Driven by sustained net inflows into Ethereum ETFs, with enhanced market liquidity and institutional allocation demand, the current $2,385 level has turned into a key support. The daily chart targets $2,900, while there is heavy short stop-loss concentration in the $2,425–$2,430 area for the short term. Whale funds are gradually taking profits; meanwhile, on-chain and futures indicators are turning cautious, raising the risk of accelerated downside if $2,199 is breached. Overall, tokenization of assets and the synergy with AI applications provide robust long-term fundamentals. It is recommended to accumulate in batches on pullbacks; in the short-term, closely monitor key ranges and strictly control risk.

Ethereum spot ETFs have registered seven consecutive days of net inflows, with a single-day net inflow of about $127 million and a total assets under management reaching $14.263 billion. The ETF net asset ratio rose to 4.87%. Among major ETF products, Fidelity’s FETH and BlackRock’s ETHA contributed $84.13 million and $30.8 million in daily increases, respectively. This stable and sizable institutional allocation demand has effectively enhanced market liquidity and provided medium-term support for spot prices.

Ethereum spot ETFs experienced a total net inflow of $127 million on April 17, marking seven consecutive days of net inflows. Fidelity’s ETF FETH led with an $84.13 million inflow, bringing its cumulative net inflow to $2.356 billion. BlackRock’s ETF ETHA followed with a $30.8 million inflow and a cumulative net inflow of $11.83 billion. The total net asset value of Ethereum spot ETFs is $14.263 billion, with an ETF net asset ratio of 4.87%.

Yesterday, Ethereum spot ETFs saw a total net inflow of $127.00 million, marking 7 consecutive days of net inflows.

The daily chart shows that Ethereum has successfully broken above the ascending triangle’s upper boundary and now holds above the $2,385 level, which has evolved into a significant support. The target is at the $2,900 level, but in the short term, there is heavy short stop-loss concentration in the $2,425–$2,430 range. If price falls below $2,199, it could trigger long liquidations totaling about $794 million and result in a sharp downside acceleration. Conversely, if price reclaims $2,426, it could trigger around $742 million in short liquidations, creating a potential for a phase of rapid upside acceleration.

Analyst Alicharts noted that Ethereum (ETH) has broken through the upper boundary of an ascending triangle and the key resistance level at $2385, which is now expected to act as support. With the supply above cleared, the technical target for ETH is set at $2900.

Opinion: Ethereum's technology form has made a breakthrough, with a target price of $2900.

According to ChainCatcher citing Coinglass data, if ETH falls below $2,199, the total long position liquidation on major centralized exchanges (CEX) will reach $794 million. Conversely, if ETH rises above $2,426, the total short position liquidation on major CEXs will reach $742 million.

Data: If ETH falls below $2,199, the total liquidation intensity of long positions on major CEXs will reach $794 million.

According to ChainCatcher citing Coinglass data, if ETH surpasses $2,425, the total short position liquidations on major centralized exchanges (CEX) will reach $808 million. Conversely, if ETH falls below $2,210, the total long position liquidations on major CEXs will amount to $332 million.

Data: If ETH breaks $2,425, the total short liquidation intensity on major CEXs will reach $808 million.

In February this year, a whale started accumulating about 12,802 ETH at an average price of $2,187. Recently, as the price rebounded to around $2,271, this holder sold 12,402 ETH and repaid nearly $28 million in loans on Aave, making a profit of about 400 ETH (nearly $950,000). This move reflects profit-taking after encountering key resistance. At the same time, the on-chain volume delta indicator has turned negative and futures funding rates for long positions continue to decline, signaling rising short-term sell pressure and a shift to cautious market sentiment.

A large whale leveraged borrowed funds to buy 12,802 ETH at an average price of $2,187 each in February. Recently, after ETH's price rose, the whale sold 12,402 ETH at an average price of $2,271, repaid the loan of 28 million USDT from Aave, and made a profit of 400 ETH, equivalent to $950,000.

A whale made a profit of 400 ETH by going long on ETH with leverage.

Industry experts point out that Ethereum has rebounded by over 41% since the start of the year, significantly outperforming the S&P 500. Benefiting from the wave of asset tokenization on Wall Street and the increasing demand from AI systems for public, neutral blockchains, ETH is evolving into a ‘war-time store of value’ asset. This logic reinforces its long-term allocation appeal. Even if the market is volatile in the short term, the fundamentals remain strong with ongoing upward potential.

Tom Lee, chairman of Bitmine, stated that the "mini crypto winter" is nearing its end, with Ethereum (ETH) rebounding 41% since early February amid reduced risks from the US-Iran conflict. ETH has outperformed the S&P 500 by 2,280 basis points and remains one of the best-performing assets globally. Ethereum benefits from two key narratives: asset tokenization on Wall Street and the growing need for public, neutral blockchains in AI systems, positioning ETH as a prime "wartime store of value." Despite some expecting the crypto winter to last until late 2026, Lee believes it is ending soon, noting historical correlations between crypto winters and stock market corrections.

Tom Lee: The crypto bear market is nearing its end, and Ethereum continues to benefit from two major positive narratives.

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