@fundstrat)’S #Bitmine just bought another 16,693 $ETH($50.1 million).
A new wallet 0x2e6c – probably linked to #Bitmine — just received 16,693 $ETH($50.1 million) of the #FalconX.https://t.co/yZbTCFm9GT pic.twitter.com/4NExu4RpTw
— Lookonchain (@lookonchain) November 29, 2025
Santiment says ETH could soon recover $3,200
Several crypto Twitter users noted that the purchase of BitMine ETH could be a strategic positioning of the treasury company. This is consistent with a recent analysis by Santiment.
In a recent one reportSantiment predicted that ETH could reclaim $3,200 once subdued stablecoin returns indicate the crypto market has not yet reached overheated conditions.
“Currently, yields are low, around 4%. This indicates that the market has not yet reached a major top and can still rise further,” the company said. This is the main reason why Santiment analysts believe that ETH can still try to reach the USD 3,200 resistance level,” Santiment said.
ETH ETFs continue their inflows
Meanwhile, spot Ethereum ETFs (exchange traded funds) are on multi-day inflows.
Data from Farside Investors shows that ETH investment products have seen five consecutive days of net daily inflows. This followed an eight-day streak of outflows that saw hundreds of millions of dollars disappear from the funds.
During the last trading session, only two funds registered inflows. BlackRock’s ETHA, the largest spot ETH ETF by cumulative inflows, solidified its dominance with net inflows of $68.3 million. The only other fund to record inflows was Grayscale’s ETHE, which saw inflows of $8.3 million.
The technicals are starting to turn bullish for ETH
Technical indicators for ETH also point to an impending move for the Ethereum price.
Daily chart for WETH/USD (Source: GeckoTerminal)
ETH is currently trying to convert the $3,070 resistance level into support. A break above this level would be significant, as the barrier also coincides with the 9 and 20 Exponential Moving Averages (EMAs) on the daily chart. As such, overcoming resistance could signal a bullish shift in momentum, sending ETH up more than 15% to as high as $3,590.
Meanwhile, the Moving Averages Convergence Divergence (MACD) shows that bulls have a slight upper hand, while the Relative Strength Index (RSI) shows that ETH’s upside potential is greater than its downside potential.
The bullish thesis could be invalidated if ETH is rejected by the $3,070 barrier. This could result in a correction to $2,705.
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