[DigitalToday reporter Yoonseo Lee] As Ethereum (ETH) price volatility has plunged, some observers say the price could swing sharply as volatility widens again, as it has in the past.

On March 31 (local time), blockchain media outlet Cointelegraph reported Ethereum fell 6 percent over the past 7 days and was trading at $2,040, adding that defending the $2,000 support level has emerged as a key short-term issue as related indicators decline.

According to data from on-chain analytics firm CryptoQuant, ETH's 30-day realised volatility on Binance plunged to 0.62 on March 31 from 1.15 in mid-February, falling to its lowest level since mid-January. The volatility Z-score also came in at -0.43, signalling volatility is below its historical average.

CryptoQuant analyst Arab Chain said, "The market is experiencing an unusually calm period compared to the previous few months." He also cited an instance in August to September 2025 when a sharp volatility drop accompanied an 18 percent fall in Ethereum's price to $3,800, followed by a 25 percent rebound to $4,740 in less than 2 weeks, as well as a case where a volatility decline in December 2025 was followed by a 20 percent rise.

The $1,750 to $1,800 range was cited as a key downside area. Cryptocurrency analyst Ted Pillows wrote on X, formerly known as Twitter, "Any bounce is getting retraced quickly, which is a sign that Ethereum wants to go down." Glassnode's cost-basis distribution data showed that more than 1.4 million ETH were accumulated in purchases in that range over the past 3 months. Still, some analysis also says that if Ethereum loses this area, it risks sliding to around $1,150, which overlaps with the measured target of a bear flag.

On the upside, $2,100 to $2,200 was cited as a supply zone. The 50-day exponential moving average (EMA) sits in this range, and analysis says the bulls need to turn it into support. Resistance above that was put at $2,380, recorded in mid-March.

Even if the Ethereum market appears to be showing little price movement, it is a range that requires caution because the lower volatility itself may be a precursor to bigger swings. The next move is expected to depend on whether key support levels break, whether upside resistance can be breached, and in which direction volatility widens again.

$ETH is looking weak here. Any bounce is getting retraced quickly, which is a sign that Ethereum wants to go down. If ETH loses the $2,000 level here, the dump will accelerate. pic.twitter.com/v7tBHpamJw