Ethereum Near $3,000 as BitMine Strengthens Bullish Outlook

Ethereum inched higher over the past 24 hours, trading at $2,939 as of 01:49 a.m. EST, even as market participation cooled sharply. Data shows trading volume fell 44% to about $7.9 billion, signaling hesitation among traders while the world’s second-largest cryptocurrency continues to hover just below the psychologically important $3,000 level.

Despite the muted activity, large financial players remain increasingly bullish on Ethereum. BitMine Immersion Technologies, led by prominent Wall Street strategist Tom Lee, has deepened its commitment to the asset by staking 342,560 ETH, a position valued at roughly $1 billion at current prices. The move underscores growing institutional confidence in Ethereum’s long-term role within digital finance.

BitMine Emerges as One of Ethereum’s Largest Holders

The BitMine has become one of the largest digital asset treasury companies in the market. The company has publicly listed plans of dominating approximately 5% of the entire supply of Ethereum. It currently is said to have over 4 million ETH, which is roughly 3.4 percent of all currently in circulation, making it one of the largest Ether holders in the world.

The overall market mood this week is not only being informed by crypto-specific issues but also by geopolitical events.

Investors are watching keenly a planned meeting between a Ukrainian President Volodymyr Zelensky and U.S. President Donald Trump, which will be held Sunday in Palm Beach, Florida. The negotiations are seeking the possibility of finding a solution to the almost four years invasion of Ukraine by Russia.

JUST IN: The White House has moved PRESIDENT TRUMP’S meeting with Zelensky in Florida tomorrow to 1PM ET

PRAY FOR PEACE.

Trump wants to end the Russia-Ukraine war for the new year! pic.twitter.com/3v41Y9dkY7

— Eric Daugherty (@EricLDaugh) December 28, 2025

The situation led up to the meeting with a massive airstrike by Russian troops on Kyiv and major Ukrainian energy infrastructure. This has added more uncertainties to the international markets such as cryptocurrency which tends to respond to changes in macroeconomic and geopolitical risk.

Ethereum Consolidates After Sharp Market Correction

Technically Ethereum is in the phase of consolidation after experiencing a major pullback earlier in the year. Having reached almost $4,927, ETH developed a rounded top structure and entered a long-term correction, falling to the level of the $2,700. The level corresponding to the 0.786 Fibonacci retracement has to date served as a strong support area, and allowed the market to keep falling short.

The price action has now closed in on a sideways price range and every effort to make a gain higher has ended below the resistance at around 3,300. Ether remains below its 50 day simple moving average which is around $3,052, and its 200 day SMA of approximately 3,585 and bears are still in the market. An already established “death cross still looms on sentiment.

Momentum indicators are indicating some stabilization and not a decisive reversal of trend. It has a daily Relative Strength Index that is close to 44 slightly more than the recent lows but still below the 50 level, which means ETH is in a neutral-to-bearish technical position.

Going forward, analysts indicate that the next step will depend on whether the buyers will be able to hold the 2,700 support.

The long-term resistance at this point of 3,300, may see the relief rally opening to 3,300, and the continuation of the upward growth to hit 3,550 to 3,585 where the 200-day SMA and the 0.5 Fibonacci retracement coincide.

On the flipside, any definite daily close at or under 2,700 may put Ethereum at further risk while the supports are projected to be around 2,200.

At least, Ethereum is stuck between high institutional hope and market reserve as traders await smarter indicators on the charts and the international front.

Tom Lee(@fundstrat)’s #Bitmine continues moving $ETH into staking.

Over the past 2 days, #Bitmine has staked 342,560 $ETH($1B).https://t.co/P684j5YQaGhttps://t.co/pXHT9mCPUC pic.twitter.com/0Y9XBShQzI

— Lookonchain (@lookonchain) December 28, 2025

This article was originally published as Ethereum Near $3,000 as BitMine Strengthens Bullish Outlook on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.