Key Highlights
- Major Ethereum holders acquired approximately 700K ETH during a four-day period from Thursday through Monday
- Spot ETH exchange-traded funds registered a streak of eight consecutive days with positive net inflows reaching $493.7 million
- Bitmine acquired 101,627 ETH in their biggest weekly purchase of 2026
- The SuperTrend technical indicator switched to bullish territory for the first time since the beginning of 2025
- Negative funding rates persisted for six consecutive days, maintaining downward pressure and keeping ETH below the $2,400 level
Ethereum is currently changing hands near $2,300 following a week marked by significant whale accumulation and robust inflows into exchange-traded funds, though derivatives market dynamics continue to constrain upward price movement.
Addresses containing over 10,000 ETH amassed close to 700,000 ETH during the period spanning Thursday to Monday, based on information from CryptoQuant. Exchange reserves for Ethereum have declined by approximately 458,000 ETH since last Thursday, indicating heightened accumulation activity.
Institutional demand remains strong. United States-based spot Ethereum ETFs have documented eight consecutive trading days with positive net flows amounting to $493.7 million, per data compiled by SoSoValue.
Bitmine Immersion Technologies executed their most substantial weekly ETH acquisition of 2026, purchasing 101,627 ETH. This transaction elevates their cumulative holdings to 4.976 million ETH. Bitmine’s Chairman Tom Lee suggested that the cryptocurrency bear market may conclude sooner than market consensus anticipates, referencing historical cyclical patterns dating back to 2015.
Lee highlighted that each cryptocurrency bear market since 2015 has aligned with equity market corrections of no less than 20%. The 2026 equity market pullback measured just 8%, which Lee utilized to support his thesis that the present downturn could prove briefer than previous cycles.
On-chain analytics platform Lookonchain identified multiple significant whale movements throughout the week. A freshly established wallet removed 35,000 ETH from Binance and subsequently transferred the assets to custodian BitGo.
Technical Indicator Signals Shift to Bullish
Cryptocurrency analyst Ali Martinez shared on X that Ethereum’s daily SuperTrend indicator has transitioned to bullish for the first instance since early 2025. Martinez observed that the previous occurrence of this technical flip preceded a sustained upward rally. He additionally noted that Bitcoin has yet to overcome its corresponding SuperTrend resistance threshold.
Derivatives Market Applies Downward Pressure
Notwithstanding robust spot market demand, Ethereum funding rates maintained negative territory throughout six consecutive days. This metric indicates that derivatives traders maintain a bearish positioning, exerting downward pressure that has pushed price action back beneath $2,400.
ETH experienced $53.4 million in total liquidations during the preceding 24-hour period. Liquidations of long positions accounted for $28.4 million of this figure.
Examining the four-hour timeframe, ETH trades above its 20-period, 50-period, and 100-period exponential moving averages, which cluster between $2,268 and $2,323. Immediate resistance is positioned at $2,388, while support levels exist at $2,267 and $2,263.
The 14-day Relative Strength Index currently reads 55, reflecting a slight buyer advantage. Conversely, both the 9-day Stochastic and 14-day Stochastic RSI hover near 40, suggesting diminishing upward momentum.
ETH has appreciated from approximately $2,155 to surpass $2,320 throughout the past 30-day period but registers roughly 2% decline on the weekly timeframe from a peak of $2,450.
