News News Why is Ethereum (ETH) price up today?

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News Why is Ethereum (ETH) price up today? - Team - 04-02-2025

News Why is Ethereum (ETH) price up today?

<img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMDgvNjJhOWU5MTEtNDNhMi00Y2M0LTkyYTEtZjQ4MTlkOGYwZGI1.jpg"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMDgvNjJhOWU5MTEtNDNhMi00Y2M0LTkyYTEtZjQ4MTlkOGYwZGI1.jpg" alt="Why is Ethereum (ETH) price up today?">Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="null" target="null" text="null" title="null">ETH</a>) price rallied nearly 3% over the past 24 hours, reaching a high of $1,866 on April 1. The top altcoin’s daily trading volume increased by 27% to $15. billion as ETH climbed above $1,800.<figure><img src="https://s3.cointelegraph.com/uploads/2025-04/0195f0b9-e5fe-7286-a27d-a8d06a75a856" title="" alt="Why is Ethereum (ETH) price up today?"><figcaption style="text-align: center;">ETH/USD four-hour chart. Source: Cointelegraph/TradingView</figcaption></figure>Several factors are behind Ethereum’s bullishness today, including:<ul><li>The launch of Privacy Pools on Ethereum.</li><li>Reducing supply on exchanges.</li><li>Ether’s market setup points to a 12% rebound next.</li></ul><h2>Privacy Pools launch on Ethereum boosts ETH price</h2>One of the most significant drivers of Ether’s bullishness today is the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/privacy-pools-launches-ethereum-support-vitalik-buterin" rel="null" target="null" text="null" title="null">launch of Privacy Pools</a> on the Ethereum mainnet.<blockquote class="twitter-tweet">gm Ethereum ☀️ It is our great honor to announce the mainnet launch of Privacy Pools! ETH users can now achieve on-chain privacy, while still dissociating from illicit funds It is now up to all of us to Make Privacy Normal Again 🫡 More info in this thread 👇 <a href="https://t.co/3nJO0AxoD1">pic.twitter.com/3nJO0AxoD1</a>— 0xbow.io (@0xbowio) <a href="https://twitter.com/0xbowio/status/1906784481496719749?ref_src=twsrc%5Etfw">March 31, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>  What to know:<ul><li>Announced by developers at 0xbow.io, Privacy Pools aims to enhance onchain privacy while addressing regulatory concerns—a balance that has long eluded many blockchain projects. </li><li>Unlike previous privacy mixers like Tornado Cash, which <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-texas-court-reverses-tornado-cash-sanctions-crypto-privacy-win" rel="null" target="null" text="null" title="null">faced sanctions</a> for enabling illicit transactions, Privacy Pools use “Association Sets” to screen out bad actors while preserving user anonymity. </li><li>The new privacy tool has garnered support from Ethereum co-founder <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/who-is-vitalik-buterin" rel="null" target="null" text="null" title="null">Vitalik Buterin</a> himself. </li><li>Buterin, a co-author of the original Privacy Pools research paper, made one of the first deposits, expressing his confidence in the project. </li></ul>Market participants responded to this with enthusiasm, with Cryptolive <a data-ct-non-breakable="null" href="https://x.com/cryptolivegroup/status/1906893446842884243" rel="null" target="null" text="null" title="null">calling it</a> a “privacy breakthrough,” with sentiment suggesting it could “make privacy normal again” in the blockchain industry. “This is huge; it’s got the backing of Ethereum co-founder Vitalik Buterin,” <a data-ct-non-breakable="null" href="https://x.com/duckunfiltered/status/1906881712371728674" rel="null" target="null" text="null" title="null">said</a> DuckAI Agent, adding that it could be a sign of increased adoption and usage. <blockquote>“Overall, I'm bullish on ETH - this launch could be a game-changer for the ecosystem.”</blockquote>This development should increase Ethereum’s utility, potentially attracting more users and developers to the network, which in turn drives demand for ETH.<h2>Reducing ETH supply on exchanges</h2>Another factor supporting Ether’s performance today is reducing supply on exchanges.Key takeaways:<ul><li>ETH balance on exchanges has <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ethereum-supply-decline-crypto-exchanges-price-prediction-analysts" rel="null" target="null" text="null" title="null">reached a 9-year low</a> of 18.3 million ETH after dropping nearly 5% over the last 30 days.</li><li>These are levels last seen in July 2016 when ETH was trading below $15.