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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.
Ethereum LongShort Ratio Chart
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
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