Ethereum price rebounds! BitMine holdings surpass 3.6M ETH, is $3,000 the next stop?

Ethereum (ETH) has finally reclaimed the key support level of $2,850 after several days of sustained pressure. Meanwhile, news that mining giant BitMine’s ETH holdings have surpassed 3.6 million coins has injected structural confidence back into the market, becoming one of the core variables currently impacting ETH market sentiment.

As market narratives following the Bitcoin halving gradually shift towards “real demand assets,” Ethereum, as the backbone of smart contracts and the L2 ecosystem, has once again become the focus of capital attention. Below is a structural analysis and price outlook for the current market situation.

ETH Successfully Reclaims $2,850: Why Is This Support So Critical?

After a week of volatility, ETH briefly dipped to the $2,790 area but ultimately climbed back above the $2,850 support level on the back of heavy buying. This price point is viewed as the short-term dividing line between bulls and bears for the following reasons:

1. Major Trendline Support

$2,850 marks the lower bound of ETH’s key trend channel since Q2 2025, with bulls consistently defending this level.

2. Institutional Order Cluster

On-chain data shows that some institutional accounts have been accumulating in the $2,820–$2,880 range, indicating this is a strategic price band for large investors.

3. Natural Recovery After Leverage Squeeze

Over the past 72 hours, excessive leverage has been liquidated, putting the market in a healthier state and bringing funds back to spot markets for a technical rebound.

If ETH can firmly hold $2,850, it will lay the groundwork for a renewed push towards the psychological $3,000 mark.

BitMine Holdings Surpass 3.6 Million ETH: What Does This Mean for the Market?

As one of the world’s largest hybrid PoS/PoW mining enterprises, BitMine’s ETH holdings officially surpassed 3.6 million ETH in early December, setting a new all-time high. This move carries clear market implications:

1. Strong Signal of Long-Term Value Allocation

Miners tend to hold (HODL) their mined assets for the long term, indicating structural confidence in future price action.

2. Ongoing Decrease in Circulating Supply

BitMine’s holdings account for about 3% of ETH’s circulating supply, meaning more ETH is being removed from the liquidity pool, reducing sell pressure.

3. Cost Range Suggests Bottoming Zone

Industry speculation places BitMine’s historical cost basis in the $2,600–$2,900 range, further reinforcing the importance of this area as a strong support zone.

In other words, BitMine’s accumulation during the current choppy market creates a strong consensus support for ETH’s bottom region.

Technicals: If ETH Holds $2,850, US Stocks May Drive a Secondary Rebound

From a technical perspective, ETH is showing three key signals:

RSI has rebounded from oversold, now in the 44–48 range

Selling pressure is fading, and momentum is starting to recover.

MACD is showing initial signs of a bullish crossover

If sustained for 24–48 hours, this will confirm a short-term reversal signal.

Funding Rates Have Normalized

Indicates that market euphoria has cooled, and prices are returning to rational levels.

Short-term Key Resistance Levels:

• $2,900
• $2,965 (EMA50)
• $3,000 (strong psychological barrier)

Key Support Levels:

• $2,850
• $2,800
• $2,760 (a break below would turn the market bearish)

If ETH can break above $2,965, it will reignite the short- to mid-term uptrend, potentially pushing towards $3,200.

Fundamentals: Ethereum’s Three “Structural Growth Engines” Remain Unchanged

Regardless of short-term fluctuations, ETH’s core growth model remains robust:

1. L2 Scaling Boom

Arbitrum, Optimism, Blast, and others are delivering real fee revenue and user growth.

2. Staking Continues to Rise

ETH staking rate is approaching 29%. The higher the staking volume, the lower the circulating supply, making upward price structures more likely.

3. Real World Assets (RWA) Continue to Flow In

Traditional funds, tokenized government bonds, and the growth of stablecoins all require the Ethereum network as foundational infrastructure.

These medium- and long-term fundamentals keep ETH resilient amid macro volatility.

Conclusion: ETH Has Stabilized, Structural Opportunities Emerging

ETH has successfully reclaimed $2,850, and along with BitMine’s major accumulation, the market is once again seeing Ethereum’s “bottom consensus.” In the short term, ETH still needs time to repair sentiment, but if support holds, a breakout above $2,965 will confirm a new round of rebound. For medium- and long-term investors, ETH is currently in a “key zone worth watching.”