Is ETH ready for a breakout after a 26% rally?

Are the latest rally sufficient to shift Ethereum price forecasts, or are the prolonged dominant lows and macro risks still throttle how far ETH can realistically go?

Ethereum regains momentum with a sharp rally

After weeks of slowing price action, Ethereum (ETH) has finally shown signs of meaningful recovery. The second-largest crypto by market capitalization recently rose above $1,800, staging a sharp rebound from April 9th ​​when it was shortly below $1,400.

That previous decline was partly driven by market uncertainty over President Trump’s tariff-driven economic stance, which was weighing risk assets.

ETH has since collected over 26%, decisively destroying it from the narrow $1,500 to $1,600 range that he’s been stuck for most of the month. As of April 23, Ethereum had traded nearly $1,790, exceeding 10% in the last 24 hours.

The broader crypto market has also become optimistic, with Bitcoin (BTC) approaching nearly $92,500 with a total market capitalization of nearly $3 trillion.

On-chain data reflects the return of deep pocket players. One whale recently borrowed $34.75 million (USDT) from Aave (Aave) in Tether (USDT) and used those funds to buy nearly 20,000 ETH for an average of $1,740.

The same entity currently deposits 50,000 wrapped Ethereum (WETH), worth around $89.8 million, and deposits it as collateral for borrowing more than $65 million.

The liquidation threshold for this position is around $1,549, suggesting a carefully hedged bet built on short- to medium-term convictions.

Institutional signals are beginning to continue. On April 22, the US registered Ethereum ETFS saw a net inflow of $38.74 million, breaking the 10-day flat or negative flow. Fidelity’s Feth led the activity with an influx of $32.65 million, followed by Bitwise’s ETHW for $6.09 million.

These influxes have marked the highest daily intake of Ethereum funds since early February, and came after eight consecutive weeks of sustained outflows. In total, Ethereum-centric ETFs have accumulated about $2.26 billion inflows since their respective launches.

With both market structure and institutional behavior beginning to change, let’s look at what is happening across Ethereum ecosystems and where Ethereum price forecasts will head in the coming days.

Vitalik makes a leap beyond EVM

Ethereum’s technical foundation could soon undergo major transformation, following new proposals by co-founder Vitalik Buterin.

On April 20th, Buterin introduced the idea of ​​replacing Ethereum Virtual Machine with RISC-V, an open source computing architecture known for its modularity and embedded encryption support.

EVM has long served as the backbone of Ethereum’s smart contract functionality. Developers are now able to deploy decentralized applications, and are at the heart of Ethereum’s wide compatibility with other blockchains and Layer 2 networks.

Popular ecosystems such as Coinbase’s base chains rely heavily on EVM standards, enabling cross-chain operations and supporting developer migration.

Buterin’s proposal suggests that switching to RISC-V can streamline the execution layer of Ethereum, part of the network that processes and executes Start-Contract code.

EVMs have proven reliable, but are considered a bottleneck of Ethereum’s scalability. According to Buterin, employing a more modern and adaptive architecture like RISC-V can improve processing efficiency and reduce the demand for resources on the network.

One of the key strengths of RISC-V is its native support for cryptographic functions. This allows Ethereum to potentially avoid the complexity of ongoing efforts to reconstruct EVMs around proof of zero knowledge.

Zero-knowledge systems promise increased privacy and scalability, but often require significant computing power and development overhead. The built-in features of the RISC-V may offer a more direct and lightweight alternative.

Buterin also noted that RISC-V already shows promise in other blockchain environments, including small implementations on platforms such as Polkadot (DOT).

In certain use cases, performance could be increased by more than 100 times when Ethereum integrates RISC-V at the protocol level. These benefits help address persistent concerns about gas charges and network congestion. Both remain barriers to daily use and mainstream adoption.

Proposals come at a key moment. Ethereum trading volume is declining, and ETH price performance is lagging behind wider market trends. Earlier this year, the Ethereum Foundation received a leadership change aimed at improving the strategic direction of the project.

Technical indicators provide tips for early bullishness

Ethereum’s recent price recovery is beginning to attract attention, but the rally remains at a vulnerable stage from a technical standpoint. At the time of writing, ETH is trading just below the $1,800 mark, indicating a steady climb from its previous lows.

Despite this rebound, Ethereum remains below major long-term resistance levels. The simple moving average for a 50-day period is $1,830, but for 100 days it’s much higher at $2,342. Both are above current prices, indicating that ETH is still fully on the wider bottom trend, not regaining upward momentum over a longer time frame.

In the short term, ETH shows a healthier signal. The five- and 10-day moving averages shifted to $1,709 and $1,660. Both are below current prices. This is a typical early indicator of bullish shifts.

The relative strength index hovered near 56.5, reflecting the neutral territory, not yet in a state that has not been over-bought or sold. This suggests there is more room for price movement in either direction without immediate fatigue.

Momentum indicators remain more cautious. Moving average convergence divergence (MACD) at the age of 38 shows a neutral trend. It does not yet point to a strong change in direction, meaning that market participants are still weighing macro cues and short-term signals.

Support levels are held firmly at $1,623, $1,490 and $1,422. These price ranges provide a safety net if the market is looking at short-term fixes. Conversely, resistance is $1,824, followed by $1,892 and $2,025.

These thresholds will probably serve as key decision points for traders looking to determine whether the current movement has a permanent strength or a temporary relief rally. A sustained breakout above the $1,900 level is a clearer signal that will bring back trust in the wider market.

Ethereum price forecasts and analyst sentiment

Ethereum’s recent bounce has sparked a wave of optimism, with several analysts suggesting that the recovery may ultimately be gaining a structure.

A pseudonym analyst named Incognito, you can see the classic setup that forms a “Falling Wedge” pattern by posting to TradingView.

According to him, Ethereum appears to be approaching the final stage of the Wyckoff accumulation phase. This is a framework used to map how assets move from sale to new uptrends.

If that happens, his chart suggests an early move to $2,499. A similar note came from X’s trader Christiaan. He shared a short-term goal of $2,690.

Both analysts are optimistic that Ethereum may be ready to climb, but only if short-term support continues as is. Returning to the previous range could completely disable the setup.

Meanwhile, Rekt Capital is approaching it from its dominant lens rather than its price. Compared to the remaining Etherium ciphers, ETH’s dominance, tracking Ethereum’s market capitalization, has recently reached a new low. But it’s still held above the 2019 base, and that’s what matters.

He said that if Ethereum could close the month within the green support band on his chart, it could repeat the kind of bottom formation that led to several months of meetings between 2019 and 2020.

Another angle comes from Michael Van de Poppe. That’s when printing low prices, but momentum indicators like RSI show higher lows. It often provides subtle clues that sales pressure is declining.

Van de Poppe added that if Ethereum holds a SAT of 1,850 against Bitcoin and starts to form a higher low, it is likely to enter a fresh uptrend from here.

Still, these are signals, not certainty. Technical analysis helps identify potential changes in emotions, but the chart does not explain sudden macroshocks.

As always, risk management is important. Whether ETH pushes high again or a stall again depends on how the market handles future resistance zones and whether confidence builds quickly enough to carry it. Trade wisely and invest more than you can afford to lose.