ETH Price Set to Soar 250% and Reach $3200? Here’s What Ethereum Whales Know That You Don’t

Following a period of underperformance against other major cryptocurrencies, Ethereum appears to be showing initial signs of a possible resurgence. On April 5, ETH spun near $1,811 with an insignificant 0.38% gain, compared to Bitcoin and Solana and XRP seeing stronger rallies. But things may be changing. Global markets are nervous as China just placed a large 34% tariff on U.S. goods. Historically, moments like these tend to push investors to alternative assets such as crypto. Ethereum, in particular, is gaining interest largely due to increasing whale activity and a technical setup that looks a bit constructive.

Ethereum Whales Are Buying, and Analysts Are Turning Bullish

Although Ethereum saw a recent 5% price drop, there is still a strong confidence level, especially from the lion’s share of the market. Since February, the number of wallets that hold between 10,000 and 100,000 ETH has been increasing quite steadily. On the bullish take, Mister Crypto compared the current ETH price movement to the 2020 breakout, suggesting that Q2 2025 may be a catalyst for yet another bull run. 

John Morgan has also pointed out a falling wedge pattern on the chart, which has often led to much larger ETH price movements in the past. If ETH can remain above the previously mentioned $1,900 price level, ETH may reach as high as $3,200. The broader ETH market trend has also started to shift toward recovery, supported by increasing trading volume and positive sentiment across major exchanges. For the moment, momentum indicators (MACD, etc.) are bullish, and the price is still above VWAP, with no issues being reported at $1,804. ETH may be getting it back!

Macro Moves Could Be the Catalyst Ethereum Needs

Sure, not everyone’s convinced. Some analysts still expect Ethereum to dip lower—possibly toward $1,130—before any serious upside. However, the overall ETH market trend has recently shown signs of stabilization, with gradual accumulation and a shift in trader sentiment. On the flip side, other analysts believe that increasing network activity and the macroeconomic scene may be laying the groundwork for something big. If the Ethereum whales continue buying and the sentiment is firm, Ethereum may be just starting to get warmed up. Let’s take a closer look at the 5-minute chart to break down what the short-term price action is telling us right now.

ETH Price Action Analysis

Ethereum’s 5-minute chart reveals significant volatility and structured movements over the analyzed period. Initially, ETH price action formed an ascending channel that broke near the $1,840 mark—coinciding with an overbought RSI zone and a MACD death cross. This led to a sharp decline, carving out a descending channel and finding temporary support around $1,765, aligning with the oversold RSI reading and a golden cross on the MACD. The recovery that followed was supported by a bullish channel structure, with the price gradually climbing toward $1,820 before consolidating sideways within a tight range. RSI oscillated between 35 and 70, indicating a neutral momentum, while frequent MACD golden and death crosses reflected short-term indecisiveness.

Chart 1, Analyzed by Alokkp0608, published on April 5th, 2025

The broader trading range is defined between the $1,765 support level and the $1,840 resistance zone. ETH Price has respected these boundaries, failing to break either decisively. The current upward-sloping channel suggests moderate bullish sentiment, though the recent death cross and declining RSI near 35 hint at potential short-term weakness. MACD remains slightly bearish, reinforcing cautious momentum. As long as price remains above the midline of the channel, the bullish structure remains valid, but a break below $1,790 could signal a return to the lower range.

Conclusion: Will ETH Break Out or Break Down?

Ethereum’s present composition provides a mixed but interesting tableau. While Ethereum whales are accumulating in a sign of potential upside and the falling wedge historically has been bullish, the technical short-term indicators are showing signs of hesitation. 

The 5-minute chart does demonstrate organized movement on a rising channel, but a recent MACD death cross along with a declining RSI to 35 should put us on notice. ETH Price has maintained a decent distance above VWAP and the $1,804 hold level, maintaining a near-term bullish structure unless ETH takes a dip below $1,790. If buyer pressure returns and momentum pushes above the $1,840 resistance, we may see Ethereum retest the $1,900 breakout. The following levels should be monitored closely for possible price swings, given ETH’s balance between whale-driven optimism and a short-term technical picture doing the opposite.

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