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The cryptocurrency market was fairly stable despite the global macroeconomic headwind that rocked the traditional markets during the past week. The Ethereum price didn’t enjoy the same relief as other large-cap assets, beginning the month of April almost as it ended the first quarter of 2025.

The second-largest cryptocurrency is on the verge of losing the $1,800 level, having declined in value by almost 5% in the past week. However, the latest on-chain data suggests that the Ethereum price might be close to a bottom and might be readying for a rebound in the coming weeks.

Rising Metric Says Ethereum Price Might Be Ready For A Comeback

In a recent post on the X platform, on-chain analyst Maartunn shared a fresh insight into the activity of Ethereum investors on centralized exchanges. According to the crypto pundit, this latest on-chain shift suggests that a new bottom could be brewing for the Ethereum price.

The relevant indicator here is the Net Taker Volume metric, which tracks the difference between taker buy volume and taker sell volume in a particular asset market (Ethereum, in this case). This on-chain indicator can be used to gauge the strength of the selling or buying pressure in the market.

When the Net Taker Volume is positive, it indicates that aggressive buying activity (taker buys) is overwhelming selling activity (taker sells), suggesting a growing bullish sentiment. A negative metric implies that the taker sell volume is higher than the taker buy volume, which is typically a bearish signal.

Maartunn noted in his post that aggressive selling activity has been outweighing the buying activity in the Ethereum market for over a year. However, the on-chain analyst highlighted that the taker sell volume appears to be waning and losing some steam in the past few weeks.

Source: @JA_Maartun on X

As shown in the chart above, the Net Taker Volume is forming higher lows, even as the Ethereum price is making new lower lows. This classic bullish divergence suggests that the altcoin could be preparing to bottom out and experience a bullish reversal.

As of this writing, the ETH token is valued at around $1,806, reflecting a roughly 1% price jump in the past 24 hours.

ETH Whales Trimming Their Holdings

Interestingly, a conflicting piece of on-chain data has also emerged, showing that an important class of investors known as whales has been offloading their assets. This investor cohort is influential on the market dynamics due to their significant holdings and, as such, is typically monitored by other investors.

Source: @ali_charts on X

In a April 4 post on X, crypto analyst Ali Martinez revealed that whales (holding between 10,000 and 100,000 coins) have sold over 500,000 ETH tokens in the past 48 hours. Considering the size of this sell-off and the influence of the investors, this activity could be a bearish roadblock for a possible Ethereum price recovery.

The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView

Featured image from iStock, chart from TradingView

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Ethereum is trading below the $1,900 level as selling pressure continues to mount, raising concerns that the recent downtrend could extend further. After losing the critical $2,500 support in late February, bulls have struggled to regain control. What began as a minor pullback has turned into a broader correction, disappointing investors who had anticipated a bullish 2025 for ETH.

The failure to reclaim key levels has eroded market confidence, and price action remains weak across both short and mid-term timeframes. Ethereum’s inability to sustain even brief recoveries has only reinforced the bearish sentiment that has gripped the crypto space in recent weeks.

Adding to the negative outlook, new data from Santiment reveals that whales have sold approximately 500,000 ETH over the past 48 hours. This massive distribution by large holders highlights a clear lack of confidence among some of the most influential players in the market — a trend that could weigh heavily on Ethereum’s near-term performance.

As ETH hovers below $1,900, all eyes are on whether bulls can defend remaining support levels, or if continued selling from whales and broader market uncertainty will drive the price further down in the days ahead.

Ethereum Whale Selling Fuels Bearish Outlook

Ethereum is down 55% from its December high, with price action continuing to reflect the broader market’s weakness. The selloff has been sharp and consistent, fueled by growing macroeconomic uncertainty and global instability. The latest wave of volatility was triggered by US President Donald Trump’s renewed tariff threats and unpredictable policy direction, which have spooked financial markets and driven capital away from high-risk assets.

As a result, Ethereum — a key altcoin with deep ties to speculative sentiment — has become one of the hardest-hit major cryptocurrencies. Bulls are struggling to hold support near the $1,800 level, and every attempt to rally has been met with renewed selling pressure. Without a clear shift in trend, ETH remains vulnerable to further downside in the near term.

