News 
April 23, 2025 
4 min. 
Ethereum price surged sharply after weeks of stagnation, reclaiming some of its lost market strength following a steep decline. The broader crypto market also showed signs of recovery amid reports that U.S. Treasury Secretary Scott Bessent hinted, during a closed-door meeting, that the ongoing trade dispute with China may be nearing its end.
As Ethereum began to rally, large investors, commonly referred to as whales, returned to the scene, signaling potential volatility in the days ahead.
Ethereum’s Open Interest Surges as Market Sentiment Turns Bullish
Ethereum price experienced a sharp upswing, rallying over 10% in just a single day, triggering renewed optimism across the crypto community. This momentum also brought a wave of activity to the derivatives market and sparked significant movement in on-chain data.
Fresh stats from Coinglass reveal that Ethereum liquidations totaled approximately $127 million in the last 24 hours. Of this, long traders lost $34.2 million, while short sellers bore the brunt, facing $92.8 million in losses. The aggressive short squeeze came shortly after encouraging signals from the political arena. Former President Trump hinted at a potential easing of tariffs on Chinese imports, and Treasury Secretary Scott Bessent called the U.S.-China trade tensions “unsustainable,” suggesting a resolution could be near.
The surge in price didn’t just impact the spot market. Open interest in Ethereum derivatives, an indicator of total active contracts, spiked by 12%, now exceeding $21.5 billion. This increase reflects rising confidence and growing investor participation in the ETH ecosystem.
Meanwhile, funding rates for ETH perpetual futures flipped strongly positive, rising from 0.0018% on April 21 to 0.0087%. This shift signals a market leaning toward further upside, as traders are willing to pay a premium to hold long positions.
Market share tells a similar story. After dipping to a multi-year low of 7% on April 22, Ethereum’s dominance in the crypto space rebounded to over 7.5% by April 23, according to TradingView data. On-chain activity also exploded: large ETH transactions surged nearly 400%, with volume hitting 4.64 million ETH.
Overall, the combination of soaring open interest, bullish funding rates, and revived market share paints a positive outlook for Ethereum. The influx of capital and trader enthusiasm could help sustain the current rally and drive further gains in the near term.
Where Is Ethereum Price Headed Next?
Ethereum (ETH) has bounced back strongly after dipping near the $1,500 mark, with bearish pressure fading as buyers regain control. The cryptocurrency recently broke through multiple short-term resistance levels, and its next goal is to hold steady above the $1,850 range. At the moment, ETH is trading around $1,816, reflecting an impressive 11% surge over the past day.
From a technical standpoint, the outlook favors the bulls. Moving averages are sloping upward, and the Relative Strength Index (RSI) is indicating renewed buying momentum. If ETH can maintain support above $1,850, there’s potential for a climb toward the psychological resistance at $2,000. A successful breach there could even open the door to testing the $2,500 barrier.
On the flip side, bears would need to force a drop below the 20-day Exponential Moving Average (EMA20) to regain dominance. A break beneath this level could send ETH tumbling toward a key support zone near $1,385. Falling below that threshold may hint at a short-term bearish trend reversal.
