$2320 ETH, are you going to buy the dip?

Bitmine has accumulated 5.18 million ETH (accounting for 4.29% of the total supply), BlackRock is preparing a tokenized fund, and last week ETF net inflows reached $70.5 million—yet just now, a whale transferred over $820 million worth of ETH to exchanges within three days, RSI shot from 56 to 78 and then started to turn.

First look at the surface: bad news and good news intertwined, price remains unmoved.

In the past 24 hours, it’s up slightly by 0.46%, market cap is $280.1 billion, with $11 billion in 24-hour trading volume. The candlestick chart shows: the upward trend line has held for two months without breaking, 2300-2320 has become the bulls’ last line of defense. MACD shows a golden cross but the histogram narrows, RSI drops from 78.57—buying momentum is waning, but price hasn’t fallen.

First thing: institutions are buying, and they’re buying with real money.

Bitmine has accumulated 5.18 million ETH, about 4.29% of the total supply, slowing down after nearing the 5% target, but then immediately staked the ETH on Lido. BlackRock is rumored to be preparing a tokenized money market fund on Ethereum. Last week, ETF net inflows reached $70.5 million.

Second thing: but whales are dumping ETH on exchanges.

In the past three days, a whale named “Garrett Jin” transferred over $820 million worth of ETH to exchanges. At the same time, BlackRock and Fidelity were found transferring large amounts of ETH out of Coinbase Prime.

Third thing: a strange split appears on the technical side.

RSI(6) surged from 56 to 78 and then fell back—short-term buying was indeed strong, but momentum is already waning. MACD shows a golden cross but the histogram narrows, indicating weakening upward strength.

Since the March lows, ETH has been in an ascending channel with higher lows, and the 2300-2320 zone has supported multiple tests.

One side says:

Bitmine has accumulated 5.18 million, BlackRock’s tokenized fund is on the way

Last week’s ETF net inflow was $70.5 million, institutions continue to buy

Uptrend line holds, 2300 support is effective

Staking rate is 32%, with 39 million ETH locked

The other side says:

Whale transferred $820 million ETH to exchanges in three days

BlackRock and Fidelity suspected of transferring ETH out of Coinbase Prime

ETH on-chain DeFi market share dropped from 63.5% to 54%

It’s been 7 months since passing 2400

Key level: 2320, the last line of defense for bulls.

Resistance above: 2400 (7-month high) → 2600 → 2800-3000

Support below: 2265-2230 (uptrend line) → 2200 → 2100-2000

Short-term traders:

Wait for a pullback to 2230-2265 to buy in stages, stop loss at 2190 (if it breaks below the trend line, exit), first target 2380-2400, take half profits. After volume breaks above 2400, add positions, target 2600-2800.

Swing traders:

Wait for daily close above 2400 before entering, stop loss at 2350, target 2600-3000. Don’t buy if not confirmed, better to miss the opportunity than get washed out.

Long-term believers:

Invest blindly in the 2200-2300 range, add to positions every $100 drop. Stake on Lido or Rocket Pool for dual returns of 2.8-3.5% annualized plus price appreciation. End-of-2026 target: 3000-4000, betting on Pectra upgrade + RWA narrative + institutional staking positive cycle. But if it closes below 2200 daily, exit first and observe, don’t hold stubbornly.

ETH right now is like BTC at the start of 2024—

Everyone is saying “ETH is done,” “Solana has taken developers,” “TVL is flowing out.”

And what’s the result? Institutions quietly accumulated 5 million ETH below 2300.

Extreme pessimism often signals the bottom’s truest sign. #Gate广场五月交易分享 $BTC $ETH