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▲ Ethereum (ETH)/AI Generated Image
Ethereum (ETH) has laid the groundwork for a strong rebound, driven by the unprecedented accumulation of 700,000 ETH by giant whales and the continuous inflow of spot ETF funds for 8 consecutive days.
According to a report by cryptocurrency media outlet FXStreet on April 21 (local time), Ethereum is currently trading around $2,310, drawing significant market attention. With the recent declaration of the reopening of the Strait of Hormuz improving overall market risk sentiment, whales holding more than 10,000 ETH have begun to move. They aggressively accumulated approximately 700,000 ETH between last Thursday and Monday alone. It was also confirmed that BitMine Immersion Technologies (BMNR), a virtual asset financial company, withdrew 101,000 ETH last week.
On-chain data analysis firm Lookonchain indicated active buying by smart money. Notably, a new wallet created early in Tuesday's US trading session was observed withdrawing 35,000 ETH from the Binance exchange and transferring it to BitGo, a digital asset custodian. In contrast, investors holding between 100 ETH and 10,000 ETH maintained a wait-and-see approach, showing no significant change in their holdings last week. Ethereum balances on exchanges plummeted by approximately 458,000 ETH since last Thursday, demonstrating strong buying pressure.
The inflow of funds from institutional investors has also continued for 8 consecutive days. Ethereum spot ETFs recorded a total net inflow of $493.7 million over 8 trading days, supporting market confidence in the altcoin leader. However, downside pressure still exists in the futures market. Over the past six days, funding rates have largely remained in negative territory, pushing the price below $2,400. This contributed to the price being pulled down to around $2,308, which is the on-chain average purchase price for investors.
From a technical analysis perspective, Ethereum maintains a short-term bullish bias. On the 4-hour chart, the price is formed above the 20-day, 50-day, and 100-day exponential moving averages. These indicators are concentrated between $2,268 and $2,323, forming a strong layered support zone. The Relative Strength Index (RSI) remains above the neutral level of 50, and the Stochastic Oscillator has entered the overbought zone. This suggests that the upward momentum might slow down somewhat in the future, increasing the likelihood of buying pressure entering during corrections.
Ethereum's short-term resistance is formed around $2,388, and a breakthrough there would open the path for an ascent to $2,746. Downside support is provided by the 100-day exponential moving average at $2,267 and the previous trendline at $2,263. If $2,263 breaks, the decline could extend to $2,211, $2,107, and $1,909. Of the $53.4 million in liquidations over the past 24 hours, $28.4 million occurred in long positions, indicating increased market volatility.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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