Key Highlights
- A major Ethereum whale initiated a $90.8M long position using 20x leverage
- Another large trader entered a $61M leveraged long at $2,303 via HyperLiquid
- Ethereum spot ETFs attracted continuous inflows for seven consecutive days, totaling $426M
- BitMine acquired 101,627 ETH recently, pushing total reserves to 4.97 million ETH
- Technical analysis reveals an ascending triangle formation pointing to potential $3,230 target
Currently trading near $2,310, Ethereum has retreated slightly from the $2,400 threshold reached during the weekend session. The digital asset has climbed more than 7% over the last month and has surged approximately 41% from its February bottom of $1,750.
Market observers have taken note of two significant ETH trading positions. A major whale established a $90.8 million leveraged long using 20x margin. Additionally, analyst TAnotepad identified another whale—wallet address 0x6C851—who initiated a $61 million ETH position with 20x leverage, entering around the $2,303 price point on HyperLiquid.
The crypto Fear and Greed Index has shifted dramatically from 5—representing Extreme Fear—recorded two months prior, to 54 currently. This transition places overall market sentiment solidly in neutral range.
Market analyst AlphaBTC shared on X that upcoming macroeconomic releases will be critical. His analysis stated: “Robust retail sales figures might drive yields upward and postpone Federal Reserve rate reductions, whereas disappointing data could ignite risk-on market behavior.” He emphasized that Federal Reserve statements, purchasing managers index reports, and geopolitical uncertainties continue to be significant variables.
Spot ETF Demand Reaches Multi-Week Peak
Ethereum spot exchange-traded funds have recorded consecutive net positive flows spanning seven trading sessions, accumulating $426 million throughout this period. The weekly total reached $275.83 million, marking the strongest performance since January, based on SoSoValue data.
Worldwide cryptocurrency ETP flows totaled $1.4 billion during the previous week, representing the highest level since January, according to CoinShares research. James Butterfill, the firm’s Head of Research, attributed this surge to enhanced risk appetite stemming from US-Iran ceasefire negotiations and Bitcoin’s climb above the $76,000 threshold.
BitMine Expands Ethereum Treasury to 4.97 Million ETH
Corporate treasury entity BitMine Immersion Technologies acquired 101,627 ETH during the past week, representing its most substantial weekly accumulation since mid-December. This purchase brings the company’s aggregate holdings to 4.97 million ETH, valued at approximately $11.44 billion.
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
BitMine’s Chairman Thomas Lee commented that the cryptocurrency market downturn appears to be approaching its conclusion. He highlighted that ETH has exceeded the S&P 500’s performance by 2,280 basis points since conflict began. Lee noted that historical crypto bear markets have aligned with equity market corrections exceeding 20%, whereas the present equity pullback stands at merely 8%.
The company has also disclosed that it stakes 3.33 million ETH, producing $221 million in projected annual staking income.
Ethereum’s daily price chart displays an ascending triangle technical formation. A confirmed breach above the $2,400 resistance level would establish a $3,230 price objective, representing a potential advance exceeding 41% from present valuation. The Relative Strength Index currently registers near 55, while the Stochastic Oscillator hovers around 61.
Critical support levels are positioned at the 20-day exponential moving average near $2,252 and the 50-day exponential moving average at $2,211. Ethereum futures contracts experienced $144.4 million in liquidations during the previous 24-hour period, with $101.1 million stemming from long position closures.
Market participants are monitoring the $2,300 level as crucial near-term support, while $2,400 represents the immediate resistance barrier requiring a breakthrough.
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