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▲ Ethereum (ETH) / AI-generated image
Ethereum (ETH) has laid the groundwork for a strong rebound, driven by massive accumulation of 700,000 ETH by large whales and an 8-day consecutive inflow of spot ETF funds.
According to a report by cryptocurrency media outlet FXStreet on April 21 (local time), Ethereum is currently trading around $2,310, attracting 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 the U.S. trading session on Tuesday withdrew 35,000 ETH from the Binance exchange and transferred it to BitGo, a digital asset custodian. In contrast, investors holding between 100 ETH and 10,000 ETH maintained a wait-and-see attitude last week, showing no significant changes in their holdings. Ethereum balances on exchanges plummeted by approximately 458,000 ETH since last Thursday, demonstrating strong buying pressure.
Institutional investor fund inflows have also continued for the eighth consecutive day. Ethereum spot ETFs recorded a total net inflow of $493.7 million over 8 trading days, supporting market confidence in the leading altcoin. However, downward pressure still exists in the futures market. Funding rates have generally remained in negative territory for the past six days, 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 clustered 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 future pace of ascent may slow down somewhat, increasing the likelihood of buying pressure coming in during corrections.
Ethereum's short-term resistance is formed around $2,388, and a breakthrough of this level would open the path for a rise to $2,746. Downward 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 that occurred over the past 24 hours, $28.4 million came from 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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