With Ethereum back above $1,800, upcoming network upgrades and increased whale activity hint at a bullish reversal toward $2,000. As Bitcoin struggles near the $94,000 mark, Ethereum continues to trend sideways above the $1,750 level. However, short-term pullbacks in the broader market have triggered quick corrections toward the lower boundary. Currently, Ethereum is trading at $1,819, reflecting a decline of around 1.5% over the past 24 hours. As ETH holds its ground amid market volatility, could a bounce back to the $2,000 mark be on the horizon? Ethereum Price Analysis On the 4-hour chart, Ethereum’s price action shows a bullish breakout above a short-term descending resistance trendline. This breakout allowed ETH to surpass the 61.80% Fibonacci level at $1,834. Ethereum Price Chart However, Ethereum has retested the broken resistance line due to the broader market pullback over the weekend. Following a bounce, ETH has gained 1.5% over the past 4 hours, forming a bullish engulfing candle and reclaiming the 50 EMA. Additionally, the lower price rejection signals strong bullish support near the 200 EMA. As the uptrend continues, the 100 and 200 EMA lines are on the verge of forming a bullish crossover. Despite this, the recent pullback has resulted in a bearish crossover between the MACD and signal lines. The moving averages are approaching negative territory due to weakened bullish momentum. However, a bullish crossover in the MACD is likely as the post-reversal rally strengthens. According to Fibonacci levels, the breakout above 61.80% suggests a potential move to the 78.60% level at $1,948. Optimistically, this would raise the chances of Ethereum reaching the $2,000 psychological level, which aligns with the 100% Fibonacci retracement. On the downside, critical support lies at the 50% Fibonacci level near $1,755. This demand zone has provided multiple bouncebacks for Ethereum throughout late April. In the event of a breakdown, ETH could retest the key support level at $1,577. Analysts Signal a Good Time to Accumulate ETH Amid Low Valuations Ahead of Ethereum’s Pectra upgrade scheduled for May 7, on-chain data points to a potential bullish reversal. According to a recent tweet by Michael van de Poppe, Ethereum’s valuation is nearing a historically low point. The valuation of $ETH is on its lowest point since: – August '22– COVID Bottom March '20– January '19 All marked the bottom. Forward-looking 12 months after those dates prices were substantially higher. Happy to accumulate $ETH. pic.twitter.com/yzlP9EzSI2 — Michaël van de Poppe (@CryptoMichNL) May 4, 2025 Citing the MVRV Z-score, the analyst highlights past low-valuation periods for Ethereum, including the August 2022 bottom, the March 2020 COVID crash, and the January 2019 correction. Each of these historical corrections was followed by significant recoveries within a 12-month timeframe. With ETH currently at low valuations, analysts suggest this may be a strong opportunity for accumulation. Ethereum Whales Return As Ethereum continues to trade at relatively low valuations, whales have begun accumulating again. According to Arkham Intelligence, a previously inactive wallet has re-entered the market to purchase ETH. After a four-year dormancy, whale wallet 0xBE11 withdrew approximately 2,600 ETH, valued at $4.72 million, from Binance. Further data from IntoTheBlock reveals that whale concentration has grown significantly over the past three months. The total held by whales increased from 61.69 million ETH to 67.47 million ETH, now representing 46.3% of the total circulating supply. Meanwhile, both investor and retail concentration have decreased. Investor holdings have declined from 10.92% to 8.78%, and retail ownership has dropped from 45.57% to 44.92%. Historical Ethereum Concentration