Ethereum (ETH) is trading at $2,391, marking a 2.74% increase, as it tests a critical technical resistance level. The price is pressing against the upper Bollinger Band at $2,474, while the daily Moving Average Convergence Divergence (MACD) indicator has turned positive for the first time since February, signaling a potential shift in momentum.
Fundamental support comes from sustained institutional interest. Ethereum spot Exchange-Traded Funds (ETFs) recorded net inflows of $43.36 million on April 21, marking the ninth consecutive day of inflows. This brings the total net assets under management for these products to $13.66 billion.
Adding a bold long-term perspective, the entity Etherealize has published a price target of $250,000 for ETH. Their thesis argues that Ethereum represents the first monetary asset in history that can compound in value without counterparty risk, positioning it as superior to Bitcoin.
However, technical analysts warn the recent rally may be deceptive. According to analysis from MoreTradingOnline, the bounce from Sunday's low exhibits a corrective 'B-wave' structure within a larger Elliott Wave correction. This pattern often sets up for a deeper decline. The key level to watch is $2,420; a sustained close above this price is required to confirm a genuine bullish breakout and invalidate the corrective wave count.
If ETH fails to break and hold above $2,420, the analysis suggests a subsequent 'C-wave' drop could target the $2,176 to $2,037 range, representing a potential 12% decline from current levels. The asset has been consolidating between $2,000 and $2,400 for several weeks, with bears successfully containing previous rallies.
