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Home Ethereum

Ethereum: Will THESE 2 factors drive ETH toward $2,000? Assessing…

May 2, 2025
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  • Whale accumulation and network growth supported Ethereum’s bullish momentum.
  • Long liquidations signal short-term caution, but there is clear room for stronger price recovery.

Ethereum [ETH] has attracted fresh whale attention as on-chain data revealed significant accumulation activity.

Over $5.7M worth of ETH was acquired via Aave [AAVE] loans, while a newly created wallet withdrew $4.12M from Binance. 

This aggressive positioning reflects growing investor conviction. At the time of writing, Ethereum traded at $1,819.34, posting a mild 0.45% gain in the last 24 hours. 

Although price action remains subdued, the sharp capital inflows and exchange withdrawals hint at a broader bullish thesis taking shape.

Are traders finally waking up?

Open Interest has jumped by 4.67% in the last 24 hours, reaching $12.06 billion. This surge suggests renewed speculative appetite as market participants re-enter long and short positions.

The increase confirms rising market conviction after a consolidation phase. 

Such growth often precedes stronger price movements, especially when combined with accumulation trends.

The rising Open Interest adds strength to the bullish case, potentially indicating that traders are positioning for a breakout or significant directional move.

Source: CryptoQuant

User activity is climbing — can it fuel price?

Ethereum’s network activity also showed meaningful growth. Active addresses increased by 13% in the past seven days, while new addresses surged 45.24%.

Notably, zero-balance addresses rose by over 102%, suggesting re-engagement from dormant wallets or rotation among holders. 

This broad uptick reflected increased network interaction and user activity, which generally align with growing market interest.

The steady rise in participation may support upward momentum if it sustains over the coming weeks.

Source: IntoTheBlock

How high can ETH go from here?

ETH’s price structure confirmed a breakout from a falling wedge formation at press time.

See also  Massive Ethereum Buying Spree – Taker Buy Volume hits $1.683B In One Hour

After weeks of trading within the downtrend, the breakout now opens the door toward higher targets. The immediate resistance lay at $2,139, followed by Fibonacci extension levels at $2,354 and $2,638. 

Although ETH remains under $1,825 for now, the technical structure signals growing momentum. Therefore, if buying pressure continues and bulls hold above recent lows, the path toward a medium-term rally remains intact.

Source: TradingView

Long traders, however, faced significant losses on the 2nd of May, per Coinglass analytics. Ethereum’s downward volatility triggered $5.29M in long liquidations, compared to only $1.07M in shorts.

Binance and Bybit recorded the highest long wipeouts, exposing overleveraged bullish positions.

This flush suggests caution is still warranted in the near term. Nevertheless, such liquidations often clear the market of weak hands and create room for stronger trend alignment in subsequent sessions.

Conclusion  

Ethereum’s current landscape reflects a market recalibrating after an aggressive flush of long positions.

However, the combination of whale accumulation, improved network participation, and technical breakout structure places ETH in a favorable position. 

If sentiment holds and inflows persist, Ethereum may gradually regain upward momentum and shift market dynamics over the coming days.

Next: 3 roads lie ahead for Bitcoin – Which one will BTC choose?

READ ALSO

Ethereum Looks Ready To Break Out Of 4-Year Consolidation, Analyst Says Price Will ‘Go Insane’

Binance loses 300K ETH – Here’s what it means for bulls eyeing $2.7K

  • Whale accumulation and network growth supported Ethereum’s bullish momentum.
  • Long liquidations signal short-term caution, but there is clear room for stronger price recovery.

Ethereum [ETH] has attracted fresh whale attention as on-chain data revealed significant accumulation activity.

See also  Ethereum's bull vs bear case: What’s next for ETH price?

Over $5.7M worth of ETH was acquired via Aave [AAVE] loans, while a newly created wallet withdrew $4.12M from Binance. 

This aggressive positioning reflects growing investor conviction. At the time of writing, Ethereum traded at $1,819.34, posting a mild 0.45% gain in the last 24 hours. 

Although price action remains subdued, the sharp capital inflows and exchange withdrawals hint at a broader bullish thesis taking shape.

Are traders finally waking up?

Open Interest has jumped by 4.67% in the last 24 hours, reaching $12.06 billion. This surge suggests renewed speculative appetite as market participants re-enter long and short positions.

The increase confirms rising market conviction after a consolidation phase. 

Such growth often precedes stronger price movements, especially when combined with accumulation trends.

The rising Open Interest adds strength to the bullish case, potentially indicating that traders are positioning for a breakout or significant directional move.

Source: CryptoQuant

User activity is climbing — can it fuel price?

Ethereum’s network activity also showed meaningful growth. Active addresses increased by 13% in the past seven days, while new addresses surged 45.24%.

Notably, zero-balance addresses rose by over 102%, suggesting re-engagement from dormant wallets or rotation among holders. 

This broad uptick reflected increased network interaction and user activity, which generally align with growing market interest.

The steady rise in participation may support upward momentum if it sustains over the coming weeks.

Source: IntoTheBlock

How high can ETH go from here?

ETH’s price structure confirmed a breakout from a falling wedge formation at press time.

After weeks of trading within the downtrend, the breakout now opens the door toward higher targets. The immediate resistance lay at $2,139, followed by Fibonacci extension levels at $2,354 and $2,638. 

See also  BlackRock Ethereum Holdings Surpass 1.2 Million ETH Amidst Strong Institutional Adoption

Although ETH remains under $1,825 for now, the technical structure signals growing momentum. Therefore, if buying pressure continues and bulls hold above recent lows, the path toward a medium-term rally remains intact.

Source: TradingView

Long traders, however, faced significant losses on the 2nd of May, per Coinglass analytics. Ethereum’s downward volatility triggered $5.29M in long liquidations, compared to only $1.07M in shorts.

Binance and Bybit recorded the highest long wipeouts, exposing overleveraged bullish positions.

This flush suggests caution is still warranted in the near term. Nevertheless, such liquidations often clear the market of weak hands and create room for stronger trend alignment in subsequent sessions.

Conclusion  

Ethereum’s current landscape reflects a market recalibrating after an aggressive flush of long positions.

However, the combination of whale accumulation, improved network participation, and technical breakout structure places ETH in a favorable position. 

If sentiment holds and inflows persist, Ethereum may gradually regain upward momentum and shift market dynamics over the coming days.

Next: 3 roads lie ahead for Bitcoin – Which one will BTC choose?
Tags: AssessingDriveETHEthereumfactors

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EDITOR'S PICK

Axie Infinity launches the Axie Bounty Aid

Axie Infinity launches the Axie Bounty Aid

June 12, 2024
The Crypto Market’s Vital Signs Are Finally Back

The Crypto Market’s Vital Signs Are Finally Back

April 17, 2024
Alameda Lost Nearly $200M to Phishing Attacks, Ex-Engineer Says

Alameda Lost Nearly $200M to Phishing Attacks, Ex-Engineer Says

October 15, 2023
Bitcoin network turns positive: A bullish signal for investors?

Bitcoin network turns positive: A bullish signal for investors?

October 24, 2024

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