Ethereum [ETH] has been trading in an ascending channel since surpassing $2k and has maintained above this level for 12 consecutive days. Currently, the altcoin is priced at $2340, showing a 2.02% decrease on the daily charts.
The market has stabilized above $2k, leading to increased capital deployment by institutional investors into Ethereum. Particularly, U.S. investors are driving institutional demand, as indicated by the elevated Coinbase Premium Index for the past two weeks.
This marks the longest run in 2026, matching the sustained demand levels recorded between October and November 2025.
Bitmine acquires 100k ETH for $233 million as institutional interest grows
Amidst increasing institutional interest in Ethereum, Bitmine stands out by adding 100,000 ETH valued at $233.7 million. According to Lookonchain, Bitmine made this purchase using three wallets that received the tokens from BitGo. This acquisition boosts Bitmine’s total ETH holdings to 4.9 million ETH, worth $11.5 billion, following the accumulation of over 315k ETH in the last month.
Despite facing a 36% unrealized loss, Bitmine continues to accumulate ETH, demonstrating confidence in the asset’s long-term potential.
Bitmine’s consistent accumulation strategy reflects a strong belief in Ethereum’s future potential and indicates a focus on long-term gains rather than short-term fluctuations.
In addition to Bitmine’s activities, Ethereum Spot ETFs have shown bullish trends for nearly two weeks. These ETFs have seen net inflows since April 9, indicating sustained demand for Ethereum.
As of now, Spot inflows are around $43 million, although total net assets have slightly decreased from $14.2 billion to $13.6 billion.
Historically, sustained institutional demand has had a positive impact on Ethereum’s price performance. For example, in mid-2025, ETH saw a significant rally from $2.5k to $3.7k due to sustained institutional interest.
Can Institutional Demand Drive Ethereum’s Price Higher?
Despite a slight pullback from $2.4k, Ethereum remains fundamentally bullish, largely supported by institutional demand.
Looking at the altcoin’s Momentum Bias Index, the momentum indicator shows signs of flattening, but bulls are still active in the market. While the upside momentum has weakened slightly, bears have not taken control yet.
The Relative Strength Index (RSI) reinforces these market conditions, with RSI dropping to 54 while the signal line remains at 59.
These indicators suggest that while selling pressure has increased, buyers are still active and accumulating, indicating a potential battle for market control in the near future.
If institutional demand remains strong, Ethereum could see a recovery from the recent dip, surpass $2.4k, and aim for a target price of $2570. However, if the current weakness persists, the altcoin might drop to $2250.
Key Takeaways
- Bitmine acquired 100,000 ETH valued at $233 million, despite facing a 36% unrealized loss.
- Ethereum maintains a bullish outlook, with institutional demand potentially driving prices towards $2.5k.
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