Key Highlights
- Ethereum ETFs attracted $260 million across three straight days of positive flows
- Corporate treasury BitMine appears to have purchased an additional 40,000 ETH mid-week
- Coinbase Premium Index signals limited appetite among US-based crypto investors
- Major holder transferred 166,023 ETH to Binance, creating downward price pressure
- Price action encounters resistance near the 20-week EMA at approximately $2,438
Ethereum currently hovers around $2,350 following an unsuccessful attempt to maintain momentum above the $2,420 threshold. The asset slipped beneath an upward trend line positioned at $2,365 on shorter timeframes and now trades under the 100-hour Simple Moving Average.
Spot Ethereum exchange-traded funds in the United States captured $97.5 million on Tuesday. The three-day accumulation reaches approximately $260 million, completely offsetting the withdrawals observed during the early portion of last week.
April delivered impressive results for ETH ETFs as well, concluding the month with $355 million in total net accumulation following 10 consecutive sessions of capital inflows.
Market observer Ted (@TedPillows) highlighted that ETH appears positioned to breach the $2,400 threshold, suggesting a successful breakout might propel Ethereum toward the $2,500–$2,600 range. This anticipated movement has yet to occur.
Corporate Ethereum holder BitMine Immersion Technologies (BMNR) appears to have acquired another 40,000 ETH on Wednesday, based on data from Lookonchain. The company’s holdings reached 5.18 million ETH as of Monday following a purchase of 101,745 ETH during the prior week.
Large Holder Movements Create Headwinds
Alongside institutional accumulation, a major holder identified as Garrett Jin recently deposited 166,023 ETH to Binance. Jin has historical connections to $1.1 billion in short positions across Bitcoin and Ethereum, along with a reported $378 million loss during January.
Smaller investors have also distributed approximately 1.5 million ETH throughout the past fortnight, contributing to the overall selling momentum.
The Coinbase Premium Index, measuring price differences between Coinbase and Binance for ETH, has remained in negative territory for seven days. This metric indicates limited demand from traditional cryptocurrency investors based in the United States.
Critical Price Zones Under Watch
Analyzing the weekly timeframe, Ethereum remains positioned beneath its 20-week EMA at $2,438 along with the 50-week EMA at $2,747. The 14-week RSI registers around 44, while the Stochastic Oscillator approaches 82, indicating overbought conditions.
Nearby resistance emerges at $2,380, followed by $2,420. Successfully clearing $2,450 might trigger advancement toward the $2,500–$2,550 territory.
Looking at support zones, $2,320 provides the first cushion, with $2,300 serving as secondary support. Breaking below $2,300 could expose levels around $2,265 or potentially $2,200.
ETH experienced $52.5 million in long position liquidations during the previous 24-hour period, with overall liquidations totaling $50.7 million.
The asset currently trades beneath $2,360, requiring buyers to recapture $2,365 to restore near-term bullish momentum.
