- Ethereum rose over 33% after retesting a long-term ascending support trendline.
- Monthly resistance sits near $2,441 as the 50-period MA meets the 23.6% Fib level.
- Bitmine bought 101,627 ETH last week as April ETF inflows reached $452.39 million.
Ethereum is once again sitting at a technically important crossroads, with the monthly chart showing ETH holding a long-term ascending trendline that has repeatedly acted as a launchpad in past cycles. That setup is now reviving an old market question: will history repeat itself?
ETH Rebounds as Historic Trendline Holds
The chart suggests traders are taking that possibility seriously. After recently touching the long-term support trendline, ETH has now posted two straight bullish monthly candles and climbed more than 33% to around $2,317.
At press time, price action looks steady on the short-term view, with little to no meaningful change over the past day and week. Even so, the broader monthly picture remains constructive, with Ethereum up roughly 12% on the month and about 47% year-over-year.
ETH Monthly Price Chart (Source: TradingView)
Yet, what makes this area especially important is its historical context. Previous interactions with the same rising trendline were followed by powerful upside expansions, including massive rallies highlighted on the chart. While past performance does not guarantee a repeat, the market is clearly watching whether this latest bounce develops into another cycle-style recovery.
Key Monthly Resistance Cluster Comes Into Focus
For now, the first major test sits just overhead. ETH’s 50-period moving average stands near $2,441, closely aligning with the 23.6% Fibonacci retracement level around the same zone. That convergence creates an immediate monthly resistance cluster.
In simple terms, Ethereum may be holding support, but bulls still need to reclaim that $2,440-$2,500 region to strengthen the case for a broader continuation move. Momentum signals add a more cautious layer to the story.
The RSI on the monthly chart is near 46, which keeps it below the neutral 50 mark and shows that momentum has improved, but not fully flipped into strong bullish control. At the same time, the indicator appears to be holding above a visible support base, suggesting downside momentum is not dominating either.
That leaves ETH in a familiar position: supported by structure, challenged by resistance, and waiting for the next decisive confirmation.
Institutional Accumulation Gains Pace With Bitmine’s Latest Buy
Alongside the chart rebound, Bitmine reported buying 101,627 ETH during the past week. The company described that pace as its fastest weekly accumulation since the week of December 15, 2025. The purchase lifted Bitmine’s total holdings to 4,976,485 ETH as of April 19, 2026.
Using a price of $2,301 per coin, the company valued that position at about $11.45 billion. Bitmine said those holdings represent 4.12% of the circulating supply, which it placed at 120.7 million tokens.
Initially, the company said it aims to reach 5% of supply through its “Alchemy of 5%” plan. Based on the figures it released, Bitmine remains roughly 247,000 coins short of that target. The latest purchase narrowed the gap while moving the firm closer to its stated milestone.
ETF Demand and Exchange Withdrawals Strengthen the Setup
Institutional demand also appeared in the ETF market this month. Over the past two weeks, inflows reached roughly $275.83 million and $187.07 million, after a $42.15 million outflow in the first week. That left the month with total inflows of about $452.39 million.
ETH Spot ETF Net Flow (Source: SoSoValue)
The shift stood out because the ETF market had remained negative for the previous five months since November last year. Exchange flow data pointed in the same direction over the past three days. According to CoinGlass data, more than $180 million worth of Ethereum was withdrawn from exchanges.
ETH Spot Inflow/Outflow Data (Source: CoinGlass)
Withdrawals totaled $95.78 million on April 18, $70.28 million on April 19, and $14.28 million on April 20. The respective average prices were $2,350, $2,263, and $2,313. That does not prove history will repeat in full. Regardless, it does show a positive sentiment, as Ethereum is holding a key trendline, attracting large capital flows, and approaching its first major resistance test.
