Analysis of Ethereum (ETH) and Bitcoin (BTC) Trends Today (April 23, 2025)

1. Overall Market Performance

The cryptocurrency market rebounded across the board today, with Bitcoin (BTC) breaking through $93,000, reaching a high of nearly $94,000, and a 24-hour increase of over 5%. Ethereum (ETH) performed even stronger, rising by 13%, with prices surpassing $1,750, peaking close to $1,800. Market sentiment has shifted to greed (Fear and Greed Index at 72), and there has been a noticeable inflow of funds, with Bitcoin ETFs seeing a net inflow of over $900 million in a single day, and Ethereum ETFs also experiencing an inflow of $38.74 million.

2. Key Drivers for Bitcoin (BTC)

Increased Safe-Haven Demand: Trump presses the Federal Reserve to cut interest rates, raising concerns about the stability of the dollar, leading funds to flow into BTC as a hedge.

ETF Inflows: From April 21-22, BTC ETF net inflows exceeded $1 billion, and the Coinbase premium has returned, indicating a restoration of institutional confidence.

Technical Breakthrough: BTC has broken through the resistance zone of $88,000-$93,000, with the MACD golden cross continuing, and OBV showing sustained fund inflow. Short-term support is at $90,000, and if it holds above $93,000, the target may be $95,000.

3. Reasons for Ethereum (ETH) Rise

Convergence of Futures Basis: CME ETH basis has decreased from 20% to 5%, with arbitrage capital exiting, and short covering pushing the price rebound.

Expectations for Pectra Upgrade: The upgrade on April 25 will optimize transaction costs (down to $0.001) and increase TPS to 20,000, stimulating DeFi TVL growth by 18% to $46.7 billion.

ETH/BTC Exchange Rate Recovery: Rebouncing from 0.01765 to 0.0191, indicating a restoration of market confidence in the Ethereum ecosystem.

4. Short-Term Risks and Outlook

BTC: RSI (74.49) is nearing overbought levels, and if a pullback occurs, it may test the $90,000 support. Standard Chartered predicts that if concerns about the independence of the Federal Reserve persist, BTC could reach $200,000.

ETH: The key range is $1,688-$1,750, and if it maintains support, the upside targets are $1,830-$1,930. Be cautious of short-selling attacks before the CPI data release on April 25.

5. Conclusion

Today's rebound is driven by macro policies (expectations of interest rate cuts), fund inflows (ETFs), and technical upgrades (Pectra). BTC may experience high-level fluctuations in the short term, while ETH could maintain strength due to ecosystem upgrades, but caution is warranted for potential overbought pullback risks.