Gate News reports that due to continuous accumulation by whales, Ethereum has formed a solid support around $2,100. Currently, the chart shows a bullish continuation pattern, indicating potential upside in the coming trading days. On Sunday, influenced by macroeconomic uncertainties, ETH experienced a brief pullback but quickly rebounded after holding the key support level at $2,100 to $2,170, gaining over 3%. The US and Iran are attempting to reach a temporary ceasefire agreement, causing crude oil prices to fall below $90, which improves market risk sentiment and provides momentum for bulls.
Santiment data shows that in the past 48 hours, whale wallets holding between 100 and 100,000 ETH have collectively increased their holdings by over 750,000 ETH, further fueling retail FOMO. Meanwhile, ETH treasury company Bitmine is also actively accumulating, planning to hold at least 5% of the ETH supply. Exchange reserves have dropped to about 15 million, a historic low, reflecting tight market supply. Investors are shifting to cold storage or staking to earn yields, which is seen as a strong bullish signal.
The Ethereum Foundation is pushing for network upgrades to transition to quantum-safe cryptography to ensure long-term security. This move helps boost investor confidence in the ecosystem. Technical analysis shows that on the daily chart, ETH has formed a large cup-and-handle pattern with a neckline at $2,384. Once bulls break through this level, ETH could surge toward $2,400 and aim for the psychological $3,000 mark. The super trend indicator has turned green, and RSI has rebounded from neutral territory, indicating strong bullish momentum. There is still room for price to rise before reaching overbought levels.
Overall, whale accumulation, tight exchange supply, and bullish technical patterns collectively support the possibility of Ethereum breaking above $2,400 in the coming days.
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ETH drops 0.56% in 15 minutes: Institutions’ ETF in-and-out flows and tightened on-chain liquidity dominate the market
From 17:45 to 18:00 (UTC) on 2026-04-19, the ETH price recorded a return of -0.56% within 15 minutes, closing in the 2294.03 - 2311.0 USDT range, with an amplitude of 0.73%. Heightened market volatility triggered increased short-term trading activity and boosted attention, while overall liquidity performance tightened.
The main driving force behind this unusual move is institutions’ short-term in-and-out flows of ETF funds and a lull in on-chain stablecoin activity. In early April, after the ETH spot ETF recorded a net inflow of $120.24 million over a short period, it quickly reversed to a net outflow of $64.61 million, indicating that institutional capital became more short-term and there was no signal of sustained accumulation. Meanwhile, on-chain USDT and USDC activity fell in tandem to an annual low; ETH’s short-term buying power was clearly insufficient, putting pressure on liquidity.
In addition, high-win-rate whales have been frequently shorting ETH and BTC since April 14, with related position sizes exceeding $25 million, further intensifying downward pressure in the short term. On the macro front, the Federal Reserve maintains high interest rates, the U.S. dollar remains strong, risk appetite has shifted to cautious, and some funds have flowed into traditional assets such as U.S. stocks. On-chain data shows that exchange reserves for ETH have fallen to the lowest level in nearly a decade, suggesting that long-term holders are actively shifting away from self-custody, further reducing market liquidity supply and amplifying price anomalies. Network conditions are stable; gas fees are operating at low levels, and on-chain transactions have not shown extreme spikes.
The risk of near-term fluctuations remains high. ETF fund flows, large on-chain transfers, stablecoin activity, and changes in whale positions will be key indicators to watch. If institutions step up selling or stablecoin outflows expand further, ETH price volatility may intensify. Please continue to monitor macro developments and on-chain liquidity changes, stay alert to the risk of sharp short-term volatility, and get more real-time updates.
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