Ethereum’s value is exhibiting signs of recuperation
ETH value has regained the $1,817 mark on May 1, 2025, after plummeting to $1,737 on April 30.
Ethereum’s Pectra upgrade is set for May 7, introducing 11 Ethereum Improvement Proposals.
Technical indicators demonstrate a possible bullish trend with a Dragonfly Doji formation.
Surpassing the $2,200 mark could initiate a surge towards $4,000, as per analysts.
Whales have acquired almost 30,000 ETH (amounting to $50.24 million) in under 4 hours.
Ethereum’s value has been revealing indications of recovery, rising back to $1,817 on May 1 after experiencing a dip to $1,737 the day before. The second-largest cryptocurrency has been undergoing a series of fluctuations as traders look for signs of a prolonged upward trajectory.
On April 30, ETH commenced the day with a brief increase prior to forming a pin bar signal. This was succeeded by a full-body red candle that drove the price downward. Resistance was encountered at $1,809, leading to a short-term bearish trend, validated by a Death Cross on moving averages at 01:05 UTC.
The price subsequently found support at $1,790 and progressed within an upward channel. Following a test of resistance at $1,812, ETH began to decline once more. Support was identified at $1,792, and the price transitioned within an ascending channel, reaching a peak of $1,816.
By noon, a pin bar served as a signal bar, followed by a full-body red candle, which led to a marked decline. A Death Cross on MACD appeared at 12:10 UTC, affirming this downtrend. The price broke down at 12:35 UTC, driving ETH to a low of $1,737.
An RSI Oversold territory was identified at 13:50 UTC, suggesting a possible trend reversal. The price found support at $1,737 and started to move upwards. A Golden Cross on MACD at 14:15 UTC confirmed this bullish momentum.
The Pectra Catalyst
The forthcoming Pectra upgrade, scheduled for May 7, could be the catalyst that releases ETH from its extended consolidation phase. This update concentrates on three essential areas: scalability through layer-2 solutions, enhancements to user experience, and improvements in staking efficiency.
The upgrade will introduce 11 Ethereum Improvement Proposals (EIPs). A significant improvement is EIP-7702, which will enable conventional user wallets to temporarily function as smart contracts. This opens up new avenues such as allowing tokens other than ETH for gas fee payments and fee sponsorship.
These advancements could significantly lower entry barriers for non-technical users, particularly in gaming, payments, and mobile applications where poor user experience has consistently hindered widespread adoption.
Concerning staking, various EIPs will bring substantial changes that would entice institutional players. Validators will be allowed to stake up to 2.48 ETH (an increase from the current maximum of 32 ETH), and the onboarding and exit processes will be streamlined.
Technical Patterns Indicate Possible Gains
ETH has formed a rare monthly Dragonfly Doji candlestick pattern—the same pattern that preceded its 25,000% surge during the 2017 bull run. This formation typically signifies a rejection of lower prices and the potential recovery of bullish momentum.
Ethereum is also retesting its long-term parabolic support zone, which historically has served as a launching point for new uptrends. On-chain data supports a resurgence, with the MVRV Z-Score returning to its historical accumulation zone.
Technical assessment from Rose Premium Signals emphasizes ETH’s potential to extend its rally, but the altcoin must surpass the $2,200 threshold. Once this level is breached, a vigorous rally towards the $4,000 target could be instigated.
This analysis coincides with the views of crypto expert Kamran Asghar, who asserts that Ethereum is gathering momentum within a Bull Flag formation. Asghar affirms that the altcoin has executed a Golden Cross, signaling increasing momentum, but underscores that “ETH needs to conclude above $2,200 for a bullish trend.”
The anticipated rally is likely to be bolstered by refreshed interest from whales. On-chain data indicates that large investors acquired nearly 30,000 ETH, valued at $50.24 million, in under 4 hours, reflecting robust confidence in the altcoin’s long-term outlook.
As May 1 unfolds, ETH continues to exhibit strength near the $1,817 level, with the potential for further advancements if it can sustain momentum above key resistance points.
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