According to Santiment, in early May large holders acquired more than 140,000 ETH within 96 hours. This demand is forming against a backdrop of growing corporate interest in Ethereum as a reserve asset: Bitmine Immersion Technologies holds over 5 million ETH. At the same time, an opposing trend is emerging: total assets under management in ETH-focused ETPs and ETFs amount to around $16 billion; however, at the beginning of 2026 the ETF segment experienced a period of subdued activity, with interest only starting to recover by April (source: CoinLaw).
On the daily chart, an extended downward structure is evident: since early October 2025, the price has been declining within a descending channel, reaching a culmination in early February 2026 near the $1,750 level. Vertical volume during this period showed peak values, signalling the exhaustion of selling pressure. This was followed by a rebound: the price broke above the upper boundary of the channel and, during subsequent trading, formed a horizontal volume zone in the $1,920–$2,240 range, where the bulk of transactions over the period was concentrated. The point of control (POC) of this volume zone lies around $2,050–$2,100.
The price is currently trading above this zone, indicating a shift in favour of buyers. Support at $1,800 coincides with the February low from which the reversal began. Above current levels lies a resistance area near $2,500 — a zone the price approached in April but failed to consolidate above the round level. The RSI + MAs indicator shows readings of 57, 54 and 54: the oscillator is positioned above neutral, while the moving averages remain broadly neutral.
The technical profile reflects a transition from a prolonged downtrend to a consolidation phase above the volume zone. Further movement will depend on whether corporate demand for ETH can provide a sufficient basis to sustain a move towards the resistance area.
