Ethereum (ETH) saw a modest uptick on April 30, bouncing back above $1,800 and reaching a monthly high of $1,837. The main catalyst behind the recovery was news from Trump Media & Technology Group, which announced the launch of a proprietary crypto token and the “Truth” wallet. While the token itself isn't built on Ethereum, the increased media spotlight on blockchain revived interest in altcoins — and ETH benefited.
🔹 Ethereum regains ground and defends key support
After briefly dipping to a weekly low of $1,784, Ethereum rebounded to trade near $1,803, posting a 0.4% daily gain. Over the last 7 days, ETH is up 2.1%, and over the past three months, it has gained 12.9%.
Ethereum remains the second-largest cryptocurrency by market cap, currently valued at over $217 billion. Although trading volumes are slightly lower, they align with a typical consolidation phase, indicating accumulation rather than panic selling.
🔹 ETH holds its ground against Bitcoin
The ETH/BTC pair trades around 0.01905 BTC, showing that Ethereum maintains strength even as the market rotates back into altcoins. This makes ETH a key stabilizer in the crypto landscape.
Trump’s Token: More Than Just Political Hype?
In a letter to shareholders, Trump Media unveiled plans for a utility token and a native Truth Wallet, igniting interest in politically aligned and media-driven blockchain assets. While the new token isn’t on the Ethereum network, the market's renewed attention to crypto infrastructure has a spillover effect on ETH — particularly as a platform for tokenization, NFTs, and enterprise use cases.
Even as the broader market treads cautiously amid delayed SEC ETF decisions, Ethereum has managed to avoid major losses. With institutional attention split between meme coins and established Layer-1s, ETH’s liquidity remains a core strength.
Technical Analysis: Elliott Wave Suggests $1,857 Target
From a technical standpoint, Ethereum is currently forming a clear 5-wave Elliott structure. The price has reclaimed the midline of the Donchian channel and sits above the 20-day moving average, signaling continued bullish control.
🔹 Key levels to watch:
Strong support: $1,681 (aligns with 0.5 Fibonacci retracement of wave 1),
Short-term target: $1,857 (upper boundary of the current range),
Critical support: $1,735 (0.382 Fibonacci level),
Bullish breakout path: Potential return to $2,000 if $1,857 is breached.
Volume delta has cooled to -9.58k, suggesting waning selling pressure — another bullish sign.
What’s Next for ETH Traders?
Ethereum is well-positioned to become the leading network for decentralized financial apps, especially as adoption grows among mainstream corporations, media groups, and even governments.
Traders are now watching whether ETH can sustain above $1,735 and push beyond $1,857, which could pave the way for another run at $2,000.
🔹 A drop below $1,681 could break the current bullish structure and potentially drive ETH down toward $1,500. But as long as the price holds above that line, the bullish outlook remains intact.
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