Ethereum is showing strong signs of recovery, adding momentum just as the broader crypto market watches Bitcoin exceed the $87,000 mark. Over the past day, its price climbed by 3.41%, pushing it to $1,626 and drawing increased attention from investors.
In a sharp signal of renewed interest, Ethereum derivatives saw a 2.52% rise in open interest, now totaling $18.82 billion. Alongside that, funding rates flipped positive, adding another layer of optimism among market participants.
Over a recent four-hour window, long positions on Ethereum derivatives jumped to 52.49%, shifting the long-to-short ratio to 1.104. This growing preference for long trades signals increased confidence in Ethereum’s price direction.
Bullish Signal Sparks Ethereum Optimism
Ali Martinez, a well-followed crypto analyst, pointed out that the Ethereum’s TD Sequential Indicator is flashing a buy signal, hinting at a bullish reversal. His suggestion aligns with a wider belief that the cryptocurrency could be in the early stages of a larger recovery this week.
This view is further reinforced by activity among large holders. LookonChain recently noted that a whale picked up 1,897 ETH, valued at approximately $3 million. Earlier in April, the same whale had pulled 3,844 ETH from Bitget, a transaction valued at $6.5 million.
Another whale made a larger move, buying 6,528 ETH worth $10.69 million, raising the total holdings to 6,624 ETH valued at $10.83 million. These quiet but large acquisitions reflect long-term confidence in Ether.
Bulls Target $2K April Run
Meanwhile, Trader Ted Pillow observed that Ether has finally broken out of a downtrend channel it had been stuck in since February 2025. He noted, “If Ethereum manages to hold the $1.6K level, it could rally towards $2K in April,” giving hope to those waiting for a stronger push upward.
Another respected trader, known as mister crypto, shared his stance on social media, declaring Ethereum “extremely undervalued.” He warned that “not being allocated here would be a mistake,” adding that it is “about to rally!”
Merlijn, a popular figure among crypto traders, echoed a similar view on X. He wrote that ETH is “about to launch” and emphasized that ignoring this accumulation phase could be “the biggest mistake of 2025.”
As of now, Ethereum is testing its middle Bollinger Band near $1,631. If Ethereum breaks out above this point and targets the upper band around $1,826, that would signal a stronger uptrend. If the price falters, the lower band near $1,436 could provide the next support level.
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