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▲ Ethereum (ETH) ©Godasol
Despite short-term corrections, Ethereum has entered a critical turning point in 2026, with institutional buying and on-chain indicators strengthening in the opposite direction.
According to the investment 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 caught between $2,400 resistance and $2,200 support, but on a monthly basis, it has risen by 12.43%, and on an annual basis, by 29.21%, maintaining a mid-term recovery trend.
The most notable change in supply and demand is BitMine's large-scale accumulation. BitMine recently bought an additional 101,901 ETH over the past week, increasing its total holdings to 5,078,386 ETH. This is currently worth approximately $11.75 billion. Of this, 10,000 ETH was 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. BlackRock iShares Ethereum Trust (ETHA) led the inflow with $138 million, and the total net assets of all Ethereum spot ETFs were recorded 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 for 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 challenging. Delays in US-Iran peace talks, Brent crude oil rising to $108, and this week's scheduled meetings of the US Federal Reserve (Fed) and the European Central Bank (ECB) are increasing volatility across risk assets. Technically, a break above $2,400 needs to be confirmed for a recovery scenario above $2,500 to open, and if $2,200 breaks, the risk of a correction to $2,150 to $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 base 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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