Ethereum is nearing key resistance at $1,675, and a bullish breakout could push prices toward $1,750 amid ongoing whale accumulation.
As Bitcoin crosses the $87,000 mark, Ethereum is steadily gaining momentum. Over the past 24 hours, Ethereum’s market price has surged by nearly 3.5%, reaching $1,647.
With this recovery rally, Ethereum is approaching the $1,675 supply zone. Will this drive ETH prices beyond $1,750?
Ethereum Targets $1,650 Breakout
In the 4-hour price chart, the Ethereum price trend showcases a bullish breakout of a long-standing resistance trendline. Furthermore, the recent recovery run marks a positive cycle within a consolidation range.
The sideways range exchanges between the 23.60% and 38.20% Fibonacci levels. The lower boundary is at $1,577, with the upper ceiling at $1,675.
Currently, Ethereum’s recovery run has created five consecutive bullish candles that surpass the 50-EMA line. However, the uptrend faces opposition from the overhead supply zone and the 100-EMA line.
Nevertheless, the short-term recovery, fueled by the trendline breakout rally, marks a positive crossover in the MACD and signal lines. This projects an increased possibility of a breakout run.
Based on the Fibonacci levels, the 100-EMA breakout, followed by the consolidation range breakout, will likely challenge the 50% level near the 200-EMA line. This projects a high potential for Ethereum to surpass $1,750. Conversely, a potential bearish reversal will likely retest the 23.60% level.
Ethereum Traders Anticipate Strong Recovery Ahead
Amid the growing possibility of a new bullish cycle in Ethereum, the interest of traders in Ethereum derivatives is growing significantly. Open interest has surged by 4.83%, reaching $19.19 billion and the funding rate is flipping positive.
Furthermore, in the past four hours, long positions in the Ethereum derivatives have surged to 55.83%, driving the long-to-short ratio to 1.264. This signals the increased bullish sentiments for Ethereum in the derivatives market.
Analyst Signals A Potential Bullish Momentum
Adding to the possibility of a bullish run ahead, Ali Martinez, a crypto analyst, suggests a massive recovery for Ethereum this week. Based on the TD Sequential Indicator, Ali Martinez highlights a potential bullish reversal upcoming for Ethereum.
The analyst hints at a potential shift in bullish momentum as the Technical Indicator triggers a buy signal.
Big week ahead for #Ethereum $ETH! The TD Sequential has just flashed a buy signal, hinting at a potential shift in momentum. pic.twitter.com/xnhVkzBxJc
— Ali (@ali_charts) April 21, 2025
Whales Accumulating ETH
Amid Ethereum’s growing possibility of a bullish turnaround, whales are starting to accumulate ETH rapidly. As per a recent tweet by LookOnChain, a whale has acquired 1,897 Ethereum worth $3 million. Earlier this month, the same whale withdrew 3,844 Ethereum worth $6.5 million from the Bitget exchange.
Furthermore, a different whale acquired 6,528 Ethereum worth $10.69 million, bringing the whale’s holding to 6,624 Ethereum worth $10.83 million. As whales continue to acquire ETH, the possibility of a bull run grows significantly.
Whales continue to accumulate $ETH!
A whale withdrew another 1,897 $ETH($3M) from #Bitget 10 hours ago.
This whale has withdrawn 3,844 $ETH($6.51M) from #Bitget since April 3.https://t.co/HZN9KLPt6M pic.twitter.com/0HCPswZx8w
— Lookonchain (@lookonchain) April 21, 2025
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
