Ethereum Holds Near $2,300 as Retail Frustration Meets Big ETH Buying

• Analyst Ash Crypto noted ETH traded near $2,300 in both April 2021 and April 2026, reflecting retail frustration.
• Analyst Arkham said Bitmine just staked $214 million of ETH and now holds $8.45 billion in staked ETH.
• Analyst Borovik argued ETH could still target $6,000 by the end of 2026 if the current cycle repeats the 3.5x.

Ethereum is again trading near the same price zone that defined April 2021, and that comparison is feeding visible frustration among retail traders. On X, Ash Crypto posted that ETH sat near $2,300 in both periods and described the move as five years of wasted holding, pairing the comment with a weekly chart that showed price returning to a long-standing horizontal band.

Yet the tone looks very different on the institutional side. Arkham posted that Bitmine had just staked $214 million of ETH and now holds $8.45 billion in staked ETH, equal to 9.5% of all staked ETH on the network. That contrast is now shaping the Ethereum price narrative: retail is focused on stagnation, while larger players are still building exposure through treasury buying and staking.

Retail Sees a Flat Five-Year Chart

Ash Crypto’s weekly chart framed the frustration clearly. ETH traded around $2,300 in April 2021, surged to fresh highs later in the cycle, then gave back much of that advance before revisiting the same region in April 2026. 

The white horizontal line on the chart marks that zone as a major long-term pivot, and the visual message is simple: after extreme volatility, the price is back near where it stood five years ago.

                                               Source: X

That does not mean ETH has done nothing in between. The same chart shows repeated large swings, including a sharp drop in 2022, a recovery through 2024, another rally into the 2025 peak zone near $4,900, and then a renewed slide. However, for spot holders who bought near April 2021 levels and held throughout, the chart explains why frustration has become more vocal.

Institutions Keep Adding and Staking

Additionally, analyst Arkham’s post pointed to a very different trend. It said Bitmine had just staked $214 million in ETH and now controls $8.45 billion in staked ETH, representing 9.5% of all staked ETH on the network. The attached screenshot also showed multiple inbound ETH transfers and a portfolio heavily concentrated in Ethereum.

Notably, that kind of positioning suggests institutions are treating current ETH prices less as a failure point and more as an accumulation zone. Staking adds another layer to that view. Large holders are not only buying ETH; they are also locking it for yield and network participation. That behavior differs sharply from the retail reaction on social media, where price comparison across years remains the dominant lens.

Bulls Still Point to Cycle Math

Meanwhile, analyst Borovik added the bullish counterargument. In his post, he said ETH bottomed near $1,400 in April 2025 and then rallied 3.5x to roughly $4,900 by September. He argued that if the 2026 bottom is around $1,750, then a similar 3.5x move would put ETH above $6,100, leading to his $6,000 ETH call by the end of 2026.

                                                   Source: X

His chart supports that case with a visible rebound off the 2026 low zone into the current $2,285 area. Moreover, the structure shows ETH stabilizing above its recent lows rather than breaking into a fresh collapse. That does not confirm a breakout yet, but it explains why bullish analysts still see room for another cycle expansion even as retail holders remain focused on the flat five-year comparison.

Related: Ethereum L2s Overtake Mainnet as Value Capture Debate Deepens