ETH Price Eyes $2K Breakout As Bulls Defend $1800 Support Level

Ethereum (ETH) price is showing early signs of a bullish reversal, holding firm near the $1,800 support level.

After rebounding from $1,750, ETH price has printed multiple long-tail bullish candles, indicating strong buying pressure.

With whales accumulating over 130,000 ETH in the past 24 hours and Ethereum futures open interest hitting $20.63 Billion, bullish sentiment continues to grow.

Furthermore, technical analysis reveals a Wyckoff accumulation pattern, suggesting a breakout above $2,000 could be on the horizon if momentum builds.

Ethereum Price Holds $1,800 Amid Bullish Price Action

Ethereum price is still in a falling channel and has been trying to bounce from the critical $1,800 support.

It rebounded from a low of $1,750 and formed a bullish engulfing pattern with long lower wicks, indicating that buyers are back in the market.

Intraday, it was priced at $1,790.02 the formation of two bullish candles in a particular period suggests that a morning star pattern is formed, which is a signal of an upside reversal.

The RSI for Ethereum is at the oversold level, and it seems to be starting to bounce up.eth

This may be a sign that the balance may be slowly tipping in favour of the buyer.

Wyckoff Accumulation Pattern Hints at a Breakout

Ethereum (ETH) current price movement aligns with the Wyckoff accumulation model.

According to chart analysis shared by Crypto Patel, ETH price has passed through Phases A, B, and C of the Wyckoff pattern.

Phase A established a strong support base, while Phase B featured multiple secondary tests that confirmed demand strength.

The price has now entered Phase C, known as the “Spring.” This phase often causes a final dip below support to trap sellers before a quick recovery.

Ethereum price action confirms this dip-and-rebound pattern. The next stage, Phase D, involves a breakout with a sign of strength (SOS), typically followed by a sustained upward move.

If the Ethereum (ETH) price crosses the local horizontal trend line, it would indicate that it has entered phase D and, therefore, a probability of moving even higher.

The final Phase E would, therefore, show the prices escalating beyond major resistance levels.

On-Chain Data Shows Bullish Momentum

Despite concerns about network performance, Ethereum whales have continued to accumulate.

According to IntoTheBlock, large wallets added over 130,000 ETH in 24 hours.

NetFlow data also remains positive over the past week, showing consistent inflows from large holders.

This behavior demonstrates growing confidence in Ethereum’s recovery.

The daily active addresses in Ethereum have decreased, as well as the overall burned fees in the network in Q1 2025.

The data from CryptoQuant also showed that the count of active addresses has dropped to 333,000 from 600,000 this January.

Meanwhile, the total burned fees declined, putting inflation pressure on the system.

However, whales are accumulating, which can turn favorable once again.

Ethereum (ETH) Futures Activity Fuels Recovery Outlook

Ethereum derivatives data further support the bullish narrative. Intraday, open interest in Ethereum futures fell by 3.00% to reach $20.07 Billion.

This suggests renewed interest from leveraged traders positioning for a price rally.

Additionally, the funding rate flipped to -0.0050%, indicating that long holders are being rewarded to maintain their positions.

Looking back at the last 12 hours, the long/short ratio went from 0.9505 to 1.0202.

This spike shows the trend of long positions and the rising level of confidence amongst traders.

Consequently, there is an increasing activity of futures, supported by stable Ethereum (ETH) prices at key support levels.

The support levels for Ethereum between $1600 and $1800 are still intact.

The next level of the resistance is $2,042, which is followed by a price target of $2,600 based on the Wyckoff pattern.

Such a transition may take the rally to $3,500 in the long run, beyond this level.