Ethereum Price Spikes 8.5% Amid Heavy ETH ETF Outflows

Key Insights:

• Ethereum price skyrockets 8.5% despite the ETH ETF recording an outflow of 438 ETH worth $746K in the past 24 hours.
• Ether has finally broken out from a prolonged bearish descending trendline and opened the path for a major rally.
• The daily chart reveals that the ETH price is poised for a 20% upside rally.

Ethereum (ETH), the second-largest cryptocurrency by market cap, is attracting strong interest from investors and traders. The asset’s impressive performance has fueled market optimism despite a recent ETH ETF outflow.

Ethereum Price Jumps 8.5% Despite ETH ETF Outflow

On April 23, 2025, the altcoin led the top 10 cryptocurrencies with an 8.5% rally over the past 24 hours. This notable price surge occurred even as the ETH ETF saw an outflow of over 438 ETH worth $746K in the past 24 hours.

ETF outflows are typically seen as a bearish signal, as they suggest investors are offloading their ETH ETF shares. This conversion to fiat often increases selling pressure, potentially affecting Ethereum’s price momentum.

ETH was trading near $1,812 at press time, having recorded a price surge of over 8.5% in the past 24 hours. Meanwhile, the asset’s trading volume jumped by 45% during the same period. This indicates that trader and investor participation has skyrocketed, potentially due to the bullish price action.

Ethereum (ETH) Technical Analysis and Upcoming Levels

Expert technical analysis suggests that a bullish breakout drove Ethereum’s price rally. The asset surged past a descending trendline, which had been a strong resistance since January 2025.

The breakout, coupled with a candle closing above the trendline, has signaled a shift from a bearish trend to a bullish one. This development has opened the door for a potential upside rally, supported by improving market sentiment.

If Ethereum (ETH) holds above $1,700, it could spark a strong rally. This momentum might propel the asset by 20%, potentially reaching $2,165 in the coming days.

However, the asset remains below the 200-day Exponential Moving Average (EMA) on the daily timeframe. This indicated that it is still in a downtrend with weak momentum.

On the other hand, the ETH bullish thesis will only be invalidated if the asset’s price falls below the $1,700 mark. Otherwise, it is expected to remain bullish and retain its upside potential.

Mixed Sentiment from On-Chain Metrics

Coinglass’s on-chain metrics indicate that long-term holders and investors are offloading their positions. This sell-off appears to react to the recent price surge, potentially affecting market momentum.

Recent spot inflow/outflow data shows exchanges have received $157 million worth of ETH tokens in the last 48 hours. This surge in inflows suggests increased market activity and potential shifts in investor sentiment.

This substantial inflow into exchanges indicates potential dumping and could lead to selling pressure or a price correction.

However, the market has not reacted significantly to this inflow and continues to move upward. At press time, Coinglass’s ETH Exchange Liquidation Map shows traders were over-leveraged at $1,738.

This marked a key support level. Heavy leverage appeared at $1,838.8 on the upper side, establishing a strong resistance zone.

A major liquidation event could unfold if Ethereum surpasses $1,838.8 while market sentiment remains steady. Nearly $313.80 million in short positions would be wiped out, fueling potential volatility.

A massive liquidation event could unfold if Ethereum drops below $1,738.80 amid shifting market sentiment. Nearly $626.11 million in long positions would be wiped out, potentially intensifying selling pressure.

This substantial bet by traders on the long side highlights that bulls have dominated the asset and could continue supporting the upside rally.