After rebounding from $1,750, ETH prices print multiple long tail bullish candles and show strong purchase pressure.
Bullish sentiment continues to rise as whales have accumulated over 130,000 ETH in the last 24 hours and Ethereum futures have opened interest rates of $20.63 billion.
Additionally, technical analysis reveals a Wyckoff accumulation pattern, suggesting that breakouts above $2,000 could be on the horizon if momentum accumulates.
Ethereum Price holds $1,800 amid bullish price action
Ethereum prices are still on the downward channel, and are about to bounce back from its vital support of $1,800.
It rebounds from the $1,750 low and forms a bullish encircle pattern with a long underneath core, indicating that buyers are back in the market.
During the day, it was on sale for $1,790.02. The formation of two bullish candles during a particular period suggests that the morning star pattern is formed, a signal of the inversion of the ascent.
Ethereum’s RSI is oversold and appears to be beginning to bounce back.
This may be a sign that the balance may be slowly leaning in the favor of the buyer.
The accumulation pattern of Wyckoff suggests a breakout
Ethereum (ETH) current price transfer is consistent with the Wyckoff accumulation model.
According to chart analysis shared by Crypto Patel, ETH prices have passed phases A, B and C of the Wyckoff pattern.
Phase A established a strong support base, while Phase B featured multiple secondary tests to confirm demand strength.
Source: Crypto Patel, XThe price is now entered into Phase C, known as “Spring.” This phase often causes a final descent that falls below support to trap sellers before a quick recovery.
Ethereum price action checks this dip and rebound pattern. The next stage, Phase D, involves breakouts with indications of strength (SOS), usually lasting upward movement.
If the price of Ethereum (ETH) passes through the local horizontal trend line, it indicates that it has entered phase D, and therefore indicates an even higher chance of movement.
Therefore, final phase E indicates that prices escalate beyond the main resistance level.
On-chain data shows bullish momentum
Despite concerns about network performance, Ethereum whales continue to accumulate.
According to IntotheBlock, there is a big wallet with over 130,000 ETH added in 24 hours.
Netflow data has also remained positive over the past week, indicating a consistent influx from large holders.
This action shows increased confidence in Ethereum’s recovery.
Source: Intotheblock, xEthereum’s daily active addresses have decreased, and overall network combustion fees for the first quarter of 2025 were reduced.
Cryptoquant data also showed that the active address count fell from 600,000 to 333,000 in January this year.
Meanwhile, total combustion fees have decreased, putting inflationary pressure on the system.
However, whales have accumulated and may become more desirable again.
Source: CryptoquantEthereum (ETH) futures activity drives recovery prospects
Ethereum derivatives data further supports bullish narratives. Open interest in Intray, Ethereum Futures fell 3.00% to $207 billion.
This suggests renewed interest from the positioning of traders leveraged for price rally.
Furthermore, the funding rate has been reversed to -0.0050%, indicating that long-term holders are being rewarded to maintain their position.
Looking back at the past 12 hours, the long/short ratio has gone from 0.9505 to 1.0202.
This spike shows a long position trend and an increase in confidence levels among traders.
As a result, there is an increasing number of future activities supported by stable Ethereum (ETH) prices at key support levels.
Ethereum’s support levels from $1600 to $1800 remain the same.
The next level of resistance is $2,042, followed by a price target of $2,600 based on the Wyckoff pattern.
Such a transition could go beyond this level and make the gatherings $3,500 in the long run.
