Ethereum (ETH) Price Reclaimed the $1,800 Level, Rising over 10% in 24 Hours

Ethereum price reclaimed the $1800 level on Apr. 23, rising over 10% in 24 hours. Bitcoin traded above $93,000, with altcoins like XRP and Dogecoin reacting sharply.

The price of Ethereum has risen by more than 11% in the past 24 hours, reaching a high of $1,800 as traders reacted to a slew of bullish signals.

At press time, the second-largest cryptocurrency was trading at $1,796, up 10.6%. Its 24h volume also spiked by 73%, which Lookonchain attributed to a series of large trades.

One whale, who previously lost $40 million during the April 9 crypto crash, returned to buy 19,973 ETH at $1,740 using 34.75 million USDT borrowed from Aave. Another large address was spotted withdrawing 5,531 ETH—nearly $9.8 million—from Binance, signaling long-term confidence in the world’s second-best token.

This rally follows a $38.74 million net inflow into Ether ETFs on April 22, the first in 10 days.

Technical signals also supported the recovery. ETH broke out of a descending channel, with RSI at 54.75 and MACD flashing green. Popular trader Christiaan set a $2,690 target for the token after the breakout.

Ash Crypto claimed ETH “is about to explode,” while Rekt Capital highlighted a bounce in ETH dominance from the 2019 lows.

However, the $2,000 barrier remains key for sustaining the broader altcoin season.

Bitcoin price hovered above the $93,000 level as the crypto market reacted to ETF flows, whale activity, and macroeconomic signals.

At press time, BTC was trading at $93,084, showing a slight 0.3% decrease over the past 24 hours.

After hitting lows of $60,000 in March, Bitcoin price staged a swift recovery. This rally was fueled by several factors, including increasing interest in crypto ETFs, significant bitcoin accumulation by whales, and anticipation of a new altcoin season.

Earlier this week, Benzinga reported on a $38.74 million net inflow into Ether ETFs on April 22—the first such inflow in 10 days.

According to crypto analytics firm Lookonchain, one whale who previously racked up a staggering $40 million loss during the April 9 crypto crash returned to invest a smaller fortune in a single day. The crypto whale was spotted on Saturday transferring 19,973 ETH at an average price of $1,740 for a total value of 34.75 million USDT.

The funds used for this purchase were borrowed from Aave at an interest rate of 0%, and the entire transaction was executed in a single day. Another large address was seen withdrawing 5,531 ETH, valued at nearly $9.8 million, from Binance.

This action might signal the whale’s long-term confidence in the world’s second-best token.

Its price is now up 10.5% in 24 hours.

Earlier this week, crypto analytics firm Glassnode reported that the International Monetary Fund (IMF) has revised down its projections for U.S. GDP growth in 2024.

The global lender now anticipates a slowdown to 1.8%, signaling a less robust recovery than previously estimated. This adjustment follows a strong first quarter for the U.S. economy, which saw an impressive 1.3% quarter-on-quarter increase in GDP.

Historically, cryptocurrencies like Bitcoin have benefited during periods of U.S. economic weakness, as investors seek alternative assets and macroeconomic uncertainty favors decentralized assets.

Moreover, a slower growth outlook could potentially influence the Federal Reserve's stance on interest rate cuts. Paymon Baltazar, a technical analyst at crypto trading firm Eight Global, highlighted the possibility of a 0.25% interest rate cut by the fourth quarter of 2024 if the U.S. slips into a recession later this year.

The prospect of interest rate cuts is bullish for cryptocurrencies, which tend to perform better in a low-rate environment. A decrease in interest rates would likely lead to a shift in capital flows from fixed-income instruments, such as bonds, to cryptocurrencies as investors seek higher yields.

In the broader cryptocurrency market, altcoins reacted sharply to the market-wide spike.

Dogecoin price rose amid speculation over a spot ETF.

Dogecoin (DOGE) price traded at $0.182 at press time, showing a 1.9% increase over the past 24 hours. The memecoin was on the verge of breaking out of a key resistance level and forming a “Golden Cross” in technical analysis.

Dogecoin price also broke above a falling wedge structure, which is a