Key Takeaways
- Ethereum fell back to approximately $2,130 following a peak at $2,390 earlier this week
- BitMine Immersion acquired 60,999 ETH tokens, pushing total reserves to 4.59 million ETH
- Large holders are exiting long positions and entering short trades while smaller investors buy the dip
- Spot Ethereum ETFs in the US recorded net withdrawals totaling $192.1 million across two trading sessions
- The CME futures gap at $2,117 closed, with significant buying support emerging near $2,100
Ethereum kicked off the week on a positive note, surging to $2,390—a price level not witnessed since the beginning of February. The upward movement was fueled by corporate accumulation, significant whale activity, and heightened interest in derivatives markets.
Early in the week, corporate Ethereum holder BitMine Immersion (BMNR) announced the acquisition of 60,999 ETH coins, expanding their aggregate position to 4.59 million ETH. Concurrently, open interest across ETH derivative instruments reached the highest point observed since September of the previous year.
However, the upward trajectory lost momentum. Escalating geopolitical tensions in the Middle East drove crude oil prices higher and dampened projections for interest rate reductions in 2026, creating headwinds for speculative assets like cryptocurrencies.
ETH encountered resistance around its realized price—the average on-chain acquisition cost—which sits near $2,310. This threshold has historically acted as a profit-taking zone during fragile rallies, as investors close positions at breakeven.
Institutional ETF Withdrawals Intensify Downward Pressure
US-based spot Ethereum exchange-traded funds reversed course after recording six consecutive days of positive inflows. Net outflows reached roughly $192.1 million during a 48-hour window, amplifying the bearish sentiment surrounding the asset.
Liquidations totaling $39 million occurred within a single 24-hour period, with long positions accounting for $21.2 million of that figure, based on Coinglass tracking data.
On-chain researcher Boris identified the formation of a potential liquidity snare. As Ethereum approached the $2,400 threshold, the Whale vs Retail Delta indicator dropped further into negative readings. Major holders were systematically closing bullish bets and establishing bearish positions, while smaller market participants aggressively accumulated—a classic divergence pattern.
Boris observed that although buy-side demand remained robust temporarily, it was ultimately consumed by available sell-side liquidity. The market has now transitioned into a consolidation period. Liquidation heatmaps reveal concentrated long exposure with critical vulnerability points at $1,850 and lower.
CME Futures Gap Closes at $2,117
Technical analyst CW verified that Ethereum has successfully closed its CME futures chart gap positioned at $2,117. Strong buying interest has materialized around the $2,100 price zone, which coincides with the 0.382 Fibonacci retracement level. Should a rebound materialize from this area, the subsequent upside objective sits at $2,686.
Ethereum is presently challenging the $2,110 support region, which overlaps with the 20-day exponential moving average. A decisive breach below this threshold could expose the $1,740 zone, followed by $1,524. For bulls to regain control, ETH requires a daily candle close above $2,390 to signal a sustainable recovery trajectory.
The Relative Strength Index lingers around the 50 midpoint, indicating neutral but weakening momentum.
Cryptocurrency analyst Ted shared his perspective on X: “$ETH rebounded from its $2,100 support area. The recovery appears fragile, as spot market participants remain absent. This suggests Ethereum may fall beneath the $2,100 threshold once more considering elevated macro uncertainty and subdued institutional appetite.”
The latest market data shows ETH maintaining a precarious position just above $2,100 while ETF redemptions persist and macroeconomic pressure stemming from Middle Eastern conflicts remains a concern.
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