Key Highlights
- ETH delivers 6.5% gains over 30 days, leading Bitcoin and XRP during the same timeframe
- Macro oscillator registers -2.42, entering rare undervalued territory last observed during 2022
- MVRV Ratio improves from -42% in February to current -27.5%, mirroring previous cycle bottom formation
- April spot cumulative volume delta reaches 184,500 ETH, indicating organic demand rather than leveraged speculation
- Critical resistance zone between $2,225–$2,265, with potential upside toward $2,400–$2,500 contingent on maintaining $2,140 support
Ethereum maintains trading activity above $2,200 following a 6.33% surge that propelled it beyond the $2,150 barrier. Market participants now eye a potential retest of March peaks around $2,385.
ETH stands as the strongest performer among the top five digital assets during the past month, posting 6.5% appreciation. Bitcoin recorded modest 1.4% growth during this period, while XRP experienced a 4.7% decline.
Broader cryptocurrency markets received momentum following President Donald Trump’s announcement of an Iran ceasefire agreement. Oil valuations, which had escalated to $117, retreated below the $100 threshold soon afterward. The Crypto Fear and Greed Index shifted from 23 (Fear territory) to a balanced 47 reading.
ETF capital flows turned positive yet remained subdued. Only $36 million entered during the initial three trading sessions of the week.
Macro Indicator Signals Deep Value Territory
The Capriole Macro Index Oscillator currently registers -2.42 for ETH, marking the lowest reading since 2022. This metric evaluates investment patterns, cycle positioning, and blockchain data. Significantly negative measurements have consistently coincided with selling exhaustion and price trend reversals.
During mid-2022, ETH established a floor around $1,000–$1,200 when this oscillator descended to -2.2. Late 2023 saw a decline to -1, which aligned with ETH’s breakout from $1,500.
MVRV Ratio Demonstrates Improving Trajectory
The MVRV Ratio, measuring market capitalization against investor cost basis, descended to -42% during early February. Current readings show improvement to -27.5%. This progression bears strong resemblance to April 2025 dynamics, when ETH established a foundation near $1,400 before subsequent appreciation.
The previous instance when MVRV Ratio returned above zero territory coincided with ETH achieving 70% gains within two months.
Analyst crypto sunmoon observed that Ethereum’s taker buy/sell ratio has maintained upward momentum across four to five months. The analyst highlighted structural similarities to the timeframe preceding the April–May 2025 appreciation cycle.
Organic spot market demand powers the current price action. Aggregated spot CVD measures 184,500 ETH for April. Futures CVD has experienced gradual elevation to 4.36 million ETH. The funding rate holds positive at 0.0052, while open interest remains near 4.75 million ETH — range-bound conditions with constrained leverage exposure.
Technical analysis on the four-hour timeframe reveals ETH establishing consecutive higher lows. Resistance appears at $2,225, followed by $2,265. Breakthrough above $2,265 creates pathway toward $2,320 with extended potential reaching $2,400–$2,450.
Should ETH surrender the $2,140 threshold, preliminary support exists at $2,110, with primary demand zone positioned near $2,060.
