TLDR
- ETH ETFs recorded three consecutive days of net inflows totaling $260 million
- Institutional firm BitMine likely added another 40,000 ETH on Wednesday
- Native crypto investor interest in the US remains weak per the Coinbase Premium Index
- A whale moved 166,023 ETH to Binance, adding selling pressure
- ETH faces resistance at the 20-week EMA around $2,438
Ethereum is trading around $2,350 after failing to hold gains above $2,420. The price dipped below a bullish trend line at $2,365 on the hourly chart and is now trading below the 100-hour Simple Moving Average.
US spot Ethereum ETFs posted $97.5 million in net inflows on Tuesday. That brings the three-day total to roughly $260 million, reversing outflows seen in the first part of last week.
April was also strong for ETH ETFs, with 10 consecutive days of inflows ending the month at $355 million total net inflows.
Analyst Ted (@TedPillows) noted that ETH is trying to break above the $2,400 level, adding that a breakout could push Ethereum toward $2,500–$2,600. So far, that move has not materialized.
$ETH is trying to break above the $2,400 level.
A breakout above this could push Ethereum towards $2,500-$2,600. pic.twitter.com/DrqXLnpLCZ
— Ted (@TedPillows) May 6, 2026
Ethereum treasury firm BitMine Immersion Technologies (BMNR) reportedly added another 40,000 ETH on Wednesday, according to Lookonchain. The firm held 5.18 million ETH as of Monday after buying 101,745 ETH the previous week.
Whale Activity Adds Pressure
Despite institutional buying, a whale identified as Garrett Jin moved 166,023 ETH to Binance in recent hours. Jin was previously linked to $1.1 billion short positions on Bitcoin and Ethereum and a $378 million loss in January.
Note that Garrett Jin(#BitcoinOG1011short) just deposited 166,023 $ETH($396M) into #Binance.https://t.co/LyveMqUKoj pic.twitter.com/Wq3R0pDWO2
— Lookonchain (@lookonchain) May 6, 2026
Retailers have also distributed around 1.5 million ETH over the past two weeks, adding to overall sell-side pressure.
The Coinbase Premium Index, which compares ETH prices on Coinbase versus Binance, has stayed negative for a week. This points to weak demand from US-based native crypto investors.
Key Price Levels to Watch
On the weekly chart, Ethereum sits below its 20-week EMA at $2,438 and 50-week EMA at $2,747. The 14-week RSI is around 44, and the Stochastic Oscillator is near 82, in overbought territory.
Immediate resistance sits at $2,380, then $2,420. A break above $2,450 could open a move toward $2,500–$2,550.
On the downside, support sits at $2,320, then $2,300. A break below $2,300 could bring $2,265 or even $2,200 into play.
ETH saw $52.5 million in long liquidations in the past 24 hours, with total liquidations at $50.7 million.
The price is currently below $2,360, with bulls needing to reclaim $2,365 to stabilize short-term momentum.
