Ethereum is under significant bearish pressure as fears of a short squeeze loom, driven by substantial selling from institutional investors. As of November 24, 2025, Ethereum's price ranged between $2,800 and $2,850, marking a 28% decline from the previous month. Despite a minor recovery, macroeconomic challenges and reduced expectations for a Federal Reserve rate cut in December have exacerbated the bearish sentiment. BitMine Immersion has been actively accumulating Ethereum, boosting its holdings to 3.63 million ETH, approximately 3% of the total supply, contributing $24 billion to the 24-hour spot trading volume. The upcoming 'Fusaka' upgrade, scheduled for December, aims to enhance scalability through EIP-4844 and is anticipated to drive growth in DeFi and real-world asset tokenization, which has already exceeded $7.4 billion in value. Analysts emphasize the importance of maintaining the $2,400 to $2,500 support level for a potential rebound, although current market indicators suggest ongoing structural weakness.