Key Highlights
- A major Ethereum whale initiated a leveraged long position worth $90.8M using 20x leverage on ETH
- Another significant investor deployed $61M in a long position at the $2,303 price point via HyperLiquid
- Spot Ethereum ETFs experienced consecutive net inflows for seven trading days, accumulating $426M
- BitMine acquired 101,627 ETH during the previous week, increasing total reserves to 4.97 million ETH
- Technical analysis reveals an ascending triangle formation with potential upside targets near $3,230
Ethereum currently hovers near $2,310 following a retreat from the $2,400 threshold reached during the weekend session. The asset has gained more than 7% throughout the last 30 days and demonstrates approximately 41% appreciation from the February bottom of $1,750.
Market observers have taken note of two substantial ETH holdings recently established. A single whale initiated a $90.8 million leveraged long using 20x margin. Market analyst TAnotepad highlighted an additional whale, identified as wallet 0x6C851, who established a $61 million ETH long position with 20x leverage entering around $2,303 on the HyperLiquid platform.
The Crypto Fear and Greed Index has shifted from 5 — representing Extreme Fear — sixty days ago to 54 currently. This reading indicates sentiment has returned to neutral ground.
Market analyst AlphaBTC shared on X that incoming macroeconomic data during the current week will carry significant weight. His analysis stated: “Robust retail sales figures might drive yields upward and postpone Federal Reserve rate reductions, whereas disappointing data would strengthen risk-on positioning.” He further emphasized that Federal Reserve communications, PMI statistics, and geopolitical uncertainties continue to be critical variables.
Ethereum ETF Demand Reaches New Heights
Spot Ethereum exchange-traded funds have registered consecutive net positive flows across seven trading sessions, accumulating $426 million throughout this period. The weekly influx reached $275.83 million, representing the strongest performance since January, based on SoSoValue tracking.
Worldwide cryptocurrency ETP flows totaled $1.4 billion during the previous week, marking the highest level since January, according to CoinShares data. Research Director James Butterfill attributed the momentum to enhanced risk appetite connected to US-Iran diplomatic negotiations and Bitcoin’s advance beyond $76,000.
BitMine Expands Treasury to 4.97 Million ETH
Corporate treasury operator BitMine Immersion Technologies purchased 101,627 ETH throughout the past week, representing its most significant weekly acquisition since mid-December. This brings cumulative reserves to 4.97 million ETH, valued at approximately $11.44 billion.
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BitMine’s Chairman Thomas Lee expressed that the cryptocurrency bear market is approaching conclusion. He highlighted that ETH has exceeded S&P 500 performance by 2,280 basis points since conflict initiation. Lee observed that historical crypto downturns aligned with equity market corrections exceeding 20%, whereas the present equity decline measures merely 8%.
BitMine has also disclosed staking operations involving 3.33 million ETH, producing $221 million in projected annual staking returns.
Ethereum’s daily price chart displays an ascending triangle technical formation. A successful breach above $2,400 would establish a target near $3,230, representing potential appreciation exceeding 41% from present valuations. The Relative Strength Index registers near 55, while the Stochastic Oscillator reads approximately 61.
Critical support levels are positioned at the 20-day exponential moving average around $2,252 and the 50-day exponential moving average at $2,211. Ethereum futures markets recorded $144.4 million in liquidations during the preceding 24-hour period, with $101.1 million originating from long contract positions.
Traders are monitoring the $2,300 zone as crucial near-term support, while $2,400 represents the resistance threshold requiring penetration.
