Ethereum has been navigating an ascending channel since it successfully reclaimed the $2k mark, maintaining its position above this threshold for an impressive 12 consecutive days. At the time of this report, the altcoin was priced at $2340, reflecting a decline of 2.02% on the daily charts. As the market finds stability above $2k, institutional investors are ramping up their capital deployment into the altcoin sector. Institutional demand is notably fueled by U.S. investors, with the Coinbase Premium Index sustaining an elevated level for two consecutive weeks. As institutions ramp up their accumulation of ETH, Bitmine is at the forefront of this competitive landscape. It is reported that Bitmine has acquired an additional 100,000 ETH, totaling a value of $233.7 million.
The acquisition involved three wallets that obtained the tokens from BitGo. Following the acquisition, Bitmine’s total ETH reserves climbed to 4.9 million ETH, valued at $11.5 billion, after amassing more than 315k ETH in the past month. In the face of ongoing accumulation amid recent market weakness, Bitmine holdings have experienced a significant decline of 36%, resulting in an unrealized loss totaling $6.3 billion. Bitmine’s ongoing accumulation showcases the firm’s confidence, indicating a reduced concern over short-term losses. In addition to Bitmine, Ethereum Spot ETFs have exhibited a bullish trend for almost two weeks now. Since April 9th, ETH spot ETFs have seen net inflows, indicating a continued appetite for the asset.
At this time, Spot inflow was reported to be approximately $43 million. However, total net assets have decreased from $14.2 billion to $13.6 billion. Historically, sustained institutional demand has bolstered ETH price action. In mid 2025, ETH experienced a significant rally, climbing from $2.5k to $3.7k, driven by sustained institutional demand. Despite ETH’s pullback from $2.4k, the altcoin continues to exhibit a structurally bullish stance, primarily driven by institutional demand. Analyzing the altcoin’s Momentum Bias Index reveals that while the momentum indicator is showing signs of flattening, bullish activity continues to persist in the market. The bullish momentum has shown signs of diminishing, yet the bears have not reclaimed control of the market just yet.
The Relative Strength Index provided additional confirmation of these market conditions. RSI has dipped to 54, with the signal line holding steady at 59. At this level, it indicates that although sellers have made a robust comeback, buyers are still in the game and persist in their accumulation efforts. Thus, the forthcoming market trajectory hinges on which side gains the upper hand. If institutional demand persists, ETH is poised to rebound from its recent dip, surpass $2.4k, and aim for a rise towards $2570. However, if the current weakness persists, the altcoin may drop to $2250.