Ethereum experienced a noteworthy resurgence this month, rebounding sharply by over 26% from its brief dip below $1,400 on April 9 to trade near $1,790 by April 23. The cryptocurrency’s recent price jump marks a clear departure from its previous trading range of $1,500 to $1,600, where it had remained largely stagnant for weeks.
This rally was partly influenced by easing concerns around the broader economic landscape, which had earlier been clouded by uncertainty caused by former U.S. President Trump’s tariff policies, adversely affecting risk assets, including cryptocurrencies.
Ethereum’s rise coincides with renewed activity from institutional and high-volume players—a sign perhaps of improving market sentiment. Recently, one major trader borrowed $34.75 million in Tether (USDT) via Aave, using it to buy close to 20,000 ETH around the $1,740 price mark. Subsequently, this individual placed 50,000 Wrapped Ethereum (WETH), valued at nearly $90 million, as collateral to secure an additional $65 million loan. This transaction underscores the significant bullish conviction among certain large investors who maintain positions with carefully calculated liquidation thresholds.
Institutional confidence also appears to be returning. On April 22, U.S.-listed Ethereum ETFs saw their first significant positive inflow of $38.74 million after multiple weeks of stagnation or outflows. Fidelity’s FETH fund led the way, contributing $32.65 million, followed by Bitwise’s ETHW with approximately $6.09 million. Prior to this, Ethereum-related ETFs endured eight straight weeks of outflows totaling around $910 million. Accumulated inflows since the inception of Ethereum-focused ETFs now stand at roughly $2.26 billion.
On the development front, Ethereum co-founder Vitalik Buterin recently put forward an intriguing proposal that could dramatically change the blockchain’s technological underpinning. On April 20, Buterin suggested transitioning away from the Ethereum Virtual Machine (EVM) toward the RISC-V architecture—a move aimed at significantly enhancing overall scalability and efficiency. Although the EVM played a core role in Ethereum’s early growth by facilitating smart contracts, it is now perceived as a limiting factor for future expansion. Adopting RISC-V, favored for its native encryption capabilities and modularity, could potentially offer a massive performance improvement—possibly even increasing transactional efficiency a hundredfold.
Buterin’s proposal arrives at a pivotal moment. Ethereum has faced declining transaction volumes and has lagged behind the broader crypto market’s performance. Earlier this year, the Ethereum Foundation made significant leadership adjustments designed to refresh strategic direction, implying that major infrastructural revision could be on the horizon.
From a technical standpoint, Ethereum’s recent price momentum shows some bullish signs but remains fragile. The current price hovers near significant resistance points, including the 50-day moving average around $1,830. On shorter timeframes, however, bullish signals appear clearer, with short-term moving averages now beneath the current ETH price level, hinting at early shifts toward bullish momentum.
Current market analysis suggests key resistance levels at $1,824, $1,892, and then $2,025. For strong sustained bullish movement, Ethereum will need to break decisively above these figures. Should the crypto overcome these hurdles, analysts foresee ETH potentially reaching upwards to $2,500 or even surpassing $2,700 later in this growth phase. Pseudonymous analyst Incognito highlights a bullish falling wedge formation on the price charts, indicating a possible bullish breakout scenario.
Other respected market watchers echo these sentiments: Michaël van de Poppe observes a bullish divergence signal that could point to further growth, providing Ethereum holds key support levels against Bitcoin. Analyst Rekt Capital emphasizes Ethereum’s dominance chart, noting ETH dominance has held above its 2019 lows, potentially signaling a stabilizing bottom similar to a pattern witnessed in 2019-2020 preceding a considerable price rally.
Nevertheless, these promising indicators aren’t guaranteed predictors of success. Macro-economic factors and market volatility could rapidly shift near-term sentiment. Traders are advised to closely follow Ethereum’s performance at critical resistance thresholds in the coming days.
