Ethereum’s price surged by 13% to $1,787, driven by whale investor activities including significant ETH purchases and increased trading volumes. Notably, a whale who lost $40 million returned to the market, causing speculation about a future price rally. Analysts predict a bullish trend for ETH based on technical indicators and recent ETF inflows.
As of April 23, 2025, Ethereum (ETH) experienced a significant pricing surge, climbing to $1,787—a 13% increase over the past 24 hours. This price movement was accompanied by a substantial rise in trading volume, which increased by 73% during this period. Market analyses suggest that recent whale activities are contributing to this bullish momentum.
One notable event involved a whale who had previously faced a considerable loss of $40 million during a market dip on April 9, when ETH prices fell to $1,400. This investor has returned to the market, borrowing $34.75 million in USDT from Aave to accumulate 19,973 ETH at a price point of $1,740. This strategic move indicates a strong belief in an upcoming price rally.
In addition to this whale’s activities, other significant transactions were recorded. An entity operating under wallet address 0x2088 purchased 2,568 ETH for approximately $4.61 million at $1,794. Simultaneously, wallet address 0xD20E withdrew 5,531 ETH, valued at nearly $9.8 million, from Binance. These withdrawals typically suggest a long-term holding strategy, reinforcing the accumulating sentiment among large investors.
The market also saw positive movement in spot Ether exchange-traded funds (ETFs), which reported a net inflow of $38.74 million, ending a 10-day period of stagnant or negative flow. Market analysts have pointed out that ETH was trading within a downward channel since mid-December 2024, and the recent breakout from this pattern has inspired predictions of a forthcoming bullish trend.
Prominent crypto trader Christiaan has set a near-term price target of $2,690 for ETH, which aligns with a general market sentiment of bullishness. Another analyst, known as Ash Crypto, noted similarities between ETH’s current chart patterns and Bitcoin’s upward trajectory from late 2024, further supporting a potential bullish outlook.
Furthermore, Rekt Capital highlighted that ETH’s market dominance had recently dipped to a critical support level last seen in 2019 but has since rebounded. For ETH to reclaim its position in the broader crypto market, it must maintain this dominance and rise sustainably above the support levels established previously.
From a technical analysis standpoint, the Relative Strength Index (RSI) for ETH is currently at around 54.75, with an upward trend that may signal ongoing bullish momentum, contingent on high buying volume. If ETH maintains its position above the upper Bollinger Band, it could indicate more substantial buying interest. However, this may also lead to overbought conditions in the short term.
Overall, if Ethereum continues to stay above the middle Bollinger Band and keep its RSI above the neutral threshold of 50, a sustained breakout seems plausible. The MACD indicator further supports this positive sentiment as it shows a bullish crossover with rising green histograms. The content cited should not be interpreted as financial advice, and market participants are encouraged to conduct their own research and consult professionals before making investments.
