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The crypto market is showing signs of recovery after a heavy selloff over the weekend. Prices are slowly moving up again. Bitcoin has climbed back above $88,000 after gaining about 1% since Monday. Ethereum is also recovering and is now moving closer to the important $3,000 level.

The positive mood was supported by a major move from BitMine Immersion Technologies. The company is known for holding Ethereum as part of its treasury strategy. On Monday, it revealed its largest Ether purchase so far this year.

BitMine bought more than 40,000 ETH last week. The exact amount was 40,302 Ether. With this purchase, the company now holds around 4.24 million ETH. At current prices, that stash is worth roughly $12.29 billion.

This means BitMine now controls about 3.52% of the total Ethereum supply. The company has said it wants to reach a 5% share over time.

Along with buying Ether, BitMine is also heavily involved in staking. Last week, it staked another 171,264 ETH. Its total staked Ether has now crossed 2 million coins. That is around half of its total holdings. These assets are spread across 3 different staking providers.

BitMine believes staking could become a huge source of income. The company estimates it could earn around $374 million per year once all of its Ether is staked.

Speaking at the World Economic Forum in Davos, Tom Lee said global leaders are starting to fully accept digital assets. He said 2026 could be the year crypto becomes central to the financial system. He also highlighted Ethereum as the most trusted blockchain used by major financial institutions, with no downtime since launch.

Beyond Ether, BitMine also holds 193 Bitcoin. It has invested $200 million in Beast Industries and $19 million in Eightco Holdings. The company also holds about $682 million in cash.

This buying spree comes shortly after shareholders approved a major change. The company increased its authorized shares from 500 million to 50 billion. This gives it more flexibility to raise capital.

On the price side, Ethereum is still facing pressure on the charts. The short term trend remains weak despite the recent bounce. Still, momentum is improving.

Ether rebounded from the $2,786 support level. This move caused about $81 million in liquidations in the last 24 hours. Most of that came from traders betting against the price.

Ethereum is now trading above $2,920. If the recovery continues, the next major hurdle is near $3,058. This level is strong because it lines up with the 20-day moving average.

The RSI is sitting at 47. It is still below neutral but shows buyers are slowly stepping back in. The MACD indicator is also improving and moving closer to neutral.

If buyers fail to hold control, Ethereum could fall back toward $2,775. A deeper drop could send it to the weekly support near $2,625.