TLDR
- Ether surged beyond $2,300, recording gains exceeding 10% within a single day to reach six-week peak levels
- Spot ether exchange-traded funds in the United States recorded their most robust weekly capital inflows since mid-January, attracting more than $160 million
- BitMine expanded its holdings to 4.59 million ETH following the acquisition of 60,999 ETH during the previous week
- Forced closures of short positions totaling $204.2 million contributed to upward price momentum
- Critical resistance levels appear at $2,388, with subsequent upside targets positioned at $2,746 and $3,411 upon breakthrough
Ethereum’s native token pushed above the $2,300 threshold on Monday, delivering gains exceeding 10% across a 24-hour period. The rally marks ETH’s strongest price level in six weeks.
The advance exceeded bitcoin’s performance, which registered approximately 3% growth, and surpassed the broader CoinDesk 20 Index, which climbed roughly 5%.
ETH continues trading more than 50% below its all-time peak. During the recent market downturn’s deepest phase, the token had declined approximately 65% from its record high.
Market conditions began finding stability throughout February and March, while purchasing momentum has intensified among institutional and corporate participants.
Spot ether exchange-traded funds in the United States accumulated more than $160 million during the previous week. This figure represents the strongest weekly capital inflow recorded since mid-January, based on SoSoValue data.
BlackRock introduced a new yield-generating Ethereum staking ETF under the ticker ETHB. The product attracted over $45 million during its initial two trading sessions, supplementing a $104 million seed investment.
BitMine Accelerates Acquisition Strategy
BitMine Immersion Technologies acquired 60,999 ETH during the previous week, representing one of the firm’s most substantial weekly purchases in recent months. The company’s total holdings now stand at 4.59 million ETH, equivalent to approximately 3.81% of the circulating supply.
BitMine aims to control 5% of Ethereum’s total supply through a strategy the company describes as the “alchemy of 5%.” Current holdings represent more than 76% progress toward this objective.
Chairman Tom Lee indicated the company is intensifying acquisitions based on the belief that ETH is approaching the conclusion of what he terms a “mini-crypto winter.”
BitMine completed a 5,000 ETH purchase directly from the Ethereum Foundation. The company emphasized this transaction prevented the Foundation from needing to liquidate tokens through public markets.
Approximately 3 million ETH from BitMine’s portfolio currently generates yield through staking protocols.
Technical Analysis
ETH encountered resistance around $2,389 following a breakout above a significant liquidity threshold on the 4-hour timeframe. The token retreated to approximately $2,313 after testing this resistance zone.
The Relative Strength Index hovers near 73, indicating robust momentum while approaching overbought conditions. The MACD indicator maintains positive territory.
Ethereum experienced $234.4 million in total liquidations throughout the past 24 hours. Short position liquidations accounted for $204.2 million of this figure.
Analysts identify $2,746 and subsequently $3,411 as potential upside targets should ETH successfully clear the $2,388 resistance level. Downside support exists near the 20-day exponential moving average at approximately $2,108.
BitMine equity shares appreciated 13.6% on Monday. Sharplink Gaming, another company maintaining an ETH treasury strategy, recorded 9.1% gains during the same trading session.