</li><li>The amount of ETH supply on exchanges has resumed its downtrend, as shown in the chart below.</li></ul><figure><img src="https://s3.cointelegraph.com/uploads/2025-04/0195f0b9-ebaa-71d6-89ec-676a79ba3a92" title="" alt="Why is Ethereum (ETH) price up today?"><figcaption style="text-align: center;">ETH supply on exchanges. Source: <a data-ct-non-breakable="null" href="https://cryptoquant.com/asset/eth/chart/exchange-flows/exchange-reserve?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line" rel="null" target="null" text="null" title="https://cryptoquant.com/asset/eth/chart/exchange-flows/exchange-reserve?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line">CryptoQuant</a></figcaption></figure><ul><li>A decline in exchange supply suggests that holders are moving their ETH into <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/multisig-cold-wallets-how-secure-are-they-really" rel="null" target="null" text="null" title="null">cold storage</a> or <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/defi-staking-proof-of-stake-pos-coins" rel="null" target="null" text="null" title="null">staking</a>, reducing the circulating supply available for trading.</li><li>Additionally, crypto whales are quietly accumulating ETH in anticipation of a significant upward move. </li><li>ETH inflows into accumulation addresses have surged to multi-year highs, surpassing levels seen before major bull runs, as seen in the chart below.</li><li>Ethereum accumulation addresses are a specific classification of wallet addresses used to track long-term holding behavior.</li></ul><figure><img src="https://s3.cointelegraph.com/uploads/2025-04/0195f0b9-f12a-7f8b-8d03-20f73658091f" title="" alt="Why is Ethereum (ETH) price up today?"><figcaption style="text-align: center;">ETH inflows into accumulation addresses. Source: CryptoQuant</figcaption></figure><ul><li>High inflows into accumulation addresses suggest that institutional investors and large holders are potentially taking advantage of <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/why-is-ethereum-eth-price-down-today" rel="null" target="null" text="null" title="null">ETH’s low price</a> to accumulate. </li></ul>Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/zk-lend-hacker-loses-stolen-eth-after-depositing-it-into-a-tornado-cash-phishing-site" rel="null" target="null" text="null" title="null">zkLend hacker claims losing stolen ETH to Tornado Cash phishing site</a><h2>ETH price nurtures a V-shaped recovery</h2>Ether’s price action has been attempting a V-shaped recovery chart pattern on the four-hour chart since March 25, as shown below.<ul><li>A V-shaped recovery is a bullish pattern formed when an asset experiences a sharp price increase after a steep decline. </li><li>It is completed when the price moves up to the resistance at the top of the V formation, also known as the neckline.</li><li>ETH appears to be on a similar trajectory and now trades below a supply-demand zone between $1,900 and $2,000, where the 50-day, 100-day and 200-day simple moving averages (SMAs) sit.</li><li>This suggests that bulls need to push the price above this area to increase the chances of reaching the neckline at $2,100 to complete the V-pattern.</li><li>This would represent a 12% increase from the current price.</li></ul><figure><img src="https://s3.cointelegraph.com/uploads/2025-04/0195f0b9-f709-7824-a429-19ad7776e0d7" title="" alt="Why is Ethereum (ETH) price up today?"><figcaption style="text-align: center;">ETH/USD daily chart. Source: Cointelegraph/<a data-ct-non-breakable="null" href="https://www.tradingview.com/x/V5Rn2hhl/" rel="null" target="null" text="null" title="https://www.tradingview.com/x/V5Rn2hhl/">TradingView</a></figcaption></figure><ul><li>Meanwhile, the relative strength index, or <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/here-s-3-ways-the-relative-strength-index-rsi-can-be-used-as-a-sell-signal" rel="" target="_self" text="null" title="https://cointelegraph.com/news/here-s-3-ways-the-relative-strength-index-rsi-can-be-used-as-a-sell-signal">RSI</a>, has risen from oversold conditions at 21 on March 31 to 56 at the time of writing, suggesting that the bullish momentum is picking up.</li></ul>This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<template data-name="subscription_form" data-type="markets_outlook" label="Subscription Form: Markets Outlook"></template>


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