Ethereum Trades Above $1,700 After 12.2% Weekly Increase

Ethereum (ETH) is trading above $1,700, reflecting a 12.2% increase over the past week. However, it remains about 63% below its all-time high of $4,878 from 2021.

Derivative Exchange Inflows Indicate Potential Volatility

Recent data shows a surge in ETH inflows to derivative exchanges, with one spike exceeding 80,000 ETH.
This trend suggests increased speculative activity and potential volatility.
The inflow coincided with US political developments, indicating macro stability in the crypto market.

Bitcoin Whale Activity Affects Ethereum

On April 23, over $600 million worth of BTC was transferred from whale wallets to exchanges, the largest single-day inflow in weeks.
This transfer followed a breakout in the BTC/GBP pair, leading to significant short liquidations.
Potential correlated selling across major digital assets could lead to a short-term retracement for ETH.

Increased liquidity zones and long positions below current price levels may result in heightened volatility for both BTC and ETH due to stop-loss hunts or profit-taking activity.