On April 23, 2025, the price of Ethereum (ETH) is trading at approximately $1,789, after a 10% increase in the last 24 hours. This rebound is attributed to short position covering on the Chicago Mercantile Exchange (CME), where open interest in Ethereum futures fell from 20% in November 2024 to around 5% in April 2025.  
Technical Analysis
• Moving Averages: Momentum indicators such as the Moving Average Convergence Divergence (MACD) show neutral signals, indicating investors' hesitation to take strong positions at this time. 
• Chart Patterns: Some analysts see the formation of a 'descending wedge' pattern, which often precedes a bullish breakout, indicating a continuation of the current upward trend. 
Short-term Forecast
• Expected Trading Range: Forecasts suggest that the price of Ethereum may range between $1,685 and $1,695 during the current week, with the possibility of exceeding $1,700 if the upward momentum continues. 
• Resistance and Support Levels: The $1,800 level is considered a key resistance, and if it is broken consistently, the price may target $2,000 in the coming days. 
Long-term Forecast
• End of 2025: Some forecasts suggest that the price of Ethereum may reach an average of $5,025 by the end of 2025, supported by increasing institutional interest and the expansion of network uses. 
Factors to Watch
• Technical Indicators: Monitoring momentum indicators like MACD and RSI can provide signals about the future price direction.
• Economic Events: Developments in global monetary and economic policies may affect investor appetite for digital assets.
• Network Developments: Any updates or changes to the Ethereum protocol may affect investor confidence and the price of the currency.
