Whales Turn Active After Ethereum’s Strong Recovery: What’s Next for ETH Price?

Ethereum's price has jumped after being stuck in a slump for several weeks, helping it in gaining some market dominance after hitting record lows. The crypto market started to bounce back after U.S. Treasury Secretary Scott Bessent reportedly said in a private meeting that the trade tensions between the U.S. and China can’t last much longer. As ETH began to recover strongly, whales started getting more active, which could lead to increased price swings ahead.

Ethereum’s Open Interest Jumps Over 12%

Ethereum has seen a strong upward rally in the past few hours, gaining over 10% in just 24 hours. This sudden spike has also caused a noticeable rise in several on-chain metrics.

According to data from Coinglass, around $127 million worth of Ethereum positions were liquidated in the last 24 hours. Of that, buyers lost about $34.2 million, while sellers were hit harder, closing out $92.8 million in short positions.

Ethereum's market dominance has also gone up. On April 22, it dropped to just 7%, the lowest level since September 2019, according to TradingView. But after the recent price jump, its market share bounced back and climbed above 7.5% by April 23. Additionally, the large transaction volume jumped by almost 400%, touching 4.64 million ETH.

What’s Next for ETH Price?

Ether (ETH) has recovered after dropping to around $1,500, and sellers are having a hard time pushing it any lower. Buyers have stepped in and pushed the price past some important short-term resistance levels. Now, ETH is aiming to stay above the $1,850 mark. Currently, it's trading at about $1,816, which is over an 11% gain in the last 24 hours.

This price surge followed comments from former President Trump, who said U.S. tariffs on Chinese goods "will come down substantially," and Treasury Secretary Scott Bessent, who described the ongoing U.S.-China trade dispute as "unsustainable", both hinting that a resolution might be coming soon.