Ethereum Price Briefly Reclaims $1800, Wiping Out $110M in Short ETH Positions

Ethereum price briefly reclaimed $1,800 on April 23 after a staggering 11% gain within 24 hours as Bitcoin and most altcoins traded higher.

Bitcoin and most altcoins traded higher on April 23, with the former crypto now eyeing the psychological level of $100,000. This follows a staggering 11% gain within 24 hours.

The gains wiped out more than $110M in short ETH positions, and as Bitcoin now eyes the psychological level of $100,000, crypto traders are wondering whether ETH will sustain this uptrend and outperform BTC to revisit $2,000 first. Let’s find out.

Ethereum Price Hits 2-Week High As Bitcoin Eyes $100,000

The price of Ethereum is currently trading at its highest level in two weeks as altcoins track Bitcoin, which recently surged above $90,000 for the first time since early March.

At its current price of $93,732, Bitcoin will have to rally by around 7% to reclaim the $100,000 price level. Top analysts forecast that a Bitcoin price rally to $100,000 might just be around the corner.

Kyle Chasse notes that if the current uptrend continues with no disruptions, BTC will reach this target price before the end of the week.

Meanwhile, Arthur Hayes recently stated that if Bitcoin extends its rally past $100,000, it will unlock the next altcoin season. In his recent essay, he penned that as Bitcoin’s dominance peaks, it will cause capital rotation from BTC to altcoins.

Hence, it is clear that a recovery in Bitcoin price will bode well for the largest altcoin, Ethereum, and aid its breakout from the recent bearish trends that have suppressed its performance. However, Bitcoin needs to clear $100,000 first for ETH to reach $2,000.

$2,000 Ethereum Price Within Sight As Whales, Institutions Accumulate

Data from Santiment suggests that whales might be the key driver of the gains in ETH value today. In the last 24 hours, large whale addresses holding between 1,000 and 10,000 ETH coins have purchased more than 300,00 tokens.

This activity contributed significantly to the recent surge in ETH price, pushing it close to the crucial resistance zone at $2,000. At press time, ETH is trading at $1,946.

Apart from whales, institutions also seem to be piling into Ethereum, with data from SoSoValue showing that on April 22, inflows to spot ETH ETFs reached $38M, the highest level since February 4, 2025.

This supports a bullish Ethereum price prediction, which may help fuel gains past $2,000.

Ethereum Technical Analysis – How High Will ETH Rally?

A popular crypto market analyst believes that $2,000 might not be the only price target for Ethereum, as the altcoin has formed a giant inverse head and shoulders pattern. Usually, this chart indicates that the trend is on the verge of shifting from bearish to bullish.

According to Gert van Lagen, Ethereum’s four-year inverse head and shoulders pattern is in play on the weekly chart. However, for Ethereum to confirm this pattern, it not only needs to flip resistance at $2,000, but also soar past $3,900. This will set the stage for an over 10x rally to $20,000.

“If the closely watched cryptocurrency breaks through the neckline of the four-year chart, it could be setting the stage for a massive rally of over 1000%.”

As Bitcoin extends gains towards $100,000 and drags altcoins along, it is likely that the Ethereum price might also break a crucial resistance level of $2,000.

Moreover, as whales and institutions accumulate, it supports the bullish thesis for the largest altcoin. A bearish reversal will be confirmed if the uptrend halts and ETH drops below $1,600.