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▲ Ethereum (ETH) ©Da-sol Ko
Despite short-term corrections, Ethereum's institutional buying and on-chain indicators have strengthened in the opposite direction, entering a critical turning point in 2026.
According to investment specialized media TradingNews on April 27 (local time), Ethereum (ETH) traded around $2,315.35, showing weakness compared to the previous day. In the short term, it is trapped between $2,400 resistance and $2,200 support, but on a monthly basis, it has risen 12.43%, and on an annual basis, it has risen 29.21%, maintaining a mid-term recovery trend.
The most notable change in supply and demand is BitMine's large-scale accumulation. BitMine additionally purchased 101,901 ETH over the past week, increasing its total holdings to 5,078,386 ETH. This is worth approximately $11.75 billion at current value. Among these, 10,000 ETH were purchased from the Ethereum Foundation through an over-the-counter (OTC) transaction at an average price of $2,387.
Funds also flowed into Ethereum spot ETFs. Last week, Ethereum spot ETFs saw a net inflow of $155 million, continuing a positive trend for three consecutive weeks. Among these, BlackRock iShares Ethereum Trust (ETHA) led the inflow with $138 million, and the total net assets of Ethereum spot ETFs were tallied at approximately $13.79 billion.
On-chain indicators are also moving ahead of the price. The taker buy/sell ratio, which shows the strength of buy and sell executions, reached its highest level since January 2023, and the 180-day moving average of new smart contract deployments also hit an all-time high. This suggests that network usage and institutional demand are simultaneously strengthening even while the price remains in a range-bound period.
However, short-term variables remain formidable. Delays in US-Iran peace negotiations, Brent crude rising to $108, and the scheduled meetings of the US Federal Reserve (Fed) and the European Central Bank (ECB) this week are increasing volatility across risk assets. Technically, a confirmed break above $2,400 is needed to open up a recovery scenario above $2,500, and if $2,200 breaks, the risk of a correction to $2,150 or even $2,000 increases.
TradingNews presented a 12-month target range for Ethereum of $3,500 to $4,500 from a medium-term perspective. The analysis suggests that despite short-term price sluggishness, a structural buying foundation is being maintained, driven by BitMine's large holdings, ETF fund inflows, and locked staking supply.
*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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