Since late March, the ETHUSD pair has been trending steadily higher, climbing almost 20% over the past three weeks—from $1,940 to current levels around $2,350. But what's behind this impressive rally? In short, institutional money is speaking, and the message is bullish. The first major driver is the relentless demand for spot Ethereum exchange-traded funds. Just recently, net capital inflows surpassed $275 million, marking one of the strongest weekly performances for ETH ETFs in 2026.
Then there is BitMine, making headlines for all the right reasons. The company went on a buying binge last week, accumulating 101,627 tokens worth more than $230 million—its largest 7-day haul since December. Such an aggressive shopping spree has pushed BitMine's total holdings close to 5 million ETH, representing over 4% of the whole supply. When a major public player loads up like this, it doesn't just soak up available coins—it sends a powerful vote of confidence that resonates across the market in the long term.
From a technical perspective, the chart is painting a promising picture: an ascending triangle is forming, with a sturdy resistance zone at $2,380–$2,460 and a rising support line lurking underneath. History suggests this pattern often ends with a burst of bullish pressure and a clean breakout to the upside. If momentum builds as expected, the next logical stop for the pair could be $2,550.
The ultimate recommendation is to buy ETHUSD at the current price, targeting $2,550 within one to two weeks. Keep things under control with a Stop Loss order set 2% below the entry point. Therefore, if the pair heads the wrong way, the position will be protected.
This content is for informational purposes only and is not intended to be investing advice.
