Whales Gobble Ethereum, Is a Frenzied ETH Rally Looming?

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On the morning of April 23, Ethereum — the cryptocurrency world’s ever-wavering diva — made quite the splash, staging a 13% leap and trading around $1,787. Let’s face it, ETH has been all over the place, but at least it’s not as indecisive as your last attempt to choose between pizza and sushi for dinner. 😂

The surge was as real as a Monday morning coffee addiction, with trading volume jumping 73% in the span of a day. But here’s where it gets juicy: whales, those crypto aristocrats, have been on a feeding frenzy. You’d think they were on a diet after April 9, when one of them took a massive $40 million hit during the crash when ETH dipped to $1,400. But nope, they’re back for more — better than ever.

After the $ETH price rose, this whale, who lost ~$40M on $ETH, borrowed 34.75M $USDT from #Aave to buy 19,973 $ETH at $1,740.

— Lookonchain (@lookonchain) April 23, 2025

Here’s the thing: this particular whale (we should probably name him “Captain Risk”) borrowed 34.75 million USDT from Aave and snatched up 19,973 ETH at $1,740. Call it a comeback, call it a gamble—whatever you call it, it’s a bold move in a world that thrives on uncertainty.

Another whale, wallet 0x2088 (the name just screams “I’m important”), bagged 2,568 Ether for a cool $4.61 million at $1,794. Meanwhile, address 0xD20E, with all the stealth of a ninja, pulled 5,531 ETH (worth nearly $9.8 million) from Binance, an action that usually screams “I’m in this for the long haul.” Long-term holding, or just testing the waters? Who can say…

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.

— Lookonchain (@lookonchain) April 23, 2025

Meanwhile, on April 22, spot Ether exchange-traded funds (ETFs) finally showed signs of life, after a miserable 10-day streak of flat or negative flows. They recorded a net inflow of $38.74 million. All of a sudden, crypto is starting to look a bit like a popular nightclub at 2 a.m.— crowded, yet somehow still full of promise.

As if all of this wasn’t enough, Ether has been treading water in a downward channel since mid-December 2024. But hold on—this recent breakout has analysts buzzing. According to Christiaan (who probably also calls himself “The Oracle of Crypto”), ETH could be heading towards a price target of $2,690 in the not-too-distant future. Bold, right?

$ETH Send it ✅

— Christiaan (@ChristiaanDefi) April 22, 2025

On the flip side, “Ash Crypto” is also on the hype train, predicting that ETH is about to “explode” 🚀. Well, at least it’s not a literal explosion, right?

$ETH IS ABOUT TO EXPLODE 🚀

— Ash Crypto (@Ashcryptoreal) April 22, 2025

And don’t forget the ever-wise Rekt Capital, who pointed out that ETH’s dominance had dropped to a critical 7%, a level reminiscent of 2019. But don’t worry—ETH has managed to bounce back like your favorite sitcom reruns. If it continues on this path, it could reclaim its glory days in the broader market.

$ETH Dominance

Since dropped to new All Time Lows, Ethereum Dominance has managed to protect 2019 All Time Lows as support (black) for now

ETH Dominance needs to Monthly Close inside green so as to develop a reversal base like back in 2019-2020#ETH #Crypto #Ethereum

— Rekt Capital (@rektcapital) April 22, 2025

Ethereum (ETH) Price Outlook

On the daily ETH price chart, the RSI currently sits at 54.75, trending upward. Translation: if the buying volume keeps up, ETH could keep soaring. So, if you’ve been thinking about hopping aboard, now might be your chance—just don’t blame us if you miss the rocket launch.

ETH price chart | Source: TradingView

As it stands, the price is nudging against the upper Bollinger Band around $1,800. If ETH manages to break above it, more buying could follow—but hey, don’t get too comfortable. A spike like that might signal some short-term overbought conditions. Proceed with caution, fellow crypto adventurers!

If Ethereum can continue above the middle Bollinger Band and hold its RSI over the neutral 50 mark, it might just see a sustained breakout ahead. Fingers crossed!

ETH price chart | Source: Trading View

The MACD indicator is flashing green, with bullish crossovers and rising histograms. In other words, there’s definitely some positive sentiment in the air—though we wouldn’t blame you for being a little skeptical, given the crypto rollercoaster we’ve all been riding lately.

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2025-04-23 17:35