Ethereum posted a sharp rebound on April 23, climbing 11% in 24 hours to briefly reclaim the $1,800 level. The rally comes as the broader crypto market regains strength, with total capitalization again topping $3 trillion.
At press time, Ethereum trades just under $1,850, its highest in two weeks, as momentum builds behind Bitcoin, which is hovering around $93,700—just 7% shy of the $100,000 milestone.
The price jump also liquidated over $110 million in short ETH positions, signaling aggressive buying pressure from bulls. Many analysts suggest that Ethereum is closely tracking Bitcoin’s rally and could break the $2,000 resistance if BTC crosses six figures.
Whale and Institutional Buying Accelerates
Large-scale buying has underpinned Ethereum’s surge, pointing to bullish conviction among high-value investors. Blockchain data from Santiment revealed that wallets holding between 1,000 and 10,000 ETH have accumulated over 300,000 ETH in the past 24 hours.
This wave of accumulation is echoed in the institutional space:
- ETH spot ETF inflows reached $38 million on April 22
- This marks the largest daily inflow since February 4, 2025
- The renewed institutional appetite suggests growing confidence in ETH’s near-term upside
Such movements indicate that Ethereum is attracting long-term interest, with buyers anticipating a sustained breakout—possibly beyond $2,000 in the days ahead.
Can ETH Rally to $3,900 and Beyond?
Ethereum’s price action is also receiving support from a major technical setup. According to analyst Gert van Lagen, ETH has formed a four-year inverse head and shoulders pattern on the weekly chart—a classic indicator of a long-term bullish reversal.
For this pattern to confirm:
- ETH must close above $2,000 in the short term
- A secondary target lies at $3,900, the previous cycle high
- A breakout above $3,900 could pave the way for a 10x move toward $20,000, according to van Lagen
Key Price Levels to Watch
- $2,000: Immediate resistance
- $1,600: Support level; drop below here would negate the bullish thesis
- $3,900: Bullish confirmation for long-term upside
As Bitcoin nears a new all-time high, Ethereum is positioning for a breakout of its own. Whale accumulation, institutional flows, and bullish technicals all align for a potential move above $2,000—possibly well before Bitcoin reaches $100,000.