Ethereum (ETH) is flashing a confluence of bullish technical and on-chain signals that could propel its price toward key resistance levels between $4,400 and $4,800 in the near future. A recent MACD (Moving Average Convergence Divergence) bullish crossover on the price chart is being highlighted as a significant momentum indicator. This crossover, where the short-term moving average crosses above the long-term average, has historically preceded substantial price gains for ETH, including rallies in 2025.
The analysis identifies two critical price targets: $4,811.71 and $8,557.68. Breaking past the first major resistance at $4,811.71 is seen as a crucial step that could confirm a larger bullish trend and provide momentum toward the higher target. Ethereum has been in a recovery phase after consolidating around $2,800.
On the institutional front, SharpLink Gaming (SBET), noted as the second-largest ETH treasury, has fully committed to Ethereum staking. Over the past seven months, SBET has accrued staking rewards of 10,657 ETH, valued at approximately $33 million, and recently added another 438 ETH to its treasury, bringing its total holdings to 864,840 ETH. The company also restaked $170 million worth of ETH on the Linea network, signaling strong institutional confidence.
Market structure analysis reveals significant leverage clusters. While leveraged longs around $2,730 helped push ETH past $3,000, a heavy concentration of nearly $3 billion in short positions sits at the $3,400 level. A price tap at this zone could trigger a short squeeze, potentially accelerating upward movement.
Despite low network transaction fees suggesting subdued general demand, significant whale activity hints at quiet accumulation. Data from HyperLiquid DEX shows one whale opening a $62 million ETH position with 3x leverage, and another placing a $104.5 million bet on ETH with 15x leverage. Furthermore, Ethereum's price action has flipped a multi-month descending channel, with analyst NekoZ setting a breakout target at $4,400, contingent on a successful retest of the broken resistance as support.
