Key Highlights
- Spot Ethereum ETFs saw net inflows of $260 million across three consecutive trading sessions
- BitMine Immersion Technologies potentially acquired an additional 40,000 ETH on Wednesday
- The Coinbase Premium Index indicates subdued retail demand from US cryptocurrency investors
- Major whale transferred 166,023 ETH to Binance exchange, creating downward pressure
- Price resistance forms at the 20-week EMA positioned near $2,438
Ethereum currently hovers around $2,350 following an unsuccessful attempt to maintain momentum above the $2,420 threshold. The asset slipped beneath a rising support line at $2,365 on the one-hour timeframe and now sits under the 100-hour Simple Moving Average.
On Tuesday, US-based spot Ethereum exchange-traded funds recorded $97.5 million in net positive flows. This pushes the cumulative three-day inflow figure to approximately $260 million, offsetting the withdrawals observed during early last week.
The month of April proved particularly robust for ETH ETF products, closing with $355 million in aggregate net inflows following a remarkable streak of 10 straight days of positive flows.
Market analyst Ted (@TedPillows) observed that ETH is attempting to surpass the $2,400 threshold, suggesting a successful breakout might propel Ethereum into the $2,500–$2,600 range. However, this anticipated rally has yet to occur.
Ethereum treasury company BitMine Immersion Technologies (BMNR) appears to have accumulated another 40,000 ETH on Wednesday, based on data from Lookonchain. Following a purchase of 101,745 ETH the prior week, the company’s holdings stood at 5.18 million ETH as of Monday.
Large Holder Movements Create Headwinds
Countering institutional accumulation, a significant wallet holder identified as Garrett Jin transferred 166,023 ETH to the Binance exchange recently. This individual was previously associated with $1.1 billion in short positions across Bitcoin and Ethereum and reportedly suffered a $378 million loss during January.
Retail investors have also offloaded approximately 1.5 million ETH throughout the last two weeks, contributing additional pressure on the sell side.
The Coinbase Premium Index, which tracks the price differential for ETH between Coinbase and Binance, has maintained negative territory for seven days. This signals limited buying interest from United States-based cryptocurrency traders.
Critical Technical Levels Under Focus
Analyzing the weekly timeframe, Ethereum remains positioned beneath its 20-week EMA at $2,438 and the 50-week EMA at $2,747. The 14-week RSI reads approximately 44, while the Stochastic Oscillator hovers near 82, indicating overbought conditions.
Near-term resistance appears at $2,380, followed by $2,420. Clearing the $2,450 level could trigger an advance toward the $2,500–$2,550 zone.
For support levels, $2,320 provides the first floor, then $2,300. Declining below $2,300 might expose $2,265 or potentially $2,200 as next targets.
Long position liquidations reached $52.5 million over the past day, with overall liquidations totaling $50.7 million.
Trading currently below $2,360, buyers must recapture the $2,365 level to restore near-term bullish structure.
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