Key Takeaways
- Spot ETH ETFs attracted $260 million in combined net inflows across three straight trading sessions
- Corporate treasury player BitMine appears to have purchased an additional 40,000 ETH mid-week
- US retail crypto demand remains subdued according to the Coinbase Premium Index readings
- Large holder transferred 166,023 ETH tokens to Binance exchange, creating downward pressure
- Critical overhead barrier exists at the 20-week exponential moving average near $2,438
Ethereum’s price hovers near $2,350 following an unsuccessful attempt to maintain momentum above the $2,420 threshold. The asset slipped beneath an ascending support line at $2,365 on the 60-minute timeframe and currently trades under its 100-hour simple moving average.
Spot Ethereum exchange-traded funds in the United States registered $97.5 million in net positive flows on Tuesday. This pushed the cumulative three-day figure to approximately $260 million, offsetting the redemptions witnessed during the initial portion of the previous week.
April delivered robust performance for ETH ETF products as well, closing the month with $355 million in aggregate net inflows following an impressive streak of 10 uninterrupted days of positive flows.
Market commentator Ted (@TedPillows) observed that ETH appears positioned to pierce the $2,400 threshold, suggesting a successful breakthrough might propel Ethereum into the $2,500–$2,600 range. However, this anticipated rally has yet to develop.
Ethereum-focused corporate entity BitMine Immersion Technologies (BMNR) allegedly 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 Selling Pressure
Despite accumulation from institutional players, a major holder identified as Garrett Jin transferred 166,023 ETH to the Binance platform within the last several hours. This same entity was previously associated with $1.1 billion in short positions across Bitcoin and Ethereum, along with a $378 million trading loss sustained in January.
Smaller investors have also offloaded approximately 1.5 million ETH during the past two weeks, contributing additional supply to the market.
The Coinbase Premium Index—which measures the price differential for ETH between Coinbase and Binance—has remained in negative territory for seven consecutive days. This metric signals lackluster appetite from United States-based cryptocurrency investors.
Critical Technical Zones Under Watch
Examining the weekly timeframe, Ethereum remains positioned beneath both its 20-week exponential moving average at $2,438 and its 50-week EMA at $2,747. The 14-period relative strength index reads approximately 44, while the stochastic oscillator registers near 82, indicating overbought conditions.
Near-term resistance appears at $2,380, followed by $2,420. Successfully clearing $2,450 would likely trigger advancement toward the $2,500–$2,550 zone.
Conversely, downside support exists at $2,320, with secondary support at $2,300. Failure to hold $2,300 could expose levels at $2,265 or potentially $2,200.
Leveraged long positions suffered $52.5 million in forced liquidations over the previous 24-hour period, with aggregate liquidations reaching $50.7 million.
The asset currently trades beneath $2,360, with buyers requiring a recapture of $2,365 to restore near-term positive momentum.
