On April 23, 2025, Ethereum (ETH) showed strong price performance, currently priced around $1,700, up approximately 3.62% from the previous day. Its 4-hour candlestick chart shows a clear upward trend, and the daily chart indicates a strong rebound, with the MACD technical indicator in a bullish trend, and the EMA forming a golden cross. In the past two weeks, the price of Ethereum has climbed from an annual low of $1,385 on April 6 to break through the $1,750 mark on April 23, with a cumulative increase of 26.3% over two weeks, and a single-day maximum increase of over 10%. On April 23, the closing price was $1,796.19, with a single-day increase of $219.44, a rise of up to 13.92%.

From a technical perspective, after Ethereum broke through $1,600 on April 9, it continuously broke through the key resistance levels of $1,688 and $1,700. The daily MACD indicator formed a golden cross above the zero axis, and the red three soldiers pattern confirmed a short-term bullish trend. The middle band of the Bollinger Bands at the weekly level (approximately $1,720) was also strongly broken. However, Ethereum is about to test the key resistance level of $2,330, with over 6.28 million ETH fluctuating between $2,295 and $2,350, forming a significant resistance area that may hinder further upward movement.

From the perspective of market sentiment and investment behavior, despite weakened whale activity and a sharp drop in fees, retail investors are cautiously optimistic. The net outflow report from exchanges shows that this week, the outflow of ETH was 29,948, equivalent to a 1.96% decrease in the total balance of trading platforms, indicating that retail investors are increasingly holding their assets, anticipating a possible increase in the future. In addition, the staking ratio of Ethereum has reached a new high, exceeding 20%, reducing circulating chips and constructing a new logic of supply-demand balance. The Layer 2 ecosystems (such as Arbitrum and Optimism) are also thriving, continuously raising the actual usage demand for the main chain ETH.

From a more macro perspective, the dramatic changes in the Federal Reserve's monetary policy expectations constitute one of the core variables for Ethereum's price. After Trump pressured Powell to 'immediately cut interest rates' on April 17, the market's forecast for the probability of a rate cut in June jumped from 32.8% to 61.8%. This shift led the US dollar index to fall to a new low for the year, prompting funds to flow into high-risk asset markets, including cryptocurrencies. This round of ETH price increase resonates with the three major US stock indexes, reflecting a trend of global capital rebalancing from a 'cash is king' strategy to risk assets.