Ethereum is trading at $1,794, still above the closely watched $1,750 support zone. The next area in focus is $1,850 to $1,900. Some analysts say that if spot demand stays firm, ETH could test that range in the coming weeks. A move back below $1,750 would shift the tone quickly and put the recent recovery under pressure.
$1,750 holds as support while $1,800 remains the near-term hurdle
Market analyst Ted said Ethereum’s ability to remain above $1,750 offers an encouraging technical base. In his view, continued buying in spot markets could lift the price toward $1,850-$1,900. If that resistance band gives way, traders may see stronger follow-through from buyers. If it fails and ETH drops under $1,750, sentiment could weaken.
Stephen Suttmeier, former Head of Technical Strategy at Bank of America, said Ethereum may be building a tactical bottom around $1,690 to $1,700. He added that reclaiming $1,800 and the 50-day moving average could open a path toward the 200-day moving average, which sits near $2,200. From current levels, that implies roughly 25% upside. Fundstrat’s Tom Lee backed that technical view.
Open interest rises to $24.65 billion as funding stays mildly positive
Derivatives data shows a mixed picture. Ethereum futures open interest climbed 3.63% to $24.65 billion, pointing to larger outstanding positions across the market. At the same time, derivatives volume fell 6.21% to $28.76 billion. That suggests traders are mostly holding existing positions instead of adding aggressive new bets.
The open-interest-weighted funding rate stands at 0.0042%. The reading leans slightly bullish, though it does not show signs of overheated leverage. Long bias is present, but not stretched.
MVRV drops below 0.8 and revives accumulation debate
On-chain analyst Ali Charts said Ethereum’s MVRV ratio has moved below 0.8. This metric compares market value with realized value and is often used to gauge whether an asset looks historically expensive or cheap. According to Ali Charts, readings below 0.8 have previously aligned with heavy accumulation phases, including December 2018, March 2020, and June 2022.
That does not guarantee an immediate reversal. It does suggest that seller exhaustion may be building and that downside could be more limited than before, assuming market conditions do not worsen.
Whales trim holdings, exchange inflows rise, ETFs flip to net outflows
There are still clear headwinds. On-chain data shows ETH flows to exchanges have risen 6% since March, increasing the amount of supply readily available for sale. Large holders, often described as whales, have also reduced positions during the rebound, creating resistance as price tries to push higher.
ETF flows have turned as well. After five straight days of net inflows, Ethereum ETFs posted $52 million in net outflows in the latest day, compared with a prior reading of +$18 million. The report linked that shift to rising geopolitical tensions between Iran and the US and stronger volatility in bond markets.
Ethereum’s market capitalization has increased to $216.79 billion from $210.0 billion. Price has also moved up from $1,740 to $1,794. Even so, ETH remains slightly below $1,800, and analysts still treat that level as the key short-term threshold for judging whether any rally has real strength behind it.