Ether Technicals Signal Macro Bottom as $1,800 Support Holds

Ether (ETH) appears to have found a significant macro bottom at the $1,800 level, with buyers aggressively defending the zone to spark a rebound above $2,100. This price action, supported by on-chain data, suggests that the asset may maintain a floor above $2,000 in the short term. The recovery is underpinned by the Spent Output Profit Ratio (SOPR), which currently stands at 0.96. This indicates that investors are selling at a loss, a state of capitulation that has historically preceded major price recoveries. Similar SOPR drops in previous cycles were followed by rallies ranging from 130% to 246%. Further validation comes from the MVRV Z-score, which has dropped into a historical accumulation zone. This metric last reached these levels in April 2025, prior to a rally that saw ETH reach an all-time high of $4,950. Additionally, the 0.80 MVRV pricing band currently sits at $1,880, suggesting the asset remains undervalued from an on-chain perspective. Technical analysis reveals that investors acquired more than 1.35 million ETH around the $1,800 mark, aligning with a multi-year trendline that has marked previous macro lows. While the path toward liquidity clusters between $2,400 and $2,600 is open, a drop below the $2,000 convergence of the 20-day EMA and 50-day SMA could see the price test $1,750.