Ethereum Price Analysis Today: Key Short-term Targets for ETH to Consider Ahead
Ethereum (ETH) has been on a bullish trajectory recently, following in the footsteps of Bitcoin (BTC). The cryptocurrency, with a market capitalization of approximately $205 billion, saw a significant surge in trading volume, reaching around $20 billion. On Tuesday, April 22, Ether’s price surpassed the $1,700 mark for the first time since April 6, signaling a potential end to a multi-week market correction.
Whales Return to Ethereum
Market data from Intotheblock indicates that Ethereum’s adoption rate has been steadily increasing, suggesting a shift away from speculative trading. The tokenization of real-world assets on the Ethereum network has contributed to higher on-chain activity and attracted more whale traders.
According to data from Lookonchain, a whale investor has been accumulating Ethereum since February 15, acquiring 48,477 ETH from crypto exchanges. Despite sitting on a $21 million loss, the investor’s actions indicate growing confidence in the market. Additionally, outflows from U.S. spot Ether ETFs have decreased significantly, further bolstering market sentiment.
Midterm Ether Price Target
Ether’s price against the U.S. dollar recently broke through the daily falling logarithmic trend, marking a significant milestone. With a strong support level established above $1,500 in recent weeks, Ethereum is poised for a potential market reversal.
Technical analysis suggests that the daily MACD indicator is approaching a bullish flippening zone, while the daily Relative Strength Index (RSI) has been forming a bullish divergence. A confirmed reversal will occur if the RSI consistently closes above the 50 percent level.
Looking ahead, Ethereum’s price must consistently close above $1,687 in the coming days to invalidate the multi-week correction. The cryptocurrency has been losing ground to Solana, and this trend is expected to continue in the coming months. Overall, Ethereum’s recent price action and on-chain data signal a positive outlook for the cryptocurrency in the short term.