Ethereum News Today: BitMine Bets on Ethereum's Recovery as Metrics Signal $2K Drop

Ethereum's on-chain metrics are flashing warnings of a potential price collapse below $2,000, with analysts citing historical patterns in the MVRV Pricing Bands to predict a 28% correction from current levels. The metric, derived from the MVRV ratio and Realized Price (RP), has consistently signaled market bottoms when Ethereum dips below the 0.8x RP band-a threshold currently at $2,007.08 according to data. This pattern has repeated in June 2022, December 2022, and March 2025, suggesting a similar outcome could unfold as ETH trades at $2,820 as research shows.

The Realized Price, which represents the average cost basis of all circulating ETH tokens, stands at $2,508. While investors remain in profit for now, further declines below $2,500 could trigger widespread losses and accelerate the token's fall toward $2,000 as market data shows. Such a drop would align with broader market turbulence, as Bitcoin and Ethereum have both fallen over 20% in November amid a $19 billion liquidation cascade on October 10 according to crypto reports.

Amid the downturn, BitMine, the largest Ethereum treasury firm, has taken a contrarian approach. The company announced plans to launch the Made in America Validator Network (MAVAN) in early 2026 to stake its 3.55 million ETH holdings, valued at $10 billion. Despite $4 billion in unrealized losses, BitMine's chairman Tom Lee views the current slump as a "golden opportunity" to accumulate ETH at discounted prices according to BitMine leadership. The firm also declared its first-ever $0.01 dividend per BMNR share, signaling confidence in long-term recovery.

Meanwhile, the launch of 3x leveraged Bitcoin and Ethereum ETFs in Europe has added to market volatility. Leverage Shares' new products on the SIX Exchange offer amplified exposure to crypto assets at a time when BTC and ETH are down 13% and 14% in the last week. Analysts warn that such leveraged products could exacerbate liquidations during periods of high volatility.

The crypto market's fragility is further highlighted by recent events, including a front-end attack on Aerodrome Finance and the collapse of MegaETH's $1 billion token sale due to technical issues according to reports. These developments underscore growing risks for investors as the sector navigates regulatory uncertainty and macroeconomic headwinds.

On-chain indicators suggest Ethereum's bearish momentum may not abate soon. The NUPL metric, which tracks unrealized profits and losses, is approaching the 0.25 threshold-a level historically associated with fear-driven selling. If ETH fails to defend $3,000, it could slide toward $2,814, deepening the bearish outlook as financial data shows.