$ETH Ethereum Eyes $2,000 as Bullish Momentum Builds

As of April 24, 2025, Ethereum (ETH) is trading around $1,792, reflecting a significant rally of over 10% in the past 24 hours. This surge is attributed to declining short positions on the Chicago Mercantile Exchange (CME), where the basis has dropped from 20% in November 2024 to approximately 5% in April 2025. Technical indicators, including a bullish engulfing pattern on the weekly chart, suggest strong momentum favoring buyers. Analysts predict that a sustained move above the $1,800 resistance level could propel ETH towards the $2,000 mark and beyond. Additionally, Ethereum ETFs have reported net inflows of +8,156 ETH, equivalent to $14.62 million, indicating growing institutional interest. While the market sentiment is bullish, with a Fear & Greed Index score of 72 (Greed), investors are advised to monitor key support levels around $1,688 to mitigate potential downside risks.