Key Highlights
- Large Ethereum holders added approximately 700K ETH from Thursday through Monday
- Spot ETH ETFs recorded $493.7 million in cumulative inflows over eight consecutive trading days
- Bitmine acquired 101,627 ETH in their biggest weekly purchase of 2026
- The SuperTrend technical indicator shifted to bullish territory for the first time since early 2025
- Negative funding rates persisted for six days, contributing to ETH retreating below $2,400
Ethereum currently hovers near $2,300 following a period marked by significant whale buying activity and robust ETF capital inflows, though downward pressure from the derivatives market continues to restrain upward price movement.
According to CryptoQuant analytics, addresses containing over 10,000 ETH added close to 700,000 tokens between Thursday and Monday. Meanwhile, Ethereum reserves on centralized exchanges declined by approximately 458,000 ETH since Thursday, suggesting heightened accumulation trends.
Institutional interest remains robust as well. Data from SoSoValue shows that U.S.-based spot Ethereum ETFs registered eight consecutive days of positive net flows, accumulating $493.7 million in total.
Bitmine Immersion Technologies executed what stands as their largest weekly ETH acquisition of 2026, purchasing 101,627 tokens. This transaction elevated their overall holdings to 4.976 million ETH. Bitmine’s Chairman Tom Lee suggested that the conclusion of the cryptocurrency bear market might arrive sooner than market consensus anticipates, referencing cyclical patterns observed since 2015.
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Lee highlighted that every major crypto downturn since 2015 has aligned with equity market corrections exceeding 20%. Given that the 2026 equity pullback measured only 8%, he contends this suggests a potentially briefer bearish period.
Smart money monitoring platform Lookonchain identified multiple significant whale movements throughout the week. Notably, one freshly established wallet extracted 35,000 ETH from Binance before transferring the assets to custody provider BitGo.
Technical Indicator Signals Bullish Shift
Market analyst Ali Martinez shared on X that Ethereum’s daily SuperTrend indicator has transitioned to bullish for the first time since the beginning of 2025. Martinez observed that the previous occurrence of this technical flip was followed by an extended upward rally. He additionally noted that Bitcoin has yet to breach its corresponding SuperTrend resistance threshold.
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Derivative Market Headwinds Persist
Notwithstanding strong demand in spot markets, Ethereum funding rates maintained negative territory across six consecutive days. This pattern indicates futures market participants are positioned bearishly, contributing to price pressure that pushed ETH back beneath $2,400.
Liquidations totaling $53.4 million affected ETH positions over the last 24 hours, with long position liquidations accounting for $28.4 million of that figure.
Analyzing the four-hour timeframe, ETH trades above its 20-, 50-, and 100-period exponential moving averages, which are grouped between $2,268 and $2,323. Immediate resistance appears at $2,388, while support levels are identified at $2,267 and $2,263.
The 14-day Relative Strength Index registers at 55, indicating buyer dominance over sellers. Conversely, both the 9-day Stochastic and 14-day Stochastic RSI readings hover around 40, suggesting weakening upward momentum.
Over the past month, ETH climbed from approximately $2,155 to surpass $2,320, though it has declined roughly 2% on the weekly timeframe from a peak of $2,450.
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