Ethereum Price in Rebound Mode as Key Scaling Metric Hits ATH

The price of Ethereum (ETH) is climbing back after weeks of trading at its lows. The recent rebound is fueled by real network usage, as indicated by key scaling metrics hitting new all-time highs (ATHs).

A top analyst noted that ETH is trying to reclaim levels between $2,800 and $2,900. Amid ETH price analysis, BitMine placed another big bet on the leading altcoin.

Ethereum Grows in Network Usage

Ethereum enthusiast and analyst Joseph Young on X noted that ETH registered a new milestone in Transactions Per Second (TPS).

According to Young, the average daily TPS on Ethereum has once again hit a new ATH. Over the past week, Ethereum averaged 364.52 TPS daily.

This is a fresh ATH, confirmed by on-chain data tracker GrowThePie, beating previous records.

Consequently, the peak TPS on Ethereum reached 24,192, marking the highest boom in a short window. This is driven by spikes in activity on Layer-2 Ethereum blockchains, such as Base and Arbitrum.

Ethereum has shattered TPS records multiple times in 2025. For instance, in early November, the Atlas upgrade delivered 15,000 TPS and near-zero fees on zkSync.

This reflects the explosive growth in DeFi, NFTs, and gaming on Ethereum, with total daily transactions now exceeding millions.

More TPS means Ethereum feels faster and cheaper for users, attracting more volume. This real utility, which comes from increased network usage, is one of the reasons the ETH price is rebounding.

Young added that PeerDAS, ZK proving, and EIP-7928 will scale Ethereum at a pace never seen before.

These are Ethereum’s next major upgrades, designed to increase TPS while maintaining the network’s decentralization and low operating costs.

Analyst Analyze ETH Price and Rebound Moves

Taking to the X platform, popular analyst Ted Pilliows analyzed the ETH price and rebound moves. Accompanying the post is a daily ETH/USDT chart from Binance, showing the recent dip to below $2,600.

After a brutal previous week, the ETH price is currently traded at $2,797, down 0.3% over the past 24 hours.

Ted Pillows highlighted that the ETH price is attempting to reclaim between $2,800 and $2,900. According to the analyst, ETH could rally towards the $3,300-$3,400 level if it successfully reclaims the $2,800 and $2,900 levels.

He, however, highlighted a problem that could hinder the potential price rebound. Ted Pillows pointed out that the Ethereum pump occurred on Sunday, which will create a CME gap again.

The analyst explained that every single CME gap in the past 5 months has been filled within a week or two. It often acts as a last shakeout before pumps.

BitMine Buys Additional 28,625 ETH

Another recent trend in the Ethereum ecosystem is the recent purchase of ETH by the institutional investor BitMine.

As revealed by the onchain data analytics platform Lookonchain,  BitMine has acquired an additional 28,625 ETH. At the current market price, these coins are valued at approximately $82.1 million.

The purchase showed that BitMine is confident in the future price trajectory of ETH, despite recent price drops.

BitMine, with Chairman Tom Lee, launched its ETH treasury in July 2025. This is similar to how Strategy, under Michael Saylor, adds Bitcoin (BTC) to its balance sheet.

Since pivoting into Ethereum accumulation, BitMine has consistently bought ETH, increasing its stock price. Notably, BMNR stock recently jumped 4% following reports that the BitMine crypto and cash holdings soared to $13.3 billion.

For ETH bulls, the BitMine purchase signals capital inflows and ETH’s path to hit the projected $3,300-$3,400 levels.