The cryptocurrency market has switched bullish once again after a bearish start to the week.
Following the crypto market recovery over the past week, several Ethereum ($ETH) onchain metrics are demonstrating notable changes.
Bitcoin hit the $78,100 level earlier on Wednesday, while Ethereum is now approaching $2,400 once again.
The rally comes after President Donald Trump announced that he would extend the Iran ceasefire indefinitely.
However, he added that the US would hold off on fresh attacks while keeping its Strait of Hormuz blockade in place.
Whales acquire more Ether tokens
Whales are taking advantage of the bullish narrative in the market to purchase more Ether tokens.
On-chain data revealed that wallets with a balance >10,000 $ETH, also known as whales, accumulated nearly 700,000 $ETH between Thursday and Monday.
Part of that figure stems from Ethereum treasury firm BitMine Immersion Technologies (BMNR), which acquired over 101,000 $ETH last week.
Smart money tracker Lookonchain revealed that there were several whale buying activities over the past week.
Notably, a newly created wallet withdrew 35,000 $ETH from crypto exchange Binance in the early American session on Tuesday and transferred it to digital asset custodian BitGo.
However, retailers or investors holding 100-10,000 $ETH largely held steady, adding minimal amounts to their holdings over the past week.
This is in contrast to their behavior since early March, when they resumed distribution.
The bullish sentiment is also evident in Ethereum exchange reserves, which have fallen by roughly 458,000 $ETH since Thursday.
The decline indicates increasing buying pressure, which could push $ETH’s price higher in the near term.
Institutional and traditional investors also continued to show a return of risk appetite for the top altcoin.
Spot $ETH exchange-traded funds (ETFs) recorded eight consecutive days of net inflows totaling $493.7 million.
Ethereum price forecast
Similar to Bitcoin, the $ETH/USD 4-hour chart remains bearish and efficient.
However, it has outperformed the broader crypto market in the last seven days.
Ether is trading above the 20, 50, and 100-period Exponential Moving Averages (EMAs), which are clustered between roughly $2,323 and $2,268.
This stack of EMAs offers layered dynamic support, suggesting dips may continue to attract buyers.
The momentum indicators also suggest a bullish narrative.
The Relative Strength Index (RSI) is hovering at 62, above the neutral 50 mark, but still below the overbought region.
The MACD lines are also within the positive territory, indicating that the bulls are currently in charge of the market.
If the rally persists, initial resistance emerges at the horizontal barrier near $2,388. A daily candle close above this level could expose the next major resistance at $2,746.
On the downside, the 100-period EMA at $2,267 and the prior trendline reference around $2,263 would provide immediate support for the buyers.
A deeper slide would expose the broader structural supports at $2,211, $2,107, and $1,909.
