Ethereum’s price remains under pressure, struggling to hold above $2,000 as analysts point to conflicting technical signals and sustained outflows from exchange-traded funds. Popular analyst Ali Martinez noted an inverted bullish flag pattern, which could indicate further downside risk. Meanwhile, institutional activity shows continued selling pressure as company BitMine holds a multi-billion dollar, unrealized loss on its massive ETH position.
Ethereum continues to struggle to reclaim the $2,000 psychological level, with each attempt resulting in a rejection and correction. Analyst Ali Martinez stated the asset is forming a pattern, but with a notable twist.
Martinez explained that “Ethereum $ETH is forming a bullish flag!” He immediately clarified the analysis, however, by noting “The chart is inverted.” This inverted pattern suggests Ethereum has been in a consistent downtrend, compressing into a tighter range recently.
The analyst believes this setup could precede a larger move pushing the asset to new local lows under $1,400. Another analyst, Daan Crypto Trades, highlighted Ethereum’s underwhelming year-to-date performance compared to early 2025.
Daan Crypto Trades outlined hopes for a rebound in the coming months, noting the March-to-May period is historically more beneficial for ETH. The current market context, however, presents significant challenges for prediction.
On-chain and institutional data reveals further headwinds for the asset. Spot ETH ETFs recorded another week of net outflows, with roughly $113 million leaving the funds.
Conversely, the company BitMine continues to accumulate Ethereum. According to on-chain data, the firm purchased another 45,759 ETH last week. BitMine now holds 4,371,497 tokens, valued at nearly $8.7 billion.
The company faces substantial unrealized losses on its position, given its average entry cost was $3,820 per ETH. This represents an unrealized loss of approximately $8 billion on its total Ethereum holdings.
