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Ethereum Surges 36% as Whales Accumulate, Price Hits $1,700

Coin WorldTuesday, Apr 22, 2025 4:10 pm ET

1min read

Ethereum (ETH) price experienced a significant surge on Tuesday, April 22, potentially marking the end of a multi-week market correction. The large-cap altcoin, with a fully diluted valuation of about $205 billion, saw a 36 percent increase in its 24-hour average trading volume, hovering around $20 billion at the time of the report. For the first time since April 6, Ether’s price rallied beyond $1,700 during the mid-North American session.

On-chain data indicates that whales have been accumulating Ether relentlessly in recent days. According to market data, Ethereum’s adoption rate has gradually grown, signaling potential decoupling from speculative behavior. The rising tokenization of real-world assets (RWAs) on the Ethereum network has helped increase on-chain activity and attract more whale traders. On-chain data by Lookonchain shows a whale investor has accumulated 48,477 ETH from crypto exchanges since February 15, and is currently sitting on a loss of about $21 million. Meanwhile, cash outflow from U.S. spot Ether ETFs has significantly declined in the past few days, signaling growing market confidence.

For Ether to invalidate the multi-week correction, the price must consistently close above $1,687 in the coming days. From a technical analysis standpoint, the daily MACD indicator is approaching the bullish flippening zone. Meanwhile, the daily Relative Strength Index (RSI) has been forming a bullish divergence, and a reversal will be confirmed if the indicator consistently closes above the 50 percent level. After establishing a robust support level above $1,500 in the past two weeks, Ether’s price is well primed for a market reversal.

However, Ethereum has continued to bleed to Solana, and the trend is likely to continue in the coming months. This shift in market dynamics could impact Ethereum's short-term price targets and investor sentiment. Despite this, the overall outlook for Ethereum remains bullish, with key short-term targets to consider ahead. Investors and traders should closely monitor the price action and technical indicators to make informed decisions.

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