Ethereum Price Primed for Upside Amid Mixed Sentiment?

Key Insights:

• Ethereum whale buys $4.75M on Binance, signaling renewed large-scale accumulation near the $1,800 level.
• Ethereum’s MVRV Z-score is at historical lows, mirroring past bottoms followed by 12-month recoveries.
• Liquidation zones stack above $1,835 and below $1,780, indicating potential volatility from trapped positions.

Ethereum (ETH) price was trading around $1,827 at press time. It showed early signs of a possible upward move. Liquidity pools above and below the current range suggest that the price may soon change direction.

Market participants are closely watching Ethereum ahead of its Pectra upgrade scheduled for May 7. Both technical data and recent whale activity signaled renewed momentum.

Mixed Sentiment and Exchange Activity Reflect Price Stability

Ethereum price has maintained a stable range between $1,800 and $1,850 in recent trading sessions. Exchange data points to cautious optimism, with the Smart Price increasing by 0.13%. It signaled a slight buy-side bias.

At the same time, the bid-ask volume imbalance at -1.03% showed that sellers were still active during this consolidation phase. Investor sentiment remained divided.

MarketProphit data showed the crowd leaning bearish, while its internal sentiment model turned slightly bullish. On-chain data supported a stable environment. Network growth stood at 0.46%, showing Ethereum attracted new users at a steady rate.

The number of ETH wallets in profit was flat at -0.04%, meaning most holders were at breakeven. It reduced panic selling and supported long-term holding behavior. Whale wallet concentration also remained unchanged, suggesting larger investors were neither accumulating nor exiting in large volumes.

Whale Activity and Liquidity Clusters Guide Market Expectations

A notable Ethereum whale recently purchased $4.75 million worth of ETH coins on Binance. This transaction reflected growing interest at current levels and reinforced the $1,800 area as a potential accumulation zone. Whale buying at this stage may influence broader investor sentiment.

Meanwhile, liquidation data showed that price action could be drawn to both sides of the market. Long liquidation clusters exist from $1,800 down to $1,780, while short liquidations are concentrated above $1,835 and extend beyond $1,870.

Analyst Kingfisher commented that “substantial liquidity exists both above and below current price,” indicating possible volatility.

These zones often act as triggers. In early April, the market experienced a flush of long positions. Recently, short liquidations have increased, particularly during the price rally in late April. This shift shows that bearish positions are being unwound, which can often precede upward moves.

Technical Rebound and Resistance Levels in Focus

Ethereum price has rebounded from the $1,570–$1,600 support range. That showed strong buying interest with a green weekly candle. It also signaled demand at lower levels.

Crypto analyst Crypto Tony stated, “$1,880 is the next level for the bulls to take out.” If broken, ETH could test the $2,130 resistance, a key zone from earlier rallies.

The asset previously dropped nearly 60%, from above $3,500 to around $1,500. Such deep corrections often precede trend reversals. The recent move has reduced excess leverage, leading to a more stable price environment.

Traders now look focused on whether ETH can stay above $1,800 and push higher. With reduced volatility and firm technical support, conditions may favor continued upside momentum.

Valuation Metrics and Upgrade Outlook Support Bullish Case

Ethereum’s MVRV Z-score, comparing market value with realized value, indicated very low values. It was similar to when ETH was at historical lows. The current time, according to analyst Michael van de Poppe, appears quite similar to past cycle bottoms in August 2022, March 2020, and January 2019.

In fact, every time one of these periods occurred, there followed a strong price recovery within one year. Other on-chain indicators remained stable.

According to Whale Alert’s data, large ETH transactions are down by 2.81%, but whale wallet behavior hasn’t changed much. It indicated a period of temporary institutional inactivity instead of a large sale.

Ethereum’s Pectra upgrade is also something investors are looking forward to. This update is part of an ongoing effort to make the blockchain more scalable and performant. Additionally, Ethereum’s role for secondary Layer 2 networks and real-world asset tokenization also plays a part in sustaining its long-term outlook.

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