Key Highlights
- Ethereum has gained 6.5% over the last 30 days, surpassing both Bitcoin and XRP performance
- The macro oscillator currently reads -2.42, positioning ETH in an unusual undervalued territory not observed since 2022
- MVRV Ratio improved from -42% in February to -27.5%, mirroring previous cycle bottom formations
- April’s spot cumulative volume delta reached 184,500 ETH, indicating genuine buyer demand rather than leveraged speculation
- Critical resistance zones are positioned at $2,225–$2,265, with potential upside targets of $2,400–$2,500 assuming support holds at $2,140
Ethereum is currently holding above the $2,200 threshold following a 6.33% upward movement that carried the asset beyond the $2,150 resistance barrier. Market participants are now eyeing a potential retest of the March peak around $2,385.
Looking at 30-day performance metrics, ETH leads among the top five digital assets with a 6.5% increase. During this identical timeframe, Bitcoin posted modest gains of 1.4%, whereas XRP experienced a decline of 4.7%.
Digital asset markets received widespread support following President Donald Trump’s announcement of a ceasefire agreement with Iran. Oil valuations, which had surged to $117, retreated below the $100 mark shortly thereafter. The Crypto Fear and Greed Index shifted from 23 (Fear territory) to 47, indicating neutral sentiment.
Exchange-traded fund inflows registered positive but remained relatively subdued. Approximately $36 million entered the market across the initial three trading sessions of the week.
Critical Macro Indicator Signals Undervaluation Territory
The Capriole Macro Index Oscillator currently registers at -2.42 for Ethereum, marking the lowest reading since 2022. This metric analyzes investment patterns, market cycle positioning, and blockchain data. Historically, extreme negative readings have correlated with seller exhaustion phases and subsequent price reversals.
During mid-2022, Ethereum established a bottom around $1,000–$1,200 when this oscillator declined to -2.2. In the final months of 2023, a reading of -1 aligned with ETH’s breakout from the $1,500 level.
MVRV Ratio Demonstrates Encouraging Recovery Trajectory
The Market Value to Realized Value Ratio, which measures market capitalization against the average acquisition cost of holders, dropped to -42% during early February. Since then, it has improved to -27.5%. This progression closely resembles the pattern observed in April 2025, when Ethereum bottomed around $1,400 before initiating a substantial rally.
During the previous instance when the MVRV Ratio returned above zero, Ethereum surged 70% within a two-month period.
Market analyst crypto sunmoon observed that Ethereum’s taker buy/sell ratio has maintained an upward trajectory for approximately four to five months. The analyst highlighted that this configuration bears resemblance to conditions preceding the April–May 2025 price surge.
Current momentum stems primarily from spot market demand. April’s aggregated spot CVD totals 184,500 ETH. Futures CVD has experienced gradual growth to 4.36 million ETH. The funding rate maintains a positive status at 0.0052, while open interest hovers around 4.75 million ETH — staying range-bound with minimal leverage activity present in the market.
$ETH zoomed in
Red support line just hold
Breakout possible from green resistance line, if it does the target is $2600 pic.twitter.com/Y3n08lZRPu
— Don 🐂 (@DonWedge) April 9, 2026
Technical analysis of the four-hour chart reveals Ethereum establishing a pattern of higher lows. Immediate resistance appears at $2,225, followed by $2,265. Successfully breaking through $2,265 would create a pathway toward $2,320 and potentially the $2,400–$2,450 range.
Should Ethereum surrender the $2,140 level, preliminary support exists at $2,110, with the primary support foundation positioned near $2,060.
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