Adding to the bearish sentiment, top analyst Ali Martinez shared data showing that whales sold 500,000 ETH over the last 48 hours. This massive distribution from large wallets suggests that even experienced market participants are growing increasingly cautious. Such activity tends to precede deeper corrections, particularly when accompanied by weak technicals and broader risk-off sentiment.

Unless Ethereum can reclaim key resistance levels and show signs of accumulation, the current trend may continue to favor sellers. As markets digest macro developments, ETH holders are watching closely for any indication that the worst is over — but for now, the pressure remains firmly to the downside.

Ethereum Trades At $1,810 As Bulls Defend Crucial Support

Ethereum is trading at $1,810 after repeated failed attempts to reclaim the $1,900 level. The price continues to face strong resistance, and bullish momentum has significantly weakened in recent weeks. Bulls are now in a critical position, with $1,800 emerging as the most important support level in the current cycle. A decisive breakdown below this mark could trigger a deeper correction, potentially sending ETH as low as $1,550 — a zone not seen since mid-2023.

The broader crypto market remains under pressure, and Ethereum’s price action reflects that. Sentiment has been weighed down by macroeconomic headwinds and aggressive selling from whales, adding to the difficulty for bulls to regain control. Still, hope remains if ETH can stabilize and push higher in the coming sessions.

A breakout above the $2,000 level would mark a significant shift in momentum and could spark a strong recovery rally. That level remains the psychological and technical threshold for a potential trend reversal. Until then, Ethereum continues to walk a tightrope between consolidation and further downside, with bulls needing to hold $1,800 at all costs to avoid cascading losses. The next few days will be crucial in determining ETH’s short-term direction.

Featured image from Dall-E, chart from TradingView 

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Crypto analyst Doctor Profit, who called the Ethereum price dump, is now providing a bullish outlook for ETH. Based on his analysis, now might be a great time to buy Ethereum, which has so far underperformed other top cryptocurrencies. 

Analyst Says ETH Is Now Undervalued Following Ethereum Price Dump

In an X post, Doctor Profit stated that ETH is undervalued now following the Ethereum price dump. He noted that the leading altcoin is sitting at a historical support at $1,800, the same support he had predicted that ETH would dump to. With this massive correction and fear in the market driving Ethereum to this support level, the analyst claimed that the altcoin is undervalued now. 

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His analysis suggests that now might be a great time to accumulate ETH as the Ethereum price could rebound from this historical support. Indeed, some investors are already using this massive correction as an opportunity to stack up more coins. IntoTheBlock data shows that Ethereum’s ‘Concentration’ metric is currently bullish, indicating that ETH whales are adding to their positions.  

Besides Doctor Profit, crypto analyst Astronomer also believes that ETH is currently undervalued and predicts that the Ethereum price could revisit $4,000. He highlighted several technical signals that indicate that the leading altcoin could reach these highs. The analyst also alluded to the $1,800 support, noting that this range has historically been a launch pad for price recoveries. 

However, crypto analyst Kledji has predicted that the Ethereum price could still drop to as low as $1,400 before rebounding. He stated that ETH will likely consolidate around this range for a while before it rallies to this $1,400 target later this month. His analysis suggested that the altcoin’s downtrend depended on Bitcoin’s performance. Therefore, if BTC recovers from this range, ETH will unlikely drop to that $1,400 level. 

ETH’s Dominance Is On The Decline, But History Could Repeat Itself

In an X post, crypto analyst Rekt Capital revealed that ETH’s dominance has dropped from 20% to 8% since June 2023 as a result of the Ethereum price dump. He then noted that Ethereum’s dominance has historically reversed this 8% zone to become more market-dominant. The analyst then raised the possibility of history repeating itself, with ETH recovering well and enjoying a higher market dominance. 

Crypto analyst Crypto Patel is also confident that the Ethereum price will rebound soon. His accompanying chart showed that ETH could bounce from this $1,800 support and enter phase 3 of the Wyckoff chart, sending its price to as high as $6,800, a new all-time high (ATH). 

Related Reading: Ethereum Price: Analyst Predicts ‘Most Hated Rally In Crypto’

At the time of writing, the Ethereum price is trading at around $1,800, up over 1% in the last 24 hours, according to data from CoinMarketCap.

Featured image from Unsplash, chart from Tradingview.com