Key Highlights
- Large Ethereum holders added approximately 700K ETH to their wallets from Thursday through Monday
- Spot ETH ETFs registered continuous net inflows for eight days straight, totaling $493.7 million
- Bitmine acquired 101,627 ETH during the past week, marking their biggest weekly purchase in 2026
- The SuperTrend technical indicator on ETH turned bullish for the first time since the start of 2025
- Negative funding rates persisted for six consecutive days, pressuring ETH below the $2,400 mark
Ethereum currently hovers near $2,300 following a period marked by significant whale buying activity and robust ETF capital inflows, though derivatives market dynamics continue to restrict upward price movement.
Data from CryptoQuant reveals that addresses containing over 10,000 ETH added close to 700,000 tokens to their holdings between Thursday and Monday. Exchange reserves for Ethereum have declined by approximately 458,000 ETH since Thursday, indicating heightened accumulation patterns.
Institutional participation remains strong as well. United States-based spot Ethereum ETFs have witnessed eight consecutive days of positive net flows, amounting to $493.7 million according to figures from SoSoValue.
Bitmine Immersion Technologies executed their most substantial weekly Ethereum acquisition of 2026, purchasing 101,627 ETH. This addition elevates their cumulative position to 4.976 million ETH. According to Bitmine Chairman Tom Lee, historical trends dating back to 2015 suggest the cryptocurrency market downturn could conclude sooner than widespread expectations.
Bitmine Adds 101,627 ETH in Biggest Weekly Accumulation in 4 Months
Bitmine Immersion Technologies added 101,627 ETH last week, marking its fastest pace of accumulation since the week of December 15, 2025. As of April 19, 2026, the company holds a total of 4,976,485 ETH,… pic.twitter.com/j6EGixRZTK
— Wu Blockchain (@WuBlockchain) April 20, 2026
Lee highlighted that each cryptocurrency bear market since 2015 has aligned with equity market corrections exceeding 20%. The 2026 equity pullback reached only 8%, supporting his thesis that the current downturn may prove briefer than previous cycles.
Smart money monitoring platform Lookonchain identified multiple significant whale movements throughout the week. Notably, one recently established wallet removed 35,000 ETH from Binance and transferred the assets to custodial service provider BitGo.
Technical Indicator Signals Shift
Market analyst Ali Martinez shared on X that Ethereum’s daily timeframe SuperTrend indicator has switched to bullish territory for the first time since the beginning of 2025. Martinez observed that when this indicator previously flipped, it signaled the start of an upward rally. He additionally mentioned that Bitcoin has yet to breach its corresponding SuperTrend resistance threshold.
SuperTrend flips bullish on Ethereum $ETH for the first time in over a year. pic.twitter.com/hMIDJ6ojrr
— Ali Charts (@alicharts) April 20, 2026
Derivatives Market Headwinds Persist
Notwithstanding robust spot market demand, Ethereum funding rates remained in negative territory for six consecutive days. This indicates that derivatives market participants maintain bearish positioning, contributing to price weakness beneath $2,400.
Liquidations across ETH positions reached $53.4 million over the previous 24-hour period. Long position liquidations accounted for the majority at $28.4 million.
Examining the four-hour timeframe, ETH maintains position above its 20-, 50-, and 100-period exponential moving averages, which cluster within the $2,268 to $2,323 range. Price resistance appears at $2,388, while support levels are established at $2,267 and $2,263.
The 14-day Relative Strength Index registers at 55, suggesting buying pressure exceeds selling activity. Conversely, both the 9-day Stochastic and 14-day Stochastic RSI indicators rest near 40, suggesting diminishing bullish momentum.
Over the past 30 days, ETH climbed from approximately $2,155 to exceed $2,320, though it has declined roughly 2% on the weekly timeframe from a peak of $2,450.
