Recent bullish momentum surrounding Ethereum is evident, fueled by whale activity and technical indicators suggesting a potential price surge. Key insights include an increase in large ETH buys near the $1,800 level signaled by a notable whale transaction. Analysis points to historical patterns indicating strong long-term price rebounds after significant corrections. Ethereum’s MVRV Z-score remains historically low, mirroring past lows that preceded robust recoveries. While some remain cautious about volatility within price range of $1,800 to $1,850, liquidity data suggests potential shifts in market direction. Market participants closely monitor ETH’s Pectra upgrade scheduled for May 7th, anticipating increased scalability and network performance. The overall picture appears bullish as Ethereum attracts new users despite a mixed sentiment landscape.
A significant whale transaction on Binance of $4.75 million reflects growing interest at the current level, possibly influencing broader investor sentiment.