In Miami, Florida, Ethereum has experienced a significant decline of over 55% in the past 14 months, facing consistent pressure from sellers. Despite this downward trend, the digital currency has managed to maintain support at the $1,800 level, showcasing resilience amid market volatility and bearish sentiment.
The drop in Ethereum’s price from a peak of $4,000 in February 2024 to just under $1,800 in April 2025 signifies more than just a price crash, indicating a complex story of market dynamics at play. Recent analysis suggests that there may be signs of a potential turnaround on the horizon after enduring more than a year of relentless selling pressure.
One of the key indicators hinting at a shifting market sentiment is Ethereum’s Net Taker Volume (NTV), which has historically been deeply negative, reaching a peak at -$360 million during intense sell pressure. However, recent data shows that this sell pressure is gradually easing, with NTV starting to form higher lows despite Ethereum’s price decline, a classic bullish pattern often observed at major market turning points.
Additionally, volume breakdowns further contribute to the evolving narrative surrounding Ethereum’s market behavior. Taker Buy Volume for the digital currency saw significant surges between December 2024 and April 2025, with instances like a $19 billion volume spike on February 3rd while Ethereum was priced at $2,882.93. On the other hand, Taker Sell Volume has been tapering off, dropping from $601.6 million in December to $4 billion by April 1st, indicating a decrease in panic-driven sell-offs.
Moreover, insights from Ethereum’s exchange netflows reveal shifting market dynamics, with withdrawals from exchanges increasing between December and March despite the price decline in ETH. While there have been temporary spikes in net inflow to exchanges, such as on March 10th, the broader trend leans toward strategic accumulation, hinting at potential bullish momentum building up in the market.
Despite Ethereum remaining entrenched in a technical downtrend, the digital currency has shown strength in holding the $1,800 support zone through multiple tests in March and April. Each bounce back from this level, coupled with decreasing volume during price drops, suggests that sellers may be losing momentum. Key factors like the flattening OBV, exchange outflows, and cooling Taker Sell Volume indicate that $1,800 could be evolving into a critical accumulation zone for Ethereum.
Going forward, reclaiming the $2,000–$2,200 range could signal a potential trend reversal for Ethereum. For now, $1,800 stands as the pivotal battleground, teetering between bearish continuation and potential bullish buildup as market dynamics continue to evolve.