Ethereum posted a modest gain over the past 24 hours, rising around 1.5% and inching ahead of the broader crypto market. The move comes after days of weakness, but three key factors helped push ETH upward.
The biggest boost came from institutional accumulation. BitMine quietly added more than 21,000 ETH to its reserves — a purchase worth about $59 million. This brings the firm’s total holdings to roughly 3% of ETH’s entire supply, signaling confidence from one of the market’s larger players. Even though ETH has faced a sharp monthly decline, large-scale buying suggests institutions still view it as a long-term strategic asset.
A second factor was a technical rebound. ETH recently dropped into oversold territory, triggering interest from traders looking for short-term opportunities. After hitting the $2,620 zone, #ETH bounced back above the $2,800 level, although it still faces resistance near $2,890. Whether ETH can stay above support this week will be an important signal.
Finally, excitement is building ahead of Ethereum’s Fusaka upgrade, scheduled for December 3. The upgrade will improve data availability for Layer-2 networks and could make rollups cheaper and more efficient. Even though market sentiment remains cautious, developers and long-term holders see the upgrade as a positive step toward better scalability.
Altogether, $ETH ETH’s rise reflects a mix of whale accumulation, improved technical signals, and optimism around key upgrades. The next major test is whether Ethereum can maintain momentum above $2,800 as the market prepares for early-December catalysts.$ETH
