Ethereum Price Drifts Lower As Tom Lee’s BitMine Buys $70M ETH

The Ethereum price dropped 2% in the last 24 hours to trade at $2,805 as of 3:50 a.m. EST on a 20% increase in daily trading volume to $27.18 billion.

The fall in the ETH price brought Tom Lee’s BitMine, the biggest Ethereum treasury firm, back into the market with a $70 million buy.

⚡️ NEW: Tom Lee’s #Bitmine just added another 7,080 $ETH to their treasury. pic.twitter.com/85vKJQ5onb

— Rand (@cryptorand) December 2, 2025

BitMine now owns more than 3% of ETH’s entire supply and aims to increase that to 5%.

JUST IN: BitMine buys 23,773 ETH ($70M) in 72 hours, pushing its holdings to 3.7M ETH — 62% of the way toward owning 5% of Ethereum’s supply.

Tom Lee shifts his BTC ATH prediction again. pic.twitter.com/wvLYBGYMNn

— Jessica Gonzales (@lil_disruptor) December 2, 2025

Ethereum On-Chain Signals Back Long-Term Bull Case

On-chain data for Ethereum continues to show a strong underlying network, even while spot prices move sideways to down. Analysts report that more than 130 million transactions were processed in the third quarter alone, with volume rising roughly 30% year‑on‑year thanks to growth on Layer 2 networks that settle back to Ethereum.​

Ethereum Transaction Count Source: CryptoQuant

Staking remains a key pillar of the bull case, with around 35 million ETH locked in validator contracts, equal to about 30% of the total supply and effectively removed from day‑to‑day trading.

This high staking share, combined with DeFi’s total value locked near the hundreds of billions of dollars, signals that many users and institutions are committing capital to the ecosystem rather than exiting.​

However, exchange and derivatives data tell a more cautious story. Ethereum exchange‑traded products have seen both sharp inflows and large outflows in recent months. Including several days where hundreds of millions of dollars left the ETFs, weighing on price momentum.

At the same time, futures open interest is elevated, and funding rates have cooled, suggesting traders are hedging downside risk even as long‑term holders quietly accumulate.​

ETH Price Technical Outlook And Prediction

The Ethereum price has broken down below the rising channel that guided the price higher between April and September, with the trend now turned clearly bearish.

ETH recently bounced from a low near $2,700. But remains below both the 50‑day simple moving average around $3,450 and the 200‑day SMA near $3,526. Signalling that sellers still control the market.

Key Fibonacci retracement levels from the previous major rally show an important support zone around the 0.786 level near $2,140. With intermediate support at the 0.5 level, around $3,165 has already been lost on a closing basis.

ETHUSD Analysis Source: Tradingview

Momentum indicators including the RSI near the low‑30s and a negative MACD, confirm that ETH is in a downtrend but also hint at a possible oversold bounce if selling slows.

In the short term, the ETH price needs to reclaim the broken 200‑day and 50‑day moving averages around $3,450–$3,550 to signal that a meaningful recovery is underway

If bulls fail and price closes back below $2,700, the chart points to a potential slide toward the deeper support band near $2,150, where stronger dip‑buying could appear.

On the upside, a break above $3,550 could open the door for a move toward $3,800–$4,200 in the coming months.

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