Ethereum maintains $1,800 support level with price showing resilience amid broader altcoin market rotation
ETH trading volume remains steady, suggesting patient accumulation rather than sell-offs
Trump Media’s new token announcement has sparked interest in crypto markets, with spillover effects for Ethereum
Key technical support at $1,735 aligns with Elliott Wave pattern projections
Institutional interest surging with significant ETF inflows, reversing eight weeks of withdrawals
Ethereum price is holding firm above the $1,800 level on Wednesday, April 30, as Trump Media’s crypto announcement helps fuel market-wide interest. The second-largest cryptocurrency by market cap has rebounded from a weekly low of $1,784 on Tuesday, showing a 0.4% gain over the last 24 hours.
The current ETH price sits near $1,803, with a monthly peak of $1,837 reached earlier in April according to Coingecko data. Over a seven-day period, Ethereum has posted a 2.1% gain, reflecting gradual but steady upward movement.
Ethereum’s market capitalization currently stands at approximately $217 billion, cementing its position as the second-largest crypto asset. The ETH/BTC pair is showing stability at 0.01905 BTC, up 0.4% over the last 24 hours, indicating Ethereum is maintaining its value relative to Bitcoin.
Trading volume for ETH has seen a modest decline but remains consistent with previous consolidation phases. This pattern suggests investors are patiently accumulating rather than engaging in large-scale selling.
Trump Media Token Boosts Sentiment
A recent shareholder letter from Trump Media & Technology Group (TMTG) has revealed plans for a new utility token and native Truth wallet. While not launching on Ethereum directly, this news has created a positive spillover effect for the broader crypto market, including ETH.
The announcement highlights a growing trend of mainstream entities entering the cryptocurrency sector. If this adoption wave gains momentum, Ethereum is well-positioned to benefit as the leading network for decentralized finance applications.
Traders are now watching whether Ethereum can reclaim the $1,850-$1,880 range in the coming days, with $1,735 serving as a key support level to maintain bullish momentum.
Technical Analysis Points to $2,100 Target
Chart analysis shows Ethereum displaying a clean 5-wave Elliott structure, with price reclaiming territory above the mid-range baseline of the Donchian Channel. This technical formation suggests bulls currently have control of the market.
The current uptrend from the April 13 swing low formed a base near $1,681, which aligns with the 0.5 Fibonacci retracement level. This price point now acts as strong support for Ethereum.
ETH candles continue to close above the 20-day moving average line within the Donchian Channel. The upper band of $1,857 marks the likely target for the completion of the current impulse wave. If broken, a rally towards $2,000 becomes possible.
On the four-hour chart, Ethereum’s price action has formed a bull flag pattern. A candlestick close above the upper limit of the flag at $1,800 suggests the beginning of an upward surge, with a potential target of approximately $2,100—representing a possible 15% gain from current prices.
However, the breakout prospect requires a decisive move above $1,857. A pullback from this level could trigger a retracement toward the 0.382 Fibonacci level at $1,735, aligning with Wave 4 corrective targets.
Institutional Interest Surges
One of the most compelling bullish signals for Ethereum is the rising institutional demand. Spot Ethereum exchange-traded funds (ETFs) recorded net inflows of $64.1 million on April 28, following inflows of $151.7 million the week ending April 25—the largest since February 2025.
This institutional interest has halted an eight-week streak of withdrawals, with Ethereum investment products seeing net inflows of $183 million last week. James Butterfill, Head of Research for Coin Shares, linked this trend to broader economic concerns, noting that investors are turning toward digital assets as an emerging safe haven amid worries over tariff impacts and USD weakening.
The ETF demand for Ethereum mirrors the record-breaking performance of BlackRock’s IBIT Bitcoin ETF, which recorded an all-time high single-day flow of $970.1 million on Monday.
On-chain metrics also point to Ethereum entering what analysts call an “undervalued” zone. The MVRV Z-Score, which measures market value to realized value, dropped to -0.18 in March. Such levels have traditionally marked market bottoms and potential reversal points.
The Net Unrealized Profit/Loss (NUPL) ratio has dropped to 0, signifying a “capitulation” phase where unrealized profits equal losses. This typically marks a neutral point for holders before a trend reversal.
With its realized price averaging $2,020, Ethereum shows long-term holders maintaining their positions despite the price sitting approximately 10% below this level. This suggests strong conviction among long-term investors despite recent market volatility.
Network activity data from DefiLlama confirms Ethereum remains the most widely used layer-1 blockchain with over $51.8 billion in total value locked (TVL). This TVL has increased by about 16% over the past seven days, with protocols like Aave, Lido, EigenLayer, and Ether.fi all showing double-digit growth.
Short traders appear to be closing positions as price climbs. While ETH price increased 2% over the past 24 hours, open interest in Ethereum futures declined by $273 million, suggesting shorts are being closed rather than new positions opened.
If ETH breaks above the $1,850 resistance, this decline in short interest could potentially trigger a short squeeze and accelerate a rally beyond $2,000 in the coming days.
The Ethereum Foundation recently reshuffled its leadership, verifying Hsiao-Wei Wang and Tomasz Stańczak as two new co-executive directors starting April 28. The foundation will focus on scaling Ethereum layer 1, improving layer 2 capabilities, and enhancing user experience over the next 12 months.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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