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▲ Ethereum (ETH) ©CoinReaders
A financial firm, emerging as a major player in the Ethereum ecosystem, has made a grand entry into the New York Stock Exchange, capturing market attention with a large-scale stock buyback and aggressive coin accumulation. However, the short-term price trend remains shrouded in uncertainty due to continuous outflows from the Ethereum spot ETF market and the failure to break through key resistance levels.
According to investment media outlet FXStreet on April 9 (local time), Bitmain Emergent, an Ethereum (ETH) financial strategy firm, began trading by moving its listing from the NYSE American, a previous stock exchange, to the main stage of the New York Stock Exchange, the world's largest capital market. Thomas Lee, Chairman of Bitmain Emergent, expressed strong pride in this listing being a significant milestone that is envied by the capital markets, and in becoming the newest company to trade on the world's largest exchange.
In conjunction with the listing, the company's board of directors unanimously approved a proposal to expand its existing $1 billion stock buyback program to $4 billion. According to Fundstrat data, this is a super-large scale, ranking among the top 10 corporate stock buybacks announced in 2026. The company bought an additional 71,252 Ethereum in the week ending April 5, marking its largest accumulation since December last year, and its current total holdings amount to 4,803,000 ETH.
Despite this aggressive accumulation by the company, the Ethereum spot ETF market, which reflects institutional investors' fund movements, continues to show a clear bearish trend. After a strong performance with a net inflow of $120 million last Monday, US-listed Ethereum spot ETFs have seen net outflows for two consecutive days, with only three days of net inflows since March 18. Concurrently, in the derivatives market over the past 24 hours, forced liquidations totaling $51.5 million, including $27.3 million in long positions, occurred, indicating a strong wait-and-see attitude.
Trading around $2,211 on the daily chart, Ethereum is showing a positive rebound in the short term, maintaining its price above the 20-day exponential moving average (EMA) of $2,117 and the 50-day EMA of $2,153. The Relative Strength Index (RSI) is at 57, leaning towards bullishness, but the Stochastic indicator has surged to 81, also signaling a risk of a short-term consolidation phase due to overheating. While seeking a rebound amidst a broader downward wave, the price remains stuck below the 100-day EMA resistance at $2,389, leading to a frustrating trend.
For a full-fledged rally to unfold, Ethereum must decisively break through the $2,390 resistance level, where the 100-day EMA is located. Surpassing this level could open up a clear path for upward movement to $2,746 and $3,411. Conversely, if it declines due to selling pressure, it will be tested for support at a strong defense line where the 50-day EMA at $2,153, the 20-day EMA at $2,117, and the $2,108 horizontal line are concentrated. If even this robust demand zone collapses, it could form a deep trough down to $1,911, $1,741, and eventually $1,524, awaiting intervention from medium-term buyers.
*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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