Key Highlights
- Large Ethereum holders accumulated approximately 700K ETH from Thursday through Monday
- Spot ETH ETFs saw continuous inflows for eight days straight, totaling $493.7 million
- Bitmine acquired 101,627 ETH in their biggest weekly purchase of 2026
- The SuperTrend technical indicator turned bullish for the first time since the beginning of 2025
- Negative funding rates persisted for six consecutive days, creating downward pressure below $2,400
Ethereum is currently hovering near $2,300 following a period marked by substantial whale buying activity and robust ETF capital inflows, though futures market dynamics continue to constrain upward price movement.
Data from CryptoQuant reveals that addresses containing over 10,000 ETH added close to 700,000 ETH to their holdings from Thursday through Monday. Exchange reserves of Ethereum have declined by approximately 458,000 ETH since Thursday, indicating strengthening demand from buyers.
Institutional participation has also intensified. US-based spot Ethereum ETFs registered their eighth consecutive day of positive net inflows, accumulating a combined $493.7 million, based on data from SoSoValue.
Bitmine Immersion Technologies executed the year’s largest weekly ETH acquisition, purchasing 101,627 ETH. This transaction elevated their aggregate holdings to 4.976 million ETH. Chairman Tom Lee of Bitmine suggested that the cryptocurrency bear market might be nearing its conclusion sooner than market consensus anticipates, referencing historical cycle patterns dating back to 2015.
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%. By contrast, the 2026 equity pullback measured just 8%, forming the basis of his argument that the present downturn could prove more abbreviated.
Smart money analytics platform Lookonchain identified multiple significant whale movements throughout the week. Among them, a freshly created wallet pulled 35,000 ETH off Binance before moving the assets to custodial service BitGo.
Technical Indicator Turns Positive
Crypto analyst Ali Martinez shared on X that Ethereum’s daily SuperTrend indicator has switched to bullish territory for the first time since the start of 2025. Martinez observed that the previous occurrence of this technical flip was followed by an extended uptrend. He additionally noted 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 Creates Headwinds
Notwithstanding robust demand in spot markets, Ethereum funding rates remained in negative territory for six consecutive days. This condition indicates that derivatives market participants maintain a bearish stance, contributing to price weakness below the $2,400 level.
Over the preceding 24-hour period, ETH experienced $53.4 million in total liquidations. Long position liquidations accounted for the majority at $28.4 million.
Examining the four-hour timeframe, ETH is positioned above its 20-period, 50-period, and 100-period exponential moving averages, which are grouped between $2,268 and $2,323. Immediate resistance is located at $2,388, while support levels are found at $2,267 and $2,263.
The 14-day Relative Strength Index registers 55, suggesting a slight advantage for buyers over sellers. Conversely, both the 9-day Stochastic and 14-day Stochastic RSI oscillators are positioned around 40, indicating diminishing upward momentum.
Over the past 30 days, ETH has climbed from approximately $2,155 to above $2,320, though it has retreated roughly 2% on the weekly timeframe from a peak of $2,450.
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