Ethereum Whales Enter New York Stock Exchange with $4 Billion Stock Buyback and 70,000 ETH Storm Buy!

▲ Ethereum (ETH) ©CoinReaders

A financial firm that has emerged as a major player in the Ethereum ecosystem has made a grand entry into the New York Stock Exchange, capturing market attention with large-scale share buybacks and aggressive coin accumulation. However, the short-term price trend remains uncertain due to continuous outflows from the Ethereum spot ETF market and a failure to break through key resistance levels.

According to investment media FXStreet on April 9 (local time), Bitmine Emergen, an Ethereum (ETH) financial strategy company, moved its listing from the existing New York Stock Exchange American to the main stage of the New York Stock Exchange, the world's largest capital market, and began trading. Thomas Lee, Chairman of Bitmine Emergen, expressed strong pride in becoming the newest company to trade on the world's largest exchange, calling the listing a significant milestone that is the envy of the capital market.

In conjunction with the listing, the company's board of directors unanimously approved a proposal to expand its existing $1 billion share buyback program to $4 billion. According to Fundstrat data, this is a super-large scale, ranking among the top 10 corporate share buybacks announced in 2026. The company additionally purchased 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 million ETH.

Despite such aggressive accumulation at the corporate level, the Ethereum spot ETF market, which reflects institutional investors' fund flows, has shown clear weakness. After a strong performance with a net inflow of $120 million last Monday, Ethereum spot ETFs listed in the US turned to 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 occurred, including $27.3 million in long positions, 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 warning of the risk of a short-term overheating and a potential consolidation phase. While attempting a rebound amidst a larger downtrend, it seems to be stuck at the resistance of the 100-day EMA at $2,389, leading to a frustrating price action.

For a full-fledged rally, Ethereum must decisively break through the $2,390 resistance level, where the 100-day EMA is located. Surpassing this level could open a clear upward path to $2,746 and $3,411. Conversely, if it falls due to selling pressure, it will test support at a strong defense zone where the 50-day EMA of $2,153, the 20-day EMA of $2,117, and the horizontal line of $2,108 are concentrated. If even this robust demand zone collapses, it could form a deep valley through $1,911, $1,741, and down to $1,524, potentially requiring a wait for mid-term buyers to intervene.

*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.*