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Ethereum (ETH) is facing significant price volatility, with its price testing key support levels. As of today, ETH is trading at $3,175, currently fighting to hold above the critical $3,450 support zone. The price is caught in a period of consolidation, with traders watching closely for any breakout or breakdown in the coming days. Meanwhile, Tom Lee’s Bitmine, a major Ethereum treasury holder, has made a strategic move by acquiring $29 million worth of ETH. This purchase has injected fresh optimism into the market, particularly as the Fusaka upgrade draws nearer, scheduled for December 3, 2025.

With this recent acquisition, Bitmine now holds a significant portion of the Ethereum market, continuing to position itself as a prominent player in the crypto space. Ethereum’s price action is likely to be influenced by both the market’s broader sentiment and technical factors, such as the upcoming upgrade. Bitmine’s move signals a strong belief in Ethereum’s long-term potential, and it may encourage further accumulation ahead of the Fusaka upgrade.

Tom Lee’s Bitmine Buys $29M ETH Amid Market Consolidation

The recent purchase of $29 million in ETH by Bitmine has sparked renewed interest in Ethereum. Tom Lee, the chairman of Bitmine, is well-known for his bullish stance on digital assets, and this latest acquisition reaffirms his confidence in Ethereum’s potential. The purchase came at a time when Ethereum was testing its $3,450 support level, which has been a critical floor for ETH in recent weeks. While the cryptocurrency has experienced downward pressure, Bitmine’s continued accumulation provides a vote of confidence from one of the largest corporate holders of Ethereum.

Source: X

The withdrawal of 29 million USD in ETH from Galaxy Digital and other similar transactions by Bitmine suggest that the company’s strategy is focused on expanding its Ethereum treasury. This move is consistent with Bitmine’s larger goal to corner 5% of the total ETH supply, a goal that has been actively pursued since July.

As of now, Bitmine holds over 3.5 million ETH, positioning itself as one of the largest corporate holders in the Ethereum ecosystem. This strategic move may have significant implications for Ethereum’s price as it continues to gain institutional support.

Ethereum Faces Pressure at $3,450 Support Ahead of Fusaka Upgrade

Ethereum’s price is under pressure, with the $3,450 support level currently being tested. If this level fails to hold, ETH could see a deeper correction, potentially dipping to lower levels. Analysts are closely watching this support zone, as it has been a significant point for Ethereum’s price action in recent weeks. A break below $3,450 could signal a shift in market sentiment, leading to a further sell-off.

However, the upcoming Fusaka upgrade scheduled for December 3, 2025, is seen as a potential catalyst for a rebound. The upgrade promises to increase Ethereum’s scalability and improve Layer 2 solutions, which could boost demand for the cryptocurrency.

Analysts believe that if the support level holds, Ethereum could bounce back toward the $3,715 resistance zone. This potential rebound could set the stage for a larger rally, but much depends on how Ethereum reacts in the coming days.

Ethereum’s Path to $10,000 and the Role of Fusaka

Looking beyond short-term price movements, some analysts are targeting a bold $10,000 price for Ethereum by December 2025. This ambitious target reflects growing institutional interest, upcoming technological upgrades, and the possibility of a new bullish cycle for Ethereum. While the idea of reaching $10,000 is still up for debate, the potential for a major rally exists if Ethereum’s technical setup aligns with positive macroeconomic factors.

Source: X

The Fusaka upgrade plays a crucial role in this potential breakout. The upgrade will significantly boost Ethereum’s throughput by increasing its block-gas limit and improving Layer 2 scalability. These improvements are expected to reduce transaction costs and make Ethereum more accessible to both developers and users. As whale accumulation continues and market conditions shift, Ethereum’s price could surge, with $10,000 becoming a realistic long-term target.

Ethereum is also seeing increasing interest from institutional players like Bitmine, whose continued purchases indicate strong demand. As more institutional investors enter the market, Ethereum’s price could break through current resistance levels and potentially test new highs.

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