Key Takeaways
- Spot Ethereum ETFs registered $260 million in cumulative net inflows across three trading sessions
- BitMine Immersion Technologies appears to have acquired an additional 40,000 ETH mid-week
- The Coinbase Premium Index signals subdued US retail investor appetite for ETH
- A major holder transferred 166,023 ETH to Binance, creating additional downward pressure
- Price action confronts resistance near the 20-week EMA at approximately $2,438
Ethereum hovers near $2,350 following its inability to sustain momentum above the $2,420 threshold. The asset slipped beneath a rising support line at $2,365 on shorter timeframes and currently trades under its 100-hour Simple Moving Average.
US-listed spot Ethereum exchange-traded funds registered $97.5 million in net positive flows on Tuesday. This extends a three-day streak that accumulated approximately $260 million, offsetting redemptions observed during the week’s opening sessions.
The month of April delivered consistent strength for ETH-focused investment vehicles, with a 10-day consecutive inflow pattern culminating in $355 million in total net capital additions.
Market observer Ted (@TedPillows) highlighted that ETH appears poised to challenge the $2,400 resistance zone, suggesting a successful breach could propel prices toward the $2,500–$2,600 range. As of now, this anticipated rally remains unrealized.
$ETH is trying to break above the $2,400 level.
A breakout above this could push Ethereum towards $2,500-$2,600. pic.twitter.com/DrqXLnpLCZ
— Ted (@TedPillows) May 6, 2026
Corporate Ethereum accumulator BitMine Immersion Technologies (BMNR) is believed to have expanded its holdings by another 40,000 ETH on Wednesday, based on blockchain intelligence from Lookonchain. The company’s treasury held 5.18 million ETH as of earlier this week following a 101,745 ETH purchase the prior week.
Large Holder Distribution Creates Headwinds
While institutional accumulation continues, a significant wallet associated with Garrett Jin deposited 166,023 ETH to Binance exchange within the last day. This entity has historical connections to $1.1 billion in Bitcoin and Ethereum short positions and sustained a $378 million loss earlier this year.
Note that Garrett Jin(#BitcoinOG1011short) just deposited 166,023 $ETH($396M) into #Binance.https://t.co/LyveMqUKoj pic.twitter.com/Wq3R0pDWO2
— Lookonchain (@lookonchain) May 6, 2026
Smaller holders have collectively offloaded approximately 1.5 million ETH during the past fortnight, amplifying selling pressure across the market.
The Coinbase Premium Index—which tracks price differentials between Coinbase and Binance—has remained in negative territory for seven consecutive days. This metric indicates lackluster participation from US-based cryptocurrency natives.
Critical Support and Resistance Zones
Examining the weekly timeframe, Ethereum remains positioned below both its 20-week EMA at $2,438 and 50-week EMA at $2,747. The 14-week Relative Strength Index registers around 44, while the Stochastic Oscillator approaches 82, entering overbought conditions.
The nearest overhead barrier appears at $2,380, followed by $2,420. Successfully clearing $2,450 would likely trigger a rally toward $2,500–$2,550.
Conversely, initial support establishes at $2,320, with secondary backing at $2,300. Failure to hold $2,300 could expose lower levels at $2,265 or potentially $2,200.
Long position liquidations reached $52.5 million over the trailing 24-hour period, contributing to total liquidations of $50.7 million across all positions.
The current price action below $2,360 requires bulls to recapture the $2,365 level to rebuild constructive near-term momentum.
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