Ethereum is trading at $2,801.72 as the cryptocurrency tests important support zones following a decline from peaks above $4,500. The second-largest cryptocurrency by market cap is showing signs of stability while investors watch for the next major price move.
BitMine Immersion Technologies made headlines with a purchase of 28,625 ETH valued at around $82.11 million. The publicly traded company continues to build one of the largest corporate Ethereum holdings in the market.
The purchase comes as part of BitMine’s long-term strategy. The company plans to launch its ‘Made in America Validator Network’ in 2026, focusing on staking and infrastructure development.
JUST IN:
Publicly traded BitMine Immersion buys another 28,625 $ETH worth $82.11 million. pic.twitter.com/zNIYlIjJk1
— Whale Insider (@WhaleInsider) November 24, 2025
Investors view BitMine as a way to gain exposure to Ethereum’s performance. The company’s commitment shows institutional confidence in the cryptocurrency despite recent price swings.
The price chart reveals Ethereum has dropped from over $4,500 to current levels near $2,800. Short-term exponential moving averages for 20 and 50 periods are trending down, while the 200-period EMA sits at approximately $2,583.
The Relative Strength Index stands at 39.5, approaching oversold territory. This reading suggests the selling pressure may be easing.
The MACD indicator remains in bearish territory with the MACD line below the signal line. The negative histogram confirms the current downward momentum.
Crypto analyst Ted notes that Ethereum has attempted to reach $2,850-$2,900 this week but faces strong resistance. Bulls and bears are fighting for control at these price levels.
$ETH tried to reclaim the $2,850-$2,900 level but failed.
If it doesn't reclaim it soon, Ethereum could drop towards the $2,500 level. pic.twitter.com/wyllVLwov2
— Ted (@TedPillows) November 24, 2025
If Ethereum breaks above $2,950, it could move toward the $3,000 resistance zone. The 76.4% Fibonacci retracement level from the recent swing high to low sits near this area.
A clear move above $3,000 could open the door to $3,050 and potentially $3,120. Further gains might push the price toward $3,250 in the coming sessions.
On the downside, initial support sits at $2,840. The first major support level is located near $2,780.
A drop below $2,780 could send Ethereum toward $2,740. Further losses might result in a test of $2,650 or even $2,500-$2,550 support zones.
The cryptocurrency is currently trading above the 100-hourly Simple Moving Average. A bearish trend line has formed with resistance at $2,970 on the hourly chart.
Ethereum managed to stay above $2,650 before starting its recovery wave. The price climbed above $2,740 and $2,800 as buyers stepped in.
The 50% Fibonacci retracement level of the downward move from $3,058 to $2,620 has been cleared. However, bears remain active below the $3,000 zone.
BitMine’s validator network plans for 2026 include a focus on staking operations. This infrastructure development could provide additional support for the Ethereum network.
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