The cryptocurrency market exhibited a notable degree of stability, despite the global macroeconomic headwind that impacted traditional markets over the past week. However, Ethereum struggled to mirror this relative calm, starting April on a downward trajectory, nearly paralleling its performance at the end of the first quarter of 2025.
Currently, Ethereum is teetering on the brink of losing the crucial $1,800 price level, having experienced a decline of almost 5% in value in the past week. Nevertheless, the latest on-chain data indicates that Ethereum may be nearing its bottom, setting the stage for a potential rebound in the weeks ahead.
Rising Metric Suggests Ethereum Price May Be Positioned for a Comeback
In a recent update shared on the X platform, on-chain analyst Maartunn provided new insights into Ethereum investor activities on centralized exchanges. According to Maartunn, the recent shifts in on-chain activity reveal signs that a new bottom could be emerging for Ethereum’s price.
The key metric in this analysis is the Net Taker Volume, which measures the disparity between taker buy volume and taker sell volume in the Ethereum market. This on-chain indicator serves as a gauge for the prevailing selling or buying pressures.
A positive Net Taker Volume indicates that aggressive buying (taker buys) is outpacing selling (taker sells), reflecting increasing bullish sentiment. Conversely, a negative metric reveals higher taker sell volume compared to taker buy volume, typically signifying bearish conditions.
Maartunn noted that aggressive selling has dominated the Ethereum market for over a year. However, recent observations suggest a decline in taker sell volume’s momentum over the past weeks.
The accompanying chart illustrates that, while Ethereum’s price continues to set new lower lows, the Net Taker Volume is forming higher lows. This classic bullish divergence hints that the altcoin could be preparing for a bottom and a subsequent bullish reversal.
As it stands, the ETH token is valued at approximately $1,806, reflecting a modest 1% price increase over the past 24 hours.
ETH Whales Reducing Their Holdings
In a contrasting development, on-chain data has surfaced indicating that a critical segment of investors, known as whales, has begun to offload their holdings. This group of investors possesses substantial assets and significantly influences market dynamics, drawing attention from other investors.
On April 4, analyst Ali Martinez revealed that whales holding between 10,000 and 100,000 ETH have sold over 500,000 tokens within a mere 48-hour window. Given the magnitude of this sell-off and the whales’ market influence, such activity could present a bearish obstacle to any prospective Ethereum price recovery.
