Ethereum price is up 10% over the past week and 1.1% over the past 24 hours to trade at $3,061 as of 3:50 a.m. EST, on a 25% drop in trading volume to $16.28 billion.
The ETH price increase comes as Tom Lee’s BitMine Immersion Technologies bought another 14,618 ETH worth approximately $44.34 million at an average of $3,033 through BitGo.
The purchase brings the largest ETH treasury’s holdings to 3.63 million ETH, approximately 3% of the total supply, moving closer to its target of 5% of the circulating supply.
BitMine buys more $ETH.
Today it bought 14,618 $ETH worth $44.34 million.
This week, BitMine also reported that it has $800 million on its balance sheet.
I think their purchasing power alone could push ETH to the $3,400-$3,600 level. pic.twitter.com/NiZS0EaQT1
— BitBull (@AkaBull_) November 28, 2025
Lee remains optimistic about Ethereum’s long-term value, and BitMine plans to stake more of its shares through a dedicated validator network starting in 2026.
Such plans reduce circulating supply and indicate a commitment to long-term investment, rather than trading in and out.
Bhutan deepens its Ethereum strategy with new bets
The Royal Government of Bhutan has staked 320 ETH worth approximately $970,000 through staking provider Figment, activating 10 new validators on the network.
This stake highlights how even smaller countries are embracing Ethereum’s proof-of-stake model to earn stake rewards.
Royal Government of #Bhutan deployed 320 $ETH($971K) 2 hours ago.https://t.co/hiNf1ySism pic.twitter.com/1A6bhsaRSM
— Lookonchain (@lookonchain) November 27, 2025
Bhutan is also shifting its national self-sovereign digital ID system from Polygon to Ethereum. The rollout has already started and the full migration is expected in early 2026.
This move will ensure more consistent on-chain operations as citizens directly use government services on Ethereum, increasing real-world network usage beyond just trading and DeFi.
Together with BitMine’s massive ETH holdings and future staking plans, these developments point to a strong trend of long-term players blocking Ethereum, shrinking its supply over time.
Ethereum tests key weekly support after falling below the rising channel
On the weekly chart, ETHUSD is trading around $3,050 after rising almost 10% from last week’s lows, but is still below the recent local high of almost $4,950 reached earlier this year. The price has slipped out of an ascending channel and is now testing the 50-week simple moving average (SMA) around $3,100, while the 200-week SMA offers stronger support around $2,450.
The Fibonacci retracement from the $1,378 swing low to the $4,952 high shows ETH hovering around the 0.5 level around $3,165. With deeper support at the 0.618 retracement near $2,780 and the 0.786 level near $2,145 if selling resumes.
ETHUSD Analysis source: Tradingview
The momentum indicators are still cautious, but point to stabilization. On a weekly basis, the RSI is in the low 40s, indicating that bears have controlled the trend lately, but the downward momentum is slowing.
The MACD histogram starts to shrink after a strong negative phase. The Average Directional Index (ADX) remains below 25, indicating that the previous downtrend is losing steam and that a new strong trend, up or down, has not yet formed.
Ethereum price prediction
If buyers can hold ETH above its 50-week SMA around $3,100 and reclaim the mid-range Fibonacci zone around $3,300, the next upside targets are around $3,660 and then $4,000-$4,100. Where the previous weekly supply and a major Fibonacci extension cluster.
A break and a weekly close above $4,000 would open the door for a retest of the year’s high around $4,950. In this bullish case, ETH could target the $5,200-$5,500 zone in the coming months, following previous post-consolidation rallies.
However, if ETH fails to hold the $3,000-$3,100 region and loses the 50-week SMA, traders will expect support between $2,780 and $2,710, followed by the stronger demand zone near the 200-week SMA of around $2,450.
A weekly close below $2,450 would warn of a deeper correction towards $2,150 or even the prior cycle base near $1,380.
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