Once again, Ethereum is making the headlines as market momentum returns to this blockchain platform, surging investor interest that is driving prices high and seeming to accumulate continued interest from institutional investors. In the space of just 24 hours, Ethereum’s market cap surged 12 percent, and the total price currently sits at just under $2,000. ETH added an impressive 12% to its market cap in the last 24 hours. On-chain data points to only modest resistance ahead, with the largest potential sell wall near $1,860. If that zone gives way, a move back toward the psychological $2,000 level looks increasingly plausible. pic.twitter.com/SJVKduDvjK — IntoTheBlock (@intotheblock) April 23, 2025 The rally comes during a period when the wider crypto market displays fresh strength , and Ethereum, in particular, derives good fortune from both technical and structural factors. Analysts and on-chain data providers make clear there isn’t much in the way of resistance right in front of our noses, with the largest immediate selling pressure seen right around the $1,860 level. If and when that level goes decisively, the next stop on the Path of Least Resistance appears to be the big round number of $2,000. Whale Activity Points to Conviction A large portion of the bullish momentum shows that it’s coming from the really fat holders—also known as whales—who’ve been on a tear and have been hoovering up ETH in the past few hours. You can really see this renewed appetite in some of the big on-chain transactions that have gone down. For instance, wallet address 0xD20E withdrew 5,531 ETH (around $9.8 million) from Binance in the last hour, a classic signal of accumulation and long-term positioning. Typically, when ETH is pulled from centralized exchanges, it indicates a reduced likelihood of immediate resale, suggesting the holder expects further appreciation in price. ETH just hit $1,800! Whales continue to buy $ETH . 0xD20E withdrew 5,531 $ETH ($9.8M) from #Binance in the past hour. 0x2088 spent 4.61M $USDC to buy 2,568 $ETH at $1,794 in the past 40 minutes. https://t.co/jzoEhDh2Fs https://t.co/Gz3tdRjNWp pic.twitter.com/FoW5pZZOlM — Lookonchain (@lookonchain) April 23, 2025 0x2088 address another whale, using, 4.61 million USDC spent to acquire ETH 2,568 at an average price of $1,794, also in the past hour. The sharp rebound came during Ethereum’s and reinforced large-scale buying activity across major platforms and broader patterns of that. One of the most aggressive trades came from an anonymous whale who borrowed 34.75 million USDT from Aave, a major decentralized lending platform, to buy 19,973 ETH at around $1,740 just four hours ago. This whale is now collateralizing a massive 50,000 WETH (wrapped ETH), worth about $89.8 million, on Aave to back up a loan of 65.85 million USDT. The position currently holds a health rate of 1.12, with a liquidation price of $1,549.50. As $ETH rebounded, a whale borrowed 34.75M $USDT from #Aave to buy 19,973 $ETH at ~$1,740 just 4 hours ago. This whale now collateralizes 50K $WETH ($89.8M) on #Aave to borrow 65.85M $USDT at a health rate of 1.12 and a liquidation price of $1,549.5. Follow @spotonchain and… pic.twitter.com/OBaDukqfAm — Spot On Chain (@spotonchain) April 23, 2025 This amount of leverage, combined with such a big collateral commitment, shows an exceptionally high level of belief in the near-term price action of Ethereum. If ETH holds here or moves higher, this whale could be looking at some huge profits. But this trade also says something else: It says that some very wealthy folks are not just speculating, but are putting big money behind the idea that ETH is more likely to go up than to go down in the next few months. ETF Inflows Reinforce Institutional Demand Even as whale movements command the spotlight, institutional investors are steadily upping their ante in Ethereum. On April 22, the net inflows for the Ethereum spot ETFs totaled a calm $38.74 million. Importantly, none of the nine Ethereum ETFs approved by regulators recorded outflows. If anything, these vehicle shows signs of steady interest—not even a hint of flow that could constitute so-called “rotational capital.” One could even go so far as to say that the light inflows and the on-the-books interest reconciles with a lack of headlines. Most piñatas in crypto just have more capital in them than they did a year or even six months ago. On April 22, Bitcoin spot ETFs recorded a total net inflow of $936 million, net inflows for three consecutive days. Ethereum spot ETFs saw a total net inflow of $38.74 million, with none of the nine ETFs registering net outflows. https://t.co/SF4brkl9iI — Wu Blockchain (@WuBlockchain) April 23, 2025 A metric that is important to watch is ETF flows. They generally reflect the long-term sentiment of more conservative investors like wealth managers and institutional allocators. When they are not pulling their assets out of ETFs, that is a sign that they are viewing a particular asset as something credible that can live in a long-term, diversified portfolio. Even more so, when we see ETF inflows during volatile market conditions, that should be taken as a positive sign from a technical analysis perspective. These developments also happen in the foreground of the increasing use of Ethereum in the real world, where it is being employed to tokenize assets, adopt enterprise blockchains, and in steadily growing applications of decentralized finance (DeFi). Institutional inflows and strong confidence among large investors (whales) are cutting against reduced supplies of Ether held on exchanges. These factors are converging to form a very bullish narrative indeed. Looking Ahead: Can ETH Break Through $2,000? With Ethereum trading just under the resistance level at $1,860, everyone’s attention is now focused on whether the current momentum can be maintained and drive ETH to the next target level, $2,000. This round-number goal isn’t just a mental game; it’s also a level that has held significant historical importance in the life of Ethereum, having served multiple times in prior cycles as both support and resistance. If bulls succeed in getting past that obstacle, the breakout could set off additional price discovery and bring back on the sidelines retail investors who have remained cautious during recent months of market volatility. Currently, it seems like Ethereum is back in the limelight. If the recent actions of institutional investors and whales are any indication, this rally might only be getting started. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
