TLDR
- Ethereum (ETH) price is trading above $1,600, showing a 1.7% gain in the past 24 hours
- ETH broke above a bearish trend line and is now trading above the 100-hourly Simple Moving Average
- Vitalik Buterin proposed replacing the Ethereum Virtual Machine with RISC-V architecture to improve scalability
- Whale activity shows accumulation, with a notable withdrawal of 1,897 ETH from an exchange
- Technical analysis suggests potential for further gains if ETH clears the $1,650-$1,680 resistance zone
Ethereum (ETH) is maintaining its position above the $1,600 level early Monday, posting gains of around 1.7% in the past 24 hours. The second-largest cryptocurrency has shown resilience after starting a fresh increase from the $1,550 zone.
The price movement comes as ETH broke above a connecting bearish trend line with resistance at $1,590 on the hourly chart. This technical breakthrough has placed Ethereum in a short-term positive zone.
ETH is now trading above both the $1,600 level and the 100-hourly Simple Moving Average, which are considered important technical indicators by market analysts.
A high was formed at $1,644, and the price remains stable above the 23.6% Fibonacci retracement level of the upward move from the $1,566 swing low to the $1,644 high.
On the upside, Ethereum faces resistance near the $1,640 level. The next key resistance sits at approximately $1,650, followed by a major resistance point at $1,680.
Buterin’s RISC-V Proposal Could Transform Ethereum
Ethereum co-founder Vitalik Buterin has proposed a potentially game-changing solution to address the network’s scalability issues. The April 20 proposal suggests replacing the existing Ethereum Virtual Machine (EVM) with the RISC-V instruction set architecture.
The proposed change aims to increase the speed and efficiency of Ethereum’s execution layer while maintaining the fundamental account and storage concepts of the blockchain.
According to Buterin, the RISC-V implementation could offer efficiency increases of up to 100 times, particularly by maximizing zero-knowledge functions for the execution layer.
“The beam chain effort holds great promise for greatly simplifying the consensus layer of Ethereum, but for the execution layer to see similar gains, this kind of radical change may be the only viable path,” Buterin wrote.
The proposal comes as Ethereum faces several long-term hurdles, including zero-knowledge EVM proving, competitive block production, and reliable data availability sampling.
Whale Activity Signals Market Confidence
The price uptick coincides with increased activity from large Ethereum investors, known as “whales.” Data from Lookonchain shows a prominent whale recently withdrew 1,897 ETH (worth approximately $3 million) from the Bitget exchange.
This withdrawal is part of a larger trend of accumulation by the same entity, which has removed a total of 3,844 ETH (around $6.51 million) since April 3.
Such large-scale accumulation by whales often indicates confidence in an asset’s future value and can substantially impact market dynamics.
Ethereum’s trading volume increased across major trading pairs following these withdrawals, suggesting growing market interest.
However, if Ethereum fails to clear the $1,650 resistance, a downside correction could begin. Initial support is near $1,620, with the first major support at $1,605 and the 50% Fibonacci retracement level.
A clear move below the $1,605 support might push the price toward the $1,580 level. Further losses could send ETH to test support at $1,550, with the next key support at $1,500.
Ethereum’s technical indicators point to building momentum. The hourly MACD is moving in the bullish zone, showing decreasing bearish momentum.
Some market analysts suggest that if ETH continues its recovery and closes above $1,700, it could extend the rally to retest its next daily resistance at $1,861.
Despite the temporary price recovery, Ethereum’s network metrics present a mixed picture. Blob fees from layer-2 scaling networks fell to a weekly low earlier this month.
Network fees dropped to their lowest level since 2020 in April 2025, with an average transaction value of about $0.16.
This substantial drop in fees reflects fewer users making transactions on the Ethereum base layer as many opt for layer-2 scaling solutions.
These solutions have effectively reduced transaction costs but have also “cannibalized” revenue on the base layer, raising questions about Ethereum’s long-term value proposition.
The market is closely watching both technical breakouts and the approaching important $1,700 level, as Buterin’s proposal could potentially transform Ethereum’s competitive position against high-throughput rivals like Solana and Sui networks.
