ETH price bottomed out for 2 years, but the pro community still holds hope.

The price of ETH sharply dropped to $1,410 on April 7 – the lowest point since March 2023 – causing over $370 million in futures contracts to be liquidated within just two days, according to data from CoinGlass. However, ETH quickly recovered above the $1,500 mark as the S&P 500 regained the psychological support level of 5,000 points.

In the past 30 days, Ether has decreased by 14%, underperforming compared to the overall cryptocurrency market. Nevertheless, professional traders have not turned bearish yet, according to signals from the derivatives market and on-chain data. While it cannot be confirmed that ETH has reached its bottom, the pressure to open short positions below $1,600 has significantly decreased – a positive signal for the bulls.

Ether/USD (green) compared to the total market capitalization of cryptocurrency (purple red). Source: TradingViewOn April 7, the one-month ETH futures contract premium rose to 4%, a slight improvement from 2% at the end of March. Although still below the neutral threshold of 5%, this increase indicates that market sentiment is gradually stabilizing after a 30% drop in one month.

Annual premium for the 2-month Ether futures contract. Source: laevitas.ch## Ether is under pressure from macroeconomic instability

Market sentiment is being weighed down by concerns over a global economic recession due to escalating trade tensions, reducing risk appetite and negatively impacting assets such as cryptocurrencies. Even the possibility of the Federal Reserve cutting interest rates at the meeting on May 6-7 is overshadowed by existing economic risks.

Although President Donald Trump continues to urge the Fed to lower interest rates – as stated in his Truth Social post on April 7 – Chairman Jerome Powell remains cautious. Speaking on April 4, Powell said: "It is still too early to determine the appropriate monetary policy path."

Another factor putting pressure on ETH prices is the postponement of the Ethereum developers' upgrade schedule for Pectra to May 7, despite the Hoodi testnet being completed since March 26. The reason for the delay has not yet been announced.

Stable derivatives data, Ethereum's TVL reaches a record high

Despite a series of bad news, the ETH derivatives market has not yet fallen into a state of panic. The 25% delta skew – an indicator measuring the price difference between call and put options – is currently at 10%, equal to the end of March. Although it remains in negative territory, this figure is much lower than the 20% level in May 2024 – when ETH plummeted from $3,700 to $2,860 in 5 weeks.

! Ether option 30 day offset (put-call) in Deribit. Source: Laevitas.chMeanwhile, on-chain data continues to show the strength of the Ethereum ecosystem. The total value of (TVL) locked on the Ethereum network reached an all-time high of 30.2 million ETH on April 6, up 22 percent from the previous month. This increase outpaced Solana by (12%) and BNB Chain by (16%) in the same period.

Despite being affected by adverse macro factors, derivative and on-chain data shows that the market has not fallen into an extreme negative state. With a strong increase in TVL and reduced selling pressure, the short-term price decline of ETH may be limited.

You can view the ETH price here.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do thorough research before making any decisions. We do not take responsibility for your investment decisions.

• Why is Ethereum weakening in 2025?
• Ethereum's dominance rate has reached its lowest point since COVID - Is ETH lagging behind Bitcoin?
• Ethereum's market share hits 5-year low: Can the "global computer" turn the tide?

Vương Tiễn

@media only screen and (min-width: 0px) and (min-height: 0px) { div[id^="wrapper-sevio-d89f58f5-7b63-40be-98c0-6b1fd62584fb"] { width:320px; height: 100px; } } @media only screen and (min-width: 728px) and (min-height: 0px) { div[id^="wrapper-sevio-d89f58f5-7b63-40be-98c0-6b1fd62584fb"] { width: 728px; height: 90px; } }