- Ethereum is showing signs of life after its recent slide, but don’t cue the victory lap just yet.
- Momentum flickers hint that the bulls might just be lacing up their boots.
There’s no doubt – Ethereum [ETH] is showing signs of life after its dip below $1,400. But let’s not mistake this “relief rally” for a confirmed trend reversal just yet.
According to AMBCrypto, thanks to some quiet whale accumulation, Ethereum’s back from the brink.
Still, the lack of a strong bid-side push means capitulation risk hasn’t fully left the chat. In short: ETH’s not dead, but it’s not ready to sprint either.
That said, early recovery signs are emerging. The bulls may not be charging yet, but they’re definitely warming up.
Bulls might be lacing up for a run
Check out the monthly and weekly price snapshots, and suddenly, this theory clicks. While Ethereum’s in the red for the month, Bitcoin [BTC] flexed a solid 13% move.
But zoom in, and the story flips. On the weekly chart, Ethereum is outperforming, putting up double the gains compared to BTC.
This suggests capital rotation back into ETH, especially with BTC approaching a key overhead supply zone at $96k – where resistance may cap further upside.
Source: CoinMarketCap
Additionally, the RSI on the ETH/BTC daily chart is trending up after a long stint in oversold territory throughout April, signaling a potential momentum shift.
These technicals are backing AMBCrypto’s thesis.
Add in some heavy whale accumulation, and Ethereum smashing through the $1,900 resistance is looking more likely by the day.
Ethereum’s soft reboot
The bullish case for Ethereum just got a major boost. Data from Glassnode showed a sharp uptick in First Buyers, meaning fresh wallets are grabbing ETH for the first time since February.
Plus, Momentum Buyers – those short-term traders jumping in during rallies – are ramping up their game this week. When these two groups team up, it’s often the prelude to a structural reversal.
Source: Glassnode
But let’s not get ahead of ourselves – there’s still caution in the air. As AMBCrypto pointed out, Ethereum’s inability to bounce back aggressively means capitulation risk still lingers.
Until fresh buyers step in at that critical $1,900 level, breaking through that resistance is no easy feat.
So, while on-chain data and capital rotation are hinting at a potential relief rally toward $1,900, sell-side pressure will likely keep a tight grip on this level.
Stay glued to those volume metrics around $1,900 — it could be the tipping point for Ethereum’s next big move.
