- Ethereum’s 15% rise in 24 hours pushed it past $1,800, surpassing Bitcoin’s 6% gain.
- Futures open interest hit $21.92B with funding rates turning positive, showing strong bullish sentiment.
- Analyst Ash Crypto says “ETH is about to explode,” comparing its chart to late-2024 Bitcoin.
Ethereum is enjoying a sharp rally after weeks of sluggish performance. On April 23, its price crossed $1,800, climbing nearly 15% in just 24 hours. Compared to Bitcoin’s 6% gain and the broader crypto market’s 5% increase, Ethereum stood out. The crypto sector’s total market cap has now bounced back to $3 trillion.
Momentum wasn’t limited to the spot price. Open interest in Ethereum futures spiked over 17% over the same 24-hour period, reaching $21.92 billion. Adding to that, the weighted funding rate flipped into the positive zone, hitting 0.0069%. That shift reflects an increase in bullish sentiment among futures traders.
This upbeat mood has been supported by fewer investors betting against Ether. Data reveals that short positions on the CME have fallen below $500 million, the lowest level of 2025. It indicates that traders are no longer expecting Ether’s price to fall in the near term, and that reduces downward pressure.
Crypto Giants Fuel Ethereum’s Surge
A sharp change also came from the side of institutional investors. After over a week of outflows, Ethereum-based ETFs saw inflows of $38.8 million. Fidelity’s FETH led the way, contributing $32.7 million, while Bitwise’s ETHW brought in $6.1 million. This reversal shows that big investors are regaining confidence in Ether, helping push the price higher.
Market watchers have also joined the chorus of optimism.‘ETH is about to explode,’ said crypto analyst Ash Crypto, drawing a comparison between Ether’s chart pattern and Bitcoin’s strong rally in late 2024.
Behind these moves, whale activity has added more fuel. Lookonchain reports that investor 0xD20E withdrew 5,531 ETH worth $9.8 million from Binance. Another investor 0x2088 spent 4.61 million USDC to buy 2,568 ETH at $1,794.
Perhaps most notable was a third whale who once lost $40 million on ETH but returned boldly. This trader borrowed 34.75 million USDT from Aave to purchase 19,973 ETH at $1,740, signaling confidence in Ether’s upward path.
$2,000 Target Within Ethereum’s Reach
From a technical angle, Ethereum faces little resistance ahead, according to on-chain analytics from IntoTheBlock. The only major zone where sell pressure might intensify lies around $1,860. If the price pushes past that line, analysts believe there may not be much in its way until it hits $2,000 — a level closely watched by traders.
That said, Ethereum isn’t without risks. If the price fails to hold above $1,800, a pullback could follow. The first support lies at $1,765, and a more solid base sits around $1,710. Still, with most signals pointing up and fewer barriers on the road ahead, Ether appears well-positioned to stretch its lead if bullish sentiment holds.
In a market often driven by momentum, Ethereum’s latest breakout could signal the start of something bigger, rather than just a temporary shift.
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