The flow of institutional capital into Ethereum (ETH) has not slowed down. A recent report explored how the world’s largest Ethereum holding company, Bitmine Immersion Technologies, which holds over 5 million ETH, has a cleaner balance sheet for not taking on debt to acquire ETH more aggressively.
Bitmine holdings have an average base cost of $2,336 per Ethereum. Oddly enough, this was not far from the current market price of ETH.
Towards the end of April, ETH spot ETF flows turned negative, but became positive again in May. Combined with the promise of additional purchases from digital asset treasure Bitmine, can Ethereum reach $3,000 in 2026?
Ethereum Trend Change Met by Realized Price Resistance
In an article on X, crypto analyst Ali Martinez highlighted that a new uptrend is underway. In mid-March, the SuperTrend indicator reversed bullishly and the leading altcoin has since risen 30%.
It faces a substantial hurdle of around $2.4k. The price realization at $2,380 was surpassed at press time, but this feat was achieved three weeks ago. What is needed now is for the price to stay above this level and move from resistance to support.
If buyers can keep prices rising, it would signal a shift in the market. Previously underwater holders would be in profit again, and the incentives to take profits and exit the market must be balanced by absorbing supply in the form of constant demand.
The Road to $3,000 and the Thorns Along the Way
At press time, the 7-day moving average of taker buy-sell volume rose above 1. This means that aggressive buying volume was higher than selling volume. If it holds, it could maintain the current rally.
There were a few obstacles in the way. CoinGlass’ 6-month liquidation heatmap showed several groups of dense short liquidations ranging from $2.5k to $2.9k, with another band of short liquidations at $3.5k.
The $2.8k to $2900 range was also a significant area on the cost base distribution heat map. This means that the closer ETH gets to $2.9K, the more incentive buyers at these levels will be to sell. Traders should remember that these market participants hold significant amounts of ETH and can challenge or even reverse the upward trajectory.
Short liquidations from $2.5k to $2.9k can push ETH higher, but aggressive demand is needed to maintain the uptrend.
Bitcoin (BTC) was above $82,000 but remains in a cyclical bear market. As things stand, an Ethereum move to $3,000 does not seem likely.
Final Summary
- Ethereum was above its realized price at $2,380, and aggressive buying could support the uptrend.
- The short-term selloff package may provide short-term momentum, but the longer-term bear market means a rally to $3,000 could be extremely difficult.
