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 $94,000, and a 24-hour increase of over 5%. Ethereum (ETH) performed even stronger, with a rise of 13%, surpassing $1,750 and peaking close to $1,800. Market sentiment has shifted to greed (Fear & Greed Index at 72), with significant capital inflows; Bitcoin ETF saw a net inflow of over $900 million in a single day, and Ethereum ETF also experienced an inflow of $38.74 million.

2. Key Drivers for Bitcoin (BTC)

Increased Safe-Haven Demand: Trump pressures the Federal Reserve to cut interest rates, exacerbating market concerns over the stability of the dollar, leading capital to flow into BTC as a hedge.

ETF Inflows: From April 21-22, BTC ETF net inflows exceeded $1 billion, with Coinbase premiums returning, indicating a restoration of institutional confidence.

Technical Breakthrough: BTC broke through the resistance zone of $88,000-$93,000, with the MACD golden cross continuing, and OBV showing sustained capital inflows. Short-term support is at $90,000; if it stabilizes above $93,000, the target may be $95,000.

3. Factors Driving Ethereum (ETH) Upward

Futures Basis Convergence: CME ETH basis decreased from 20% to 5%, as arbitrage capital withdrew and shorts covered, driving price rebound.

Pectra Upgrade Expectations: 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 Rebound: From 0.01765 rebounding to 0.0191, indicating a restoration of market confidence in the Ethereum ecosystem.

4. Short-Term Risks and Outlook

BTC: RSI (74.49) is close to overbought; if it corrects, it may test the $90,000 support. Standard Chartered predicts that if concerns over Federal Reserve independence persist, BTC could surge to $200,000.

ETH: The $1688-$1750 range is key; if support holds, the upward target is $1830-$1930. Caution is needed before the release of CPI data on April 25 regarding short selling.

5. Conclusion

Today's rebound is driven by macro policies (interest rate cut expectations), capital inflows (ETFs), and technical upgrades (Pectra). BTC may experience high-level fluctuations in the short term, while ETH could continue its strong performance due to ecosystem upgrades, but caution is warranted regarding the risk of overbought pullbacks.