ETH price has reclaimed the $1,817 level on May 1, 2025, after dropping to $1,737 on April 30
Ethereum’s Pectra upgrade is scheduled for May 7, bringing 11 Ethereum Improvement Proposals
Technical indicators show a potential bullish momentum with a Dragonfly Doji pattern forming
Breaking the $2,200 level could trigger a rally toward $4,000, according to analysts
Whales have purchased nearly 30,000 ETH (worth $50.24 million) in less than 4 hours
Ethereum price has been showing signs of recovery, climbing back to $1,817 on May 1 after experiencing a low of $1,737 the previous day. The second-largest cryptocurrency has been moving through a series of fluctuations as traders watch for signs of a sustained upward trend.
On April 30, ETH started the day with a brief rise before forming a pin bar signal. This was followed by a full-body red candle that pushed the price down. The price found resistance at $1,809 and experienced a short-term bearish trend, confirmed by a Death Cross on moving crossovers at 01:05 UTC.
The price later found support at $1,790 and moved in an upward channel. After testing resistance at $1,812, ETH began to fall again. Support was found at $1,792, and the price moved in an ascending channel, peaking at $1,816.
At noon, a pin bar acted as a signal bar, followed by a full-body red candle, leading to a sharp fall. A Death Cross on MACD emerged at 12:10 UTC, confirming this downtrend. The price broke down at 12:35 UTC, pushing ETH to a low of $1,737.
An RSI Oversold zone occurred at 13:50 UTC, hinting at a trend reversal. The price found support at $1,737 and began to move upward. A Golden Cross on MACD at 14:15 UTC confirmed this bullish momentum.
The Pectra Catalyst
The upcoming Pectra upgrade, scheduled for May 7, could be the catalyst that releases ETH from its extended consolidation period. This update focuses on three critical areas: scalability through layer-2 solutions, user experience enhancements, and staking efficiency improvements.
The upgrade will introduce 11 Ethereum Improvement Proposals (EIPs). One of the most important improvements is EIP-7702, which will allow conventional user wallets to temporarily operate as smart contracts. This opens up new capabilities such as allowing tokens other than ETH for gas fee payments and fee sponsorship.
These developments could dramatically reduce entry barriers for non-technical users, particularly in gaming, payments, and mobile apps where poor user experience has been a constant impediment to widespread adoption.
Regarding staking, various EIPs will bring significant modifications that would be attractive to institutional players. Validators will be allowed to stake up to 2,48 ETH (up from the current 32 ETH maximum), and both onboarding and exit procedures will be simplified.
Technical Patterns Point to Potential Gains
ETH has developed a rare monthly Dragonfly Doji candlestick pattern—the same form that preceded its 25,000% climb during the 2017 bull cycle. This pattern typically indicates a rejection of lower prices and the possible recovery of bullish momentum.
Ethereum is also retesting its long-term parabolic support zone, which historically has acted as a launching pad for fresh uptrends. On-chain data supports a comeback, with the MVRV Z-Score returning within its historical accumulation zone.
Technical analysis from Rose Premium Signals highlights ETH’s potential to continue its rally, but the altcoin must break the $2,200 mark. When this level is broken, a strong rally towards the $4,000 target could be triggered.
This analysis aligns with that of crypto expert Kamran Asghar, who notes that Ethereum is building momentum within a Bull Flag pattern. Asghar confirms that the altcoin has made a Golden Cross, indicating growing momentum, but emphasizes that “ETH needs to close above $2,200 for a bullish trend.”
The anticipated rally is likely to be supported by renewed interest from whales. On-chain data shows that large investors purchased nearly 30,000 ETH, valued at $50.24 million, in less than 4 hours, indicating strong conviction in the altcoin’s long-term performance.
As May 1 progresses, ETH continues to show strength near the $1,817 level, with potential for further gains if it can maintain momentum above key resistance levels.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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