Tom Lee’s Ethereum treasury firm BitMine has purchased $50.1 million worth of ETH, with on-chain analytics firm Santiment suggesting the altcoin could soon test the $3,300 resistance level. This significant purchase comes as the largest altcoin by market capitalization experienced a slight dip, trading at $2,993.61 as of 1:53 a.m. EST, marking a drop of over 1% in the past 24 hours.
BitMine Acquires ETH Amid Price Dip
The recent 24-hour price decline in ETH has extended the altcoin's negative streak for the week to over 22%. Despite this downturn, BitMine, recognized as the largest corporate ETH holder, has actively bought into the dip. On-chain analytics firm Lookonchain reported that a new wallet, believed to be linked to BitMine, received 16,693 ETH tokens from FalconX.
It seems that Tom Lee's Bitmine just bought another 16,693 $ETH ($50.1M). A new wallet 0x2e6c — likely linked to Bitmine — just received 16,693 $ETH ($50.1M) from the FalconX.
— Lookonchain (@lookonchain) November 29, 2025
Santiment Forecasts Potential ETH Rebound to $3,200
The substantial ETH purchase by BitMine has been interpreted by several crypto Twitter users as a strategic move by the treasury firm. This aligns with recent analysis from Santiment, which predicted that ETH might reclaim the $3,200 level in the near future. Santiment's report suggests that subdued stablecoin yields, currently around 4%, indicate that the crypto market has not yet reached its peak, allowing for further upward potential.
"Currently, yields are low, around 4%. This indicates the market has not reached a major top and could still push higher," the firm stated. This observation is a primary reason why Santiment analysts believe ETH could attempt to reach the $3,200 resistance level.
ETH ETFs Continue Inflow Streak
In parallel, spot Ethereum ETFs (exchange-traded funds) are experiencing a sustained period of net daily inflows, marking a five-day streak. This positive trend follows an earlier eight-day outflows streak, during which hundreds of millions of dollars were withdrawn from these funds.
Data from Farside Investors indicates that in the most recent trading session, two specific funds recorded inflows. BlackRock’s ETHA, the largest spot ETH ETF based on cumulative inflows, led the gains with $68.3 million in net inflows. Grayscale’s ETHE was the only other fund to register inflows, with $8.3 million.
Technical Indicators Suggest Bullish Outlook for ETH
Technical indicators for ETH are also signaling a potential upward movement for the Ethereum price. The cryptocurrency is currently attempting to convert the resistance level at $3,070 into support. A successful break above this threshold would be a significant development, as this barrier coincides with the 9 and 20 Exponential Moving Averages (EMAs) on the daily chart. Overcoming this resistance could indicate a bullish shift in momentum, potentially driving ETH prices up by over 15% to as high as $3,590.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator suggests a slight advantage for bulls, while the Relative Strength Index (RSI) indicates that ETH's potential for upside movement is greater than its downside risk.
However, this bullish outlook could be negated if ETH faces rejection at the $3,070 mark. Such a scenario might lead to a price correction, with a potential fallback to $2,705.