Ethereum Crypto Climbs Above $1,720 – Here Is Why Bulls Are Eyeing a Move Toward $1,820

• Ethereum has extended its recovery, climbing above the key $1,720 level as trading activity accelerates.
• Whale accumulation and exchange outflows continue to support the bullish narrative despite rising exchange reserves.
• Traders are now watching whether ETH can maintain momentum and push toward the next resistance near $1,820.

Ethereum continued its upward march on June 15, posting gains for a second straight day as improving global sentiment helped lift risk assets across the board. Reports surrounding a potential U.S.-Iran peace agreement and the reopening of the Strait of Hormuz injected fresh optimism into financial markets, and crypto was quick to respond.

At the time of writing, Ethereum was trading around $1,720 after rising 2.75% over the previous 24 hours. Trading volume surged more than 65%, reaching nearly $4.95 billion, a sign that market participants are becoming more active again after a period of uncertainty. The move has strengthened short-term confidence, though some data points continue to tell a more complicated story.

Ethereum Investors Show Mixed Signals

While ETH’s recent rally has attracted attention, not every metric is flashing green.

According to data from CryptoQuant, Ethereum exchange reserves increased by roughly 76,000 ETH over the past week. Traditionally, rising reserves can signal potential selling pressure because more coins are being moved onto exchanges where they can be traded or liquidated.

On the surface, that’s not exactly what bulls want to see.

However, another set of data offers a different perspective. CoinGlass reported that approximately $21.72 million worth of Ethereum left exchanges over the last 24 hours. Exchange outflows are often interpreted as a sign of accumulation, since investors typically move assets into private wallets when they plan to hold rather than sell.

In other words, one metric suggests caution while another hints that buyers are quietly building positions. The market, for now at least, seems to be leaning toward the second interpretation.

Whale Activity Continues Supporting the Market

Large investors also appear to be stepping in.

A prominent blockchain transaction tracker recently highlighted activity from an Ethereum ICO-era whale. The investor reportedly borrowed $10 million worth of USDe through Aave and used those funds to purchase 5,817 ETH at an average price of roughly $1,719.

That’s not a small bet.

When major holders commit fresh capital during uncertain conditions, traders often view it as a vote of confidence in the asset’s near-term direction. While whale activity alone doesn’t guarantee higher prices, it certainly adds weight to the bullish argument currently developing around Ethereum.

Derivatives Traders Are Leaning Bullish

The derivatives market is also showing signs of optimism.

According to CoinGlass, Ethereum’s Long/Short Ratio climbed to 1.0358, indicating that bullish positions now slightly outnumber bearish ones. The difference isn’t overwhelming, but it suggests traders are becoming more comfortable betting on additional upside.

Liquidation data reveals an even clearer picture.

The largest cluster of long positions sits around the $1,684 level, where traders have accumulated approximately $457.28 million in exposure. Meanwhile, major short positions near $1,738 total around $193.54 million.

That imbalance is significant.

It suggests bulls currently have more conviction than bears, and it increases the likelihood of volatility should Ethereum continue climbing and force short sellers to cover positions.

Can Ethereum Push Toward $1,820?

From a technical standpoint, Ethereum’s short-term structure continues improving.

The recent breakout above $1,720 was particularly important because that level had acted as resistance since June 7. By closing a daily candle above it, ETH signaled that buyers are beginning to regain control after weeks of consolidation and weakness.

Momentum indicators also support the recovery.

The Average Directional Index (ADX) currently sits at 48.06, comfortably above the 25 threshold that traders typically associate with strong trends. This suggests the current move has enough strength behind it to potentially continue.

That said, Ethereum still faces one major challenge. The asset remains below its 200-day Exponential Moving Average, meaning the broader trend remains under pressure despite recent gains.

For bulls, holding above $1,720 is now critical. If that support level remains intact, Ethereum could gradually work its way toward the next major target around $1,820.

On the other hand, a drop back below $1,700 could weaken the recovery structure and invite another round of selling pressure.

Ethereum Recovery Faces Its Next Test

Ethereum’s latest rally has given traders a reason to feel optimistic again. Strong trading volume, whale accumulation, positive funding conditions, and improving technical indicators all point toward growing confidence in the market.

Still, the picture isn’t entirely clear.

Rising exchange reserves continue to raise questions about potential selling pressure, while the long-term trend remains unresolved. For now, though, buyers appear to have the upper hand.

Whether ETH can transform this rebound into a larger breakout may depend on one thing: its ability to hold above $1,720 and build momentum from there.

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