Institutional accumulation of Ethereum ($ETH) The speed has increased recently. AMBCrypto reported that Bitmine Immersion Technologies (BMNR) bought 101,627. $ETH Over the past week. This followed purchases of 71.3k and 71.9k. $ETHeach taking place during the first two weeks of April.
Bitmine chairman Tom Lee said he believes Ethereum is in the final stages of a “mini-crypto winter.” While many market participants believed the bear market would last until the fall of 2026, Bitmine expressed the view that the bear trend would end much sooner.
In parallel with the acquisition of Bitmine, the acquisition of Whale was also carried out. AMBCrypto highlighted one such buy, but noted that retail participants are still leaning toward selling.
Ethereum sentiment remains mixed
In a post about X, Julio Moreno, head of research at CryptoQuant, said that Bitcoin ($BTC) The bull score index was neutral. It was the first time in this bear market that the index entered neutral territory.
Bitcoin sentiment tends to dictate the overall trend of the cryptocurrency market, but the analyst also sounded a warning.
In March 2022, during the last cycle’s bear market, the Bull Score Index was in neutral territory for one week. After that, the downward trend continued.
Smart money may already be anticipating a decline in Ethereum price. Analyst Joan Wesson observed that whales are opening more short positions on exchanges.
A combination of whale short selling and institutional accumulation highlighted the uncertainty in sentiment. It should be noted that Bitmine is a long-term game and even a dramatic price drop will not be enough to force a sell-off.
The Coinbase Premium Index was positive while whales went short. According to analyst Burak Kesmeci, the 14-day SMA was above zero. As long as this situation continues, the uptrend could continue due to increased buying by US-based investors.
Hodler’s net position change indicator showed a sharp rise, indicating increased buying by long-term investors. This indicator has been green since late February, indicating long-term holders’ confidence in major altcoins.
The next short-term price trend will depend on whether Bitcoin can continue its rise above $80,000.
steady buying pressure $ETH In April, a combination of whales and institutional accumulation helped stabilize the bear market panic. The recent rally could extend towards $2.8 million to $29,000, which is the next mountain for the bulls to climb.
Final summary
- Ethereum showed contrasting evidence that whales favor short selling even as long-term holders continue to accumulate.
- Current trends are determined by: $BTCHowever, at present, $ETH A move towards $280,000 remains likely.
