- ETH retests $1,750 as fear flips to cautious buying
- Active ETH addresses surge amid market rebound
- ETF staking plans boost long-term ETH interest
Ethereum is trading around $1,754 after a strong 17% rally earlier this week. The bounce occurred as sentiment hit extreme fear levels, with the market recovering sharply afterward. With ETH now retesting a key horizontal support, analysts are watching closely to see if this zone will hold for a further move up.
ETH Retests $1,750 as Sentiment Flips from Panic to Caution
According to an analysis prepared by Daan Crypto, Ethereum is trying to reclaim the $1,750 level, which served as previous support. The trader stated on X, “This would be the first time in months where ETH would be able to retake a previous horizontal level instead of just rejecting and making new lows.” A successful daily close above this area could support a continued bullish trend.
On-chain data also supports the idea of a bounce from fear-driven lows. According to CryptoQuant analyst Carmelo Alemán, Ethereum active addresses rose nearly 10% between April 20 and 22. This increase in network activity coincided with the recent price rally, hinting at renewed interest from market participants as prices recovered.
Ethereum is now trading above both its 10-day and 20-day moving averages, while the Relative Strength Index (RSI) holds near 50, showing neutral momentum. However, the stochastic RSI is nearing its peak, suggesting short-term exhaustion may follow without additional buying pressure.
Traders Monitor Potential Pullback While ETFs and Staking Developments Continue
While momentum remains in play, a potential correction is still being considered. According to a fractal observed by crypto trader RektProof, ETH could revisit $1,380, which aligns with earlier swing lows. This level remains a target if selling pressure increases. For now, $1,660 acts as the first line of support to monitor.
Meanwhile, Ethereum continues to attract institutional attention. The NYSE recently filed to add staking to the Bitwise Ethereum ETF, just weeks after a similar move from Grayscale. If approved, these developments could bring new long-term interest to ETH and its broader ecosystem.
