Can Bitmine’s Latest Purchase Keep Ethereum Price Above $3,500 Amid $120M Balancer Exploit?

On Nov. 3, Tom Lee-led Ethereum treasury firm Bitmine announced a new purchase of 82,353 ETH, expanding its total Ethereum holdings to 3.4 million ETH, valued at $14.2 billion.

According to the company’s press release, the firm raised its cash reserves to $389 million, up from $305 million, while reemphasizing its target to acquire 5% of Ethereum’s circulating supply.

Tom Lee stated the firm raised its ETH position by 82,353 ETH in the past week, reaching 2.8% of ETH supply in circulation.

Following Bitmine’s latest buy, its stock price fell 7.48% to $43.16, reflecting investor anxiety over the DeFi security breach.

Weekly disclosures show consistent Ethereum purchases, including 203,826 ETH on Oct. 20 and 202,037 ETH on Oct. 13.

The last purchase coincided with market turbulence following a $120 million exploit targeting Balancer, an Ethereum-based DeFi protocol.

Ethereum Price Forecast: Can Bulls Defend $3,500 as Death Cross Signals Weak Momentum?

Ethereum’s recent slide below $3,700 on Nov. 3 has triggered a death cross formation between the 50-day moving average at $4,145 and 200-day moving average of $4,197. When a shorter-term moving average dips below the longer-term one, it often signals a potential downtrend continuation, especially when accompanied by heavy sell volume experienced during Nov. 3’s $120 million Balancer exploit.

Ethereum ETH $3 647 24h volatility: 5.6% Market cap: $440.28 B Vol. 24h: $43.46 B price is consolidating around $3,616, down 7.4% on the day, its highest single-day loss since the record-breaking $19.4 billion crypto market capitulation on Oct. 10.

Ethereum (ETH) Price Analysis, Nov 3, 2025 | Source: TradingView

However, the RSI at 36.52 shows Ethereum entering oversold conditions, suggesting sellers may be exhausting momentum short-term. This could fuel a minor rebound, possibly toward the $3,720 resistance zone, where the price was rejected twice in late October.

If Ethereum fails to hold above $3,500, the next downside target sits near $3,300.

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