Ethereum Trading Volume Surges 35% Following BitMine’s $82M Purchase

Ethereum Market Update

Ethereum (ETH) is trading near $2,795, attempting to regain the $2,850–$2,900 range after a recent decline.
24-hour trading volume surged by 35% to $24 billion, driven by BitMine's purchase of 28,625 ETH (~$82 million) via FalconX.
A separate wallet linked to BitMine acquired 21,537 ETH worth ~$59 million earlier this week.
Whale activity includes wallet 0x8d0e buying 4,022 ETH (~$11 million) and opening leveraged long positions on 2,034.5 ETH and 1,662 BCH.

Market Sentiment & Projections

Analysts warn Ethereum must reclaim the $2,850–$2,900 band soon to avoid dropping to the $2,500 support level.
Despite short-term volatility, the long-term outlook remains positive, with potential catalysts like the upcoming Fusako upgrade.
The Fusako upgrade, scheduled for Dec. 3, will introduce changes to the execution layer and staking returns, possibly aiding market recovery.

Historically, Ethereum upgrades have led to gains ranging from 10% to 50% in the following months. Analysts suggest that similar momentum could drive ETH to new highs if the trend continues.