Ethereum Price Forecast BitMine Buys Dip As ETFs Pour $582M
BitMine buys $140M in ETH, increasing its treasury to 4M ETH. US Bitcoin and Ethereum ETFs saw a combined outflow of $582 million. Ethereum traded near $2,950, covered by EMAs, with support at $2,900.
Ethereum's price forecast is cautiously optimistic as the cryptocurrency struggles to maintain momentum, trading near $2,950 after a roughly 12% decline last week.
While Ether has avoided a critical breakout, the broader market, including Bitcoin (BTC), is showing signs of fatigue with declining participation and cautious trading behavior.
BitMine adds $140M ETH in dip
With the price of Ethereum (ETH) falling below $3,000, Tom Lee's Ethereum treasury firm BitMin on Monday reportedly acquired an additional $140 million worth of ETH, bringing its total holdings to about 3.97 million ETH, worth nearly $11.6 billion.
This purchase is in line with BitMine's long-term goal of securing 5% of the circulating supply of Ethereum, indicating strong confidence in the asset despite the current market weakness.
The firm's aggressive fundraising strategy continued throughout the year, with over 240,000 ETH purchased in early December alone.
Following the ETH purchase, BitMine stock closed higher on Tuesday, reflecting investor optimism around the Treasury strategy.
ETFs drive macro-driven caution.
As BitMine strengthens its Ethereum holdings, institutional investors seem to be reducing risk elsewhere.
U.S.-listed Bitcoin ETFs and Ethereum ETFs experienced nearly $582 million in outflows on Monday, marking the biggest daily redemptions in two weeks.
Bitcoin ETFs alone saw $357.6 million in net inflows, while Ethereum ETFs reported nearly $225 million.
Analysts suggest these funds reflect macro-level losses from volatility in US stocks and uncertainty over Federal Reserve policy rather than crypto-specific worries.
But despite these ETF flows, the structural basis of Ethereum and Bitcoin remains strong, with long-term holders continuing to support the market, although short-term volatility has risen as traders adjust exposure based on risky assets outside of the crypto space.
Ethereum price forecast
BitMine's purchases show corporate confidence in Ethereum's long-term prospects, even as Ethereum ETFs show temporary withdrawals.
Aggressive Treasury stocks and institutional caution highlight mixed signals that traders should act on.
From a technical perspective, Ethereum (ETH) is currently trading in a late-stage correction phase, with resistance defined by declining exponential moving averages (EMAs).
The price remains below the 20-day EMA at $3,075 and the 50-day EMA around $3,250, limiting the possibility of a sustained rally.
Placement outflows continued to total about $18.7 million, while open interest decreased to about $37 billion.
However, technical indicators, including the daily RSI, suggest weakening momentum but have yet to signal a bullish reversal.
The immediate support lies around $2,900 to $2,880 and a critical break below this range could pave the way to $2,700–$2,750, where deep buying is likely to occur.
On the downside, a retracement and hold above $3,075 would indicate a reduction in selling pressure, while a move toward $3,250 would require a meaningful change in volume and position flow.
