TLDR
Ethereum (ETH) is trading above $1,600, posting gains of around 1.7% in 24 hours
Vitalik Buterin proposed replacing Ethereum Virtual Machine with RISC-V architecture that could increase execution speed by up to 100x
A whale withdrew 1,897 ETH ($3 million) from Bitget exchange, part of 3,844 ETH ($6.51 million) accumulated since April 3
ETH broke above a bearish trend line and is now trading above the 100-hourly Simple Moving Average
Despite price recovery, network usage metrics show a decline with blob fees falling to weekly lows
Ethereum (ETH) is currently trading above the $1,600 level, showing a gain of approximately 1.7% over the past 24 hours. The price movement comes as large investors display growing activity on the network and co-founder Vitalik Buterin puts forward a radical proposal to enhance Ethereum’s scalability.
ETH has maintained stability above the $1,500 support level and begun a fresh increase, breaking above $1,550 and $1,600 to enter what analysts describe as a short-term positive zone.
Technical analysis shows Ethereum breaking above a bearish trend line with resistance at $1,590 on the hourly chart. The cryptocurrency formed a high at $1,644 and remains trading above the 100-hourly Simple Moving Average.
The price appears stable above the 23.6% Fibonacci retracement level of the upward move from the $1,566 swing low to the $1,644 high.
On the upside, ETH faces resistance near the $1,640 level, with the next key hurdle situated at $1,650.
Buterin’s Revolutionary Scaling Proposal
Vitalik Buterin has proposed a potentially game-changing breakthrough for Ethereum’s architecture. On April 20, he suggested replacing the existing Ethereum Virtual Machine (EVM) with the RISC-V instruction set architecture.
The proposal aims to increase the speed and efficiency of Ethereum’s execution layer while maintaining the fundamental account and storage concepts of the blockchain.
Buterin identified several long-term hurdles impeding Ethereum’s scalability, including zero-knowledge EVM proving, competitive block production, and reliable data availability sampling.
The RISC-V implementation could offer efficiency increases of up to 100x, particularly by maximizing zero-knowledge functions for the execution layer.
“The beam chain effort holds great promise for greatly simplifying the consensus layer of Ethereum, but for the execution layer to see similar gains, this kind of radical change may be the only viable path,” Buterin wrote.
Whale Activity Signals Market Confidence
A major development supporting Ethereum’s price is increasing whale activity. According to blockchain analytics platform Lookonchain, a prominent whale has withdrawn 1,897 ETH (approximately $3 million) from the Bitget exchange.
This withdrawal is part of a larger accumulation pattern, with the same entity having withdrawn a total of 3,844 ETH ($6.51 million) since April 3.
Such massive accumulation by whales typically indicates confidence in the future value of an asset and can substantially influence market dynamics.
Following the withdrawal, Ethereum’s trading volume increased noticeably across major trading pairs.
This pattern of accumulation is often viewed as a bullish signal, as large investors typically don’t commit substantial capital unless they have confidence in future price appreciation.
The hourly MACD indicator is gaining momentum in the bullish zone, while the RSI for ETH/USD is now above the 50 zone, suggesting declining bearish momentum.
If ETH continues its recovery and closes above $1,700, experts suggest it could extend the rally to retest the next daily resistance at $1,861.
On the downside, if Ethereum fails to clear the $1,650 resistance, it could start a correction. Initial support is near $1,620, with the first major support at $1,605.
Network Concerns Despite Price Recovery
Despite the temporary price recovery, Ethereum’s network metrics present a mixed picture. Blob fees from layer-2 scaling networks fell to a weekly low of 3.18 ETH (about $5,000) on March 30.
Ethereum network fees dropped to their lowest level since 2020 in April 2025, with an average transaction value of about $0.16.
This substantial drop in fees reflects fewer users making transactions on the Ethereum base layer, with many choosing layer-2 scaling solutions instead.
While these solutions have effectively reduced transaction costs, they have also “cannibalized” income on the base layer, raising questions about Ethereum’s long-term value proposition.
The market is closely observing both technical breakouts and the approaching key $1,700 level, as Buterin’s groundbreaking proposal could potentially change Ethereum’s competitive position versus high-throughput rivals like Solana and Sui networks.
Traders should monitor the $1,680 level as the first major resistance. A clear move above this could send the price toward $1,720 or even $1,800 in the near term.
If the upward momentum continues, Ethereum could surge toward $1,840, according to technical analysts watching the cryptocurrency’s recent price action.
