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.
