TLDR
- Ethereum is consolidating near the $1,800 zone with possible upside break above $1,820
- ETH whale holdings spiked by 2682% in the past week
- ETH-backed ETFs recorded $157.09 million in net inflows, ending an eight-week outflow streak
- Technical indicators show positive Balance of Power at 0.31, suggesting buyer dominance
- Price could potentially reach $2,027 or drop to $1,385 depending on market conditions
Ethereum has been showing resilience in the cryptocurrency market despite recent price corrections. The second-largest cryptocurrency is currently trading above $1,770 and the 100-hourly Simple Moving Average, suggesting a stable foundation for potential gains.
The price recently dipped to a low of $1,746 before climbing back above the $1,770 resistance level. This movement shows buyers stepping in at lower price levels.
ETH managed to move above the 23.6% Fibonacci retracement level of the downward move from $1,857 to $1,746. However, the bulls faced rejection near the 50% Fibonacci retracement level.
Currently, Ethereum is confronting resistance at $1,800, with a bearish trend line forming at around $1,815 on the hourly chart. Breaking through this zone could open the path toward higher levels.
The next major resistance appears near $1,850. A successful breach of this level might push ETH toward $1,920, with potential to reach $1,950 or even $2,000 in the near term.
Ethereum (yes Ethereum) looking bullish here…
A confirmed breakout of the bull flag could send $ETH to $2100 🚀 pic.twitter.com/n8FPpfRxSH
— Trader Edge (@Pro_Trader_Edge) April 29, 2025
Whale Activity Picks Up
On-chain data reveals an interesting development in Ethereum’s market dynamics. Large holders, commonly known as whales, have been actively increasing their positions.
According to on-chain data provider reports, the large holders’ netflow has skyrocketed by an impressive 2682% over the past seven days. This metric tracks the difference between coins purchased and sold by investors holding more than 0.1% of ETH’s circulating supply.
This surge in whale accumulation typically signals confidence in the asset’s future prospects. Major investors tend to increase their holdings when they perceive value at current price levels.
The timing of this accumulation coincides with Ethereum’s price consolidation, suggesting these large players may be positioning themselves for an anticipated upward movement.
ETF Sentiment Turns Positive
Another bullish indicator comes from the exchange-traded fund (ETF) market. After eight consecutive weeks of outflows totaling over $700 million, ETH-backed ETFs have finally recorded net inflows.
Data from SosoValue shows that between April 21 and April 25, these investment vehicles attracted $157.09 million in net inflows. This reversal marks a potential shift in institutional sentiment toward Ethereum.
The return of institutional interest, coupled with increased whale accumulation, creates a positive backdrop for Ethereum’s price action in the near term.
On the technical front, Ethereum’s positive Balance of Power (BoP) reading of 0.31 further supports the bullish case. This indicator measures the relationship between buying and selling pressure, with positive values indicating buyer dominance.
If this buying pressure continues, Ethereum could potentially rally back above the $2,000 mark, targeting the $2,027 level. However, a deterioration in market sentiment could push the price down to the $1,385 support zone.
The cryptocurrency continues to navigate through key resistance levels as market participants closely watch for a potential breakout above $1,820, which could trigger a fresh wave of buying.
