• Ethereum hovers near $3,037 as market pressure persists despite rising trading volume.
• Analysts flag $2,875 as a defining support zone that could set the tone for ETH’s next major move.
• Bitmine Immersion Technologies strengthens its position with a sizeable ETH treasury and a bullish long-term market outlook.

Ethereum (ETH) is currently trading at $3,037.14, slipping 2.02% on the day, even as 24-hour volume surged to $36.75 billion, a 43.59% jump. Over the past week, the token saw a 14.41% decline, reflecting broader market stress that has weighed on digital assets through mid-November.

Liquidity Conditions Shape ETH’s Next Move

Crypto analyst Crypto Patel highlighted the $2,875 fair-value gap as the decisive threshold for Ethereum’s immediate trajectory. A successful defense of this zone, he argued, could set the stage for a push toward $5,000 and beyond. 

Failure to maintain that footing, however, may send ETH into what he described as an “accumulation window” between $2,250 and $2,620, a range he believes could precede a move toward new all-time highs in the $8,000–$10,000 band.

The divide between short-term pressure and long-term optimism continues to define sentiment across the market, with liquidity conditions increasingly in focus.

Bitmine Reveals $11.8B in Digital and Cash Holdings

Adding a notable counterweight to negative price action, Bitmine Immersion Technologies disclosed that its combined crypto, cash, and venture investments now total $11.8 billion.

Central to that balance sheet is a sizable inventory of 3,559,879 ETH, representing roughly 2.9% of Ethereum’s circulating supply. The firm also holds 192 BTC alongside $607 million in unencumbered cash, based on Bloomberg valuations.

Chairman Tom Lee pointed to liquidity stress among certain crypto market makers as the primary factor behind recent volatility. He described market behavior following the October 10 deleveraging event as indicative of a balance-sheet deficit, a dynamic he likened to an informal form of quantitative tightening. Lee noted that a similar pattern persisted for up to eight weeks during the 2022 downturn.

Despite immediate headwinds, Bitmine maintains that the peak of the current crypto cycle likely lies 12 to 36 months ahead, marking a shift from the timing patterns of prior cycles.

Also Read | Ethereum Demand Jumps 65.5x Since 2020 as Analysts Eye Big 2026 Upside

Ethereum Gains Momentum Ahead of Fusaka Upgrade

Lee also emphasized fundamental tailwinds emerging within Ethereum’s ecosystem, citing the upcoming Fusaka upgrade, expanded stablecoin adoption, and rapid movement toward tokenized financial assets. 

He framed tokenization as an inflection point, one that allows assets to be structured across varied dimensions and improves transparency for market participants.

In parallel, he compared recent U.S. policy initiatives, including the GENIUS Act and the SEC’s Project Crypto, to the structural shift that followed the end of the Bretton Woods framework in 1971. 

Bitmine’s equity reflects continued institutional interest, ranking 48th in U.S. markets by average daily dollar volume at $1.4 billion over the past week, even as crypto-linked stocks continue recovering from October’s liquidity shock.

Also Read | Ethereum Faces Fierce 10% Reversal Shock