As of April 23, 2025, 3 PM, the price of Ethereum (ETH) is reported at $1,789, with a 24-hour increase of 13.46% and a significant trading volume of 12,379,500 ETH, indicating a complete recovery in market sentiment. Technically, ETH continued its upward trend after breaking through the four-hour EMA30 moving average (at $1,720), with the RSI indicator remaining in the neutral zone at 55, and the MACD golden cross releasing bullish signals, short-term prospects may challenge the previous high resistance at $1,820. On the daily level, consecutive bullish candles broke through the middle line of the Bollinger Bands; if it stabilizes at $1,820, the next target will point to the weekly resistance level of $1,880.

From a fundamental perspective, there are clear signs of ecosystem recovery for Ethereum: the Layer 2 networks Arbitrum and Optimism have seen their TVL rebound to $25 billion, and the trading volume of Uniswap V4 has increased, boosting the demand for ETH as a settlement layer; Curve Finance's TVL has surpassed $5 billion, with an increase in stablecoin trading volume, and DeFi activity has significantly warmed up. On-chain data shows that 4,000 ETH was transferred out of exchange wallets within 24 hours, alleviating selling pressure, with the staking rate dropping to 27%, and Lido's market share at 28.04%. The net outflow of staked ETH has slowed following the Shanghai upgrade.

In terms of market risks, we need to be cautious of the pullback pressure after Bitcoin (BTC) breaks through $94,000. If ETH fails to hold the support at $1,720, it may test $1,650. Additionally, the regulatory investigation by France into Binance may trigger market volatility, and attention should be paid to the SEC's cryptocurrency policy meeting on April 25. Overall, ETH is biased towards strength in the short term supported by ecosystem recovery and capital inflow, but it is necessary to monitor the sustainability of trading volume and macro policy risks.