Ethereum Reclaims Key $1,574 Support Level as Whales Make Major Moves

• Ethereum rebounded 13.4% over the past week while maintaining a crucial support level.
• Institutional buyer withdraws nearly 16,000 ETH worth $26.16M from exchanges.
• Analyst identifies bullish Adam and Eve pattern with $3,000 target of $2,100 breaks.

Ethereum has successfully reclaimed and held the critical $1,574 support level. ETH has shown a 13.4% recovery across the past week. This price action suggests a potential trend reversal after extended downward pressure that has left the cryptocurrency down 15.8% over the past month.

Technical analysts are highlighting the importance of the current support zone, with the $1,574 level representing a key demand area that previously served as resistance. The successful defense of this level has set the stage for a move toward the next resistance at $1,810 if buying momentum continues to build.

Analyst Ted identified a potentially bullish formation on April 12. He noted that “ETH is forming a bullish Adam and Eve pattern. I know we all are exhausted watching ETH perform, but that’s when bottoms are formed.” This technical pattern, characterized by a sharp V-shaped drop followed by a rounded bottom formation, often precedes major upward movements when completed.

Ted further elaborated on potential price targets and suggested that in the short term he expects ETH to rally around $1,800-$1,900 if it manages to break above $1,650. He also added that after that he will wait for a breakout above $2,100, which will then push ETH to $3K. This bullish outlook is predicated on Ethereum maintaining its current support and successfully breaking through key resistance levels at $1,650 and eventually $2,100.

Adding to the technical case for a potential recovery, Ted highlighted a fundamental catalyst on the horizon: “On top of that, Bloomberg analysts are expecting ETH ETFs staking in May, which will obviously be a bullish sign.” The introduction of spot Ethereum ETFs with staking capabilities could introduce new capital flows into the Ethereum ecosystem.

On-chain data further supports the possibility of a trend reversal, with blockchain analytics platform Lookonchain reporting accumulation by institutional players. A mysterious whale/institution accumulated 15,953 $ETH ($26.16M), the platform noted. The analyst also shared that a few hours ago, 6 wallets likely belonging to the same whale withdrew 15,953 $ETH ($26.16M) from OKX and deposited it into Aave.

Related: Vitalik Buterin’s New Ethereum Privacy Roadmap Unveiled

Ethereum’s price action comes amid a challenging period for the cryptocurrency, which has underperformed Bitcoin in recent months. While Bitcoin has established new all-time highs in 2025, Ethereum remains over 66% below its previous peak. Despite this underperformance, the mix of technical support, potential pattern formation, upcoming ETF developments, and institutional accumulation provides multiple factors that could support a recovery in Ethereum prices. 

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