Ethereum Breaks Past $1,600 Today — Is a Rally to $1,750 Just Around the Corner?

Updated

April 21, 2025

Gambar Ethereum Breaks Past $1,600 Today — Is a Rally to $1,750 Just Around the Corner?

Jakarta, Pintu News – The price of Ethereum stole the spotlight of the crypto market again after breaking through the psychological level of $1,600 today, April 21, 2025. This movement occurred amid positive sentiment from the development of pro-crypto regulations in the United States, especially from the state of Arizona.

With technical indicators starting to show strong accumulation signals and the supply of ETH on exchanges continuing to decline, many analysts expect a potential price surge towards the next resistance area of $1,750 in the near future.

Ethereum Price Up 0.36% in 24 Hours

As of April 21, 2025, Ethereum (ETH) is trading around $1,629, equivalent to approximately IDR 27,386,892. Over the past 24 hours, ETH has posted a modest gain of 0.36%. During this time, the cryptocurrency dipped to a low of IDR 26,496,503 and climbed to a high of IDR 27,545,292, reflecting steady intraday movement within a relatively tight range.

At the time of writing, data from CoinMarketCap shows that Ethereum’s market capitalization stands at around $196.72 billion, with daily trading volume rising 28% to $9.51 billion within the last 24 hours.

Ethereum Held at $1,600, But On-Chain Data Hints at Potential for Big Spike

As reported by Coingape, Ethereum (ETH) is currently stabilizing around $1,600, and on-chain data indicates a possible price spike of up to 80%, as Arizona progresses towards launching a state-backed digital asset reserve.

Senate Bill 1373-known as the Strategic Digital Assets Reserve Bill-just passed one of the important committees in the Arizona House of Representatives this week, marking a major step in crypto policy in the United States.

If passed, SB 1373 would authorize the Arizona State Treasurer to hold and manage a diversified portfolio of digital assets, including Bitcoin , Ethereum, stablecoins, and NFTs.

The bill also provides for crypto assets seized by law enforcement agencies to be managed, as well as allowing states to invest up to 10% of their annual budget into digital assets – potentially attracting hundreds of millions of dollars of new capital into the market.

The price of ETH itself on Saturday, April 19, was recorded to have broken through the resistance level at $1,615, after staying below $1,600 for most of the previous week.

The boost from this legislative success in Arizona sparked speculation about the possibility of a major surge in the crypto market, similar to the 80% rally that occurred after Bitcoin first broke the $50,000 mark following the approval of a spot ETF in January 2024.

$91 Million ETH Withdrawal Indicates Accumulation by Institutional Investors

Based on on-chain data from CryptoQuant, Ethereum balances on crypto exchanges have decreased by more than 3% so far this week.

Between April 17 and April 19, ETH holders withdrew approximately 57,000 ETH-worth more than $91 million based on current prices- shortly after the Arizona legislature passed the Digital Assets Reserve Bill.

This large outflow of ETH suggests that strategic investors are accumulating, preparing for possible major changes in the market.

Historically, large movements of Ethereum out of exchanges during price consolidation phases are often considered to signal the formation of a bottom or the beginning of a bullish trend reversal.

Ethereum Price Prediction Today: Upward Momentum Toward $1,750 as Supply on Exchanges Shrinks

By the end of the week, Ethereum was trading at $1,619, showing early signs of upward momentum following positive sentiment from Arizona’s pro-crypto policies.

Today’s Ethereum price prediction is bullish, with technical indicators supporting strong accumulation signals, opening up opportunities for ETH to break through the resistance zone at $1,750 to $1,800.

The Bollinger Bands are beginning to narrow, and the price is moving near the center line at $1,657, hinting that volatility expansion is likely imminent.

With ETH price trying to hold around the 20-day moving average, Ethereum is attempting a trend reversal from oversold conditions.

The Delta Volume Indicator shows positive net inflows in the last 48 hours, with buy volume (green bars) outperforming sell volume (red bars), reinforcing the bullish divergence.

If ETH is able to close daily trading above the $1,657 mid-band resistance, the next target is to reach the upper Bollinger Band at $1,896. A daily close above $1,700 could even confirm the end of the previous downtrend.

However, if it fails to maintain the support level at $1,585, ETH risks dropping to the lower Bollinger Band at $1,418. Nevertheless, with the tightening volatility and improving volume structure, the biggest opportunity now still points to an upward movement.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

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