Ethereum (ETH) Price: Spot ETF Inflows, Corporate Buying Push ETH to Highest Level in Six Weeks

TLDR

• ETH climbed above $2,300, gaining over 10% in 24 hours to hit a six-week high
• U.S. spot ether ETFs saw their strongest weekly inflows since mid-January, pulling in over $160 million
• BitMine now holds 4.59 million ETH after buying 60,999 ETH last week
• Short liquidations of $204.2 million helped fuel the price move
• Key resistance sits at $2,388, with next targets at $2,746 and $3,411 if broken

Ethereum’s ether token climbed past $2,300 on Monday, posting a gain of more than 10% over 24 hours. That puts ETH at its highest price in six weeks.

The move outpaced bitcoin, which rose around 3%, and the broader CoinDesk 20 Index, which gained roughly 5%.

ETH is still down more than 50% from its all-time high. At its lowest point during the recent downturn, it had fallen around 65% from its peak.

Prices began stabilizing in February and March, and buying activity has picked up from both institutional and corporate investors.

U.S. spot ether ETFs brought in more than $160 million last week. That was the strongest weekly inflow since mid-January, according to SoSoValue data.

BlackRock launched a new yield-paying Ethereum staking ETF, ticker ETHB. It pulled in over $45 million in its first two trading days, on top of a $104 million seed investment.

BitMine Steps Up Buying

BitMine Immersion Technologies bought 60,999 ETH last week, one of its largest weekly purchases in recent months. The company now holds 4.59 million ETH, equal to about 3.81% of the circulating supply.

BitMine’s goal is to own 5% of Ethereum’s total supply, a strategy it calls the “alchemy of 5%.” It is now more than 76% of the way there.

Chairman Tom Lee said the company is accelerating purchases because it believes ETH is nearing the end of a “mini-crypto winter.”

BitMine also bought 5,000 ETH directly from the Ethereum Foundation. The company said this avoided forcing the Foundation to sell tokens on the open market.

More than 3 million ETH from BitMine’s holdings are currently deployed across staking protocols.

Technical Picture

ETH faced rejection near $2,389 after clearing a key liquidity level on the 4-hour chart. It pulled back to trade around $2,313 following that rejection.

The RSI sits around 73, pointing to strong momentum but approaching overbought territory. The MACD remains in positive territory.

Ethereum saw $234.4 million in liquidations over the past 24 hours. Of that, $204.2 million came from short positions being forced out.

If ETH breaks above $2,388, analysts point to $2,746 and then $3,411 as the next price targets. Support sits near the 20-day EMA at around $2,108.

BitMine shares rose 13.6% on Monday. Sharplink Gaming, another ETH treasury company, gained 9.1% on the same day.

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