Quick overview
- Ethereum has surged past major altcoins due to strong buying demand, rebounding from a sharp drop in Q1.
- It has recently broken above the $1,861 mark and is currently stabilizing around $2,200, with potential to rise towards $2,550.
- Institutional interest is growing, as evidenced by significant purchases from firms like Abraxas Capital and a notable drop in Ethereum's exchange reserves.
- The Ethereum Foundation has allocated $32.64 million in grants to enhance various aspects of the Ethereum ecosystem.
Live ETH/USD Chart
Ethereum surged, surpassing major altcoins due to strong buying demand in the cryptocurrency market. Since the last week of April, Ethereum has rebounded from a sharp drop in Q1 following President Trump’s tariffs on foreign trading partners.
Ethereum has spent more than two weeks settling between the $1,700 and $1,861 ranges. It broke above its upper consolidation boundary around the $1,861 mark and posted double-digit gains.
A bullish move was also indicated by the fact that it closed above its descending trendline, which was formed by joining several high levels since early January. As of this writing on Friday, it is leveling off at about $2,200.
ETH may rise toward the $2,550 resistance if it maintains the $2,200 support line.
A strong move above this resistance might signal the start of a significant recovery. However, the Relative Strength Index (RSI) and the Stochastic Oscillator validate exhaustion. Additionally, both technical indicators in the overbought area allow for a possible short-term correction.
Institutions and whales are displaying a preference for the leading altcoin after its rise. Based on data from on-chain alerter Lookonchain, digital asset investment firm Abraxas Capital purchased 49,644 ETH using Binance and Kraken.
Ethereum’s exchange reserve has dropped by 132,000 ETH over the last four days, bringing its total decline since April 24 to 323,000 ETH. This indicates that buying pressure is present.
Developers hope to release Fusaka amid the upcoming update.
Ethereum Foundation (EF) declared that in Q1 of 2025, it gave $32.64 million in grants to several Ethereum ecosystem projects.
The funded projects seek to enhance Ethereum in several important areas: the execution layer, protocol growth and support, developer experience and tooling, cryptography and zero knowledge proofs, consensus layer, community and education, and protocol.
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