Ethereum, the second-largest cryptocurrency, has experienced a significant drop of over 55% in its price over the past 14 months due to sustained sell-side pressure. Despite this bearish sentiment and price volatility, the $1,800 support level has held strong. The decline from a peak of $4,000 in February 2024 to below $1,800 in April 2025 reveals a deeper narrative beyond a simple price crash.
Recent analysis indicates that Ethereum may be approaching a turning point after months of intense selling pressure. Metrics such as Ethereum’s Net Taker Volume (NTV) show a bullish divergence emerging, indicating that sellers are losing momentum. This shift suggests a potential reversal in market dynamics and a possible trend reversal.
Volume breakdowns further support this evolving narrative, with erratic yet significant surges in Taker Buy Volume and a tapering of Taker Sell Volume. Additionally, Ethereum’s exchange netflows provide insights into shifting market dynamics, with withdrawals from exchanges increasing during the price decline from December to March.
Despite remaining entrenched in a downtrend from a technical standpoint, Ethereum has consistently held the $1,800 support level during multiple tests in March and April. Each rebound from this level, combined with decreasing volume during price dips, suggests that sellers may be losing momentum. Key factors such as the flattening On-Balance Volume (OBV), exchange outflows, and cooling Taker Sell Volume indicate that $1,800 may be developing into a critical accumulation zone.
If Ethereum is able to reclaim the $2,000–$2,200 range, it could signal a trend reversal. For now, $1,800 remains the central battleground between bearish continuation and bullish buildup. Despite the challenges faced by Ethereum in recent months, there are signs that the worst may be behind us, hinting at a potential shift in market power dynamics and a possible turnaround in price.
