Ethereum eyes $2.8K after 101K ETH whale buy

Ethereum is showing signs of life after a massive whale purchase, but not everyone is convinced the rally will last. Institutional accumulation has accelerated recently, with Bitmine Immersion Technologies buying 101,627 ETH over the past week. That followed purchases of 71.3k and 71.9k ETH in the first two weeks of April.

Bitmine’s chairman, Tom Lee, said they believe Ethereum is in the final stages of what he called a “mini-crypto winter.” Many market participants expect the bear market to drag on until fall 2026, but Bitmine thinks the downturn will end sooner. Alongside these institutional buys, whale purchases have also been spotted. Still, retail participants seem to be leaning toward selling.

Mixed sentiment across the board

Ethereum’s sentiment remains divided. In a post on X, Julio Moreno, Head of Research at CryptoQuant, noted that the Bitcoin Bull Score Index is now neutral. This is the first time during this bear market that the index has entered neutral territory. Bitcoin’s mood often dictates broader crypto trends, but Moreno also sounded a warning. Back in March 2022, during the previous cycle’s bear run, the bull score index stayed neutral for a week. That was followed by a continuation of the downtrend.

Smart money might already be bracing for a price drop. Analyst Joao Wedson observed that whales are opening more short positions on exchanges. This combination of whale short selling and institutional accumulation highlights just how uncertain the market really is. It’s worth noting that Bitmine is in it for the long haul, so even a dramatic price drop may not force them to sell.

Some bright spots for bulls

Despite the short-selling activity, there are encouraging signs. The Coinbase Premium Index has turned positive, according to analyst Burak Kesmeci. Its 14-day simple moving average rose above zero. As long as that holds, the uptrend could continue thanks to increased buying from U.S.-based investors. Meanwhile, the Hodler Net Position Change metric saw a surge, indicating more buying from long-term holders. That metric has been in the green since late February, reflecting confidence among long-term investors in Ethereum.

What happens next depends on Bitcoin

The next short-term price trend for Ethereum largely depends on Bitcoin and whether it can keep pushing toward or past $80,000. The steady buying pressure on ETH in April, combined with whale and institutional accumulation, has helped calm some of the bear market panic. It’s possible that the recent rally could extend toward the $2,800 to $2,900 range, which would be the next major hurdle for bulls to clear.

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