Ethereum Price Today: $3,100
- BitMine bought 138,452 ETH last week, now holding 3.2% of circulating ETH.
- Top whales are opening long ETH positions on Hyperliquid.
- ETH may challenge resistance at $3,470 if it passes $3,250 selling pressure.
Ethereum (ETH) rose 3% on Monday. BitMine revealed it holds 3.86 million ETH. This follows big long bets by whales on Hyperliquid.
BitMine Increases Ethereum Holdings
BitMine Immersion (BMNR) added 138,452 ETH last week, its largest purchase since October. The company now holds 3.86 million ETH as of December 7. This is 3.2% of Ethereum’s circulating supply.
BitMine remains the largest Ethereum treasury and the second-largest crypto treasury after Michael Saylor’s Strategy. The firm has a goal to own 5% of ETH.
Thomas Lee, BitMine’s chairman, said their buying shows confidence in ETH’s price rising. He cited Ethereum’s recent Fusaka upgrade, Fed’s quantitative tightening, and a possible interest rate cut on Wednesday as reasons.
BitMine also grew its cash reserves to $1 billion. It keeps holding 193 Bitcoin (BTC) and a $36 million stake in Worldcoin (WLD) treasury Eightco Holdings (ORBS).
Lee added that crypto adoption and Wall Street’s move to tokenize assets on blockchain will boost the market.
Other top ETH holders like SharpLink Gaming (SBET) and The Ether Machine (ETHM) kept their Ethereum amounts stable. They hold 859,395 ETH and 496,712 ETH.
Whales Increase Long Bets on Ethereum
BitMine is not alone in betting on Ethereum’s rise. Several whales are using leverage to open long positions on the decentralized exchange Hyperliquid.
- BitcoinOG (1011short) holds $155.7 million in long ETH positions. He recently closed a $14 million position with a $305,000 profit.
- Whales named Anti-CZ and pension-usdt.eth have ETH longs worth about $194 million and $62.5 million respectively.
- Whale 0xBADBB opened ETH longs valued around $189.55 million using two accounts.
Ethereum Price Forecast: Eyes Resistance at $3,470
Ethereum futures saw $113.6 million liquidated in the last 24 hours. Most liquidations were shorts, totaling $64.6 million.
ETH is trying to stay above $3,100 and the 20-day Exponential Moving Average (EMA). But selling pressure remains near $3,250, a strong resistance since November.
If ETH breaks $3,250, it could rise above the 50-day EMA and challenge resistance near $3,470. This level aligns with the 200-day EMA.
If it fails to hold $3,000, ETH might drop toward $2,800 support.
Technical indicators like the Relative Strength Index (RSI) and Stochastic Oscillator show growing bullish momentum. A strong crossover could boost ETH’s upward trend.
