[DigitalToday reporter Jinju Hong (홍진주)] Ethereum (ETH) is rebounding after absorbing selling pressure around the $1,800 level, and the market is increasingly viewing the zone as a possible medium- to long-term floor. On-chain indicators and technical trends are simultaneously pointing to bottoming signals, boosting expectations about the next direction.

On April 9 (local time), Cointelegraph reported that Ethereum has recently confirmed support near $1,800 and is showing a rebound trend. It said there is a possibility the price could hold above $2,000 in the short term.

The first indicator drawing attention is SOPR (Spent Output Profit Ratio). SOPR is a tool used to gauge whether investors realized profits or traded at a loss. It can indirectly measure market sentiment and is used to look for clues to shifts in price trends.

SOPR is currently around 0.96, meaning investors are selling while accepting losses. In general, when the indicator falls below 1, it is interpreted as a zone where “capitulation selling” occurs, and in the past many cases saw rebounds after such moves. In early February, when SOPR fell as low as 0.92, selling emerged amid strong fear and was followed by a price rebound.

Similar zones in the past were also followed by rebounds. After SOPR fell to around 0.86 last year, Ethereum surged about 246 percent from roughly $1,500 to $4,950, and similar patterns in 2022 and 2023 were followed by rises of 130 percent and 155 percent, respectively. This has led to analysis that a zone like the current one could be seen as a buying opportunity for medium- to long-term investors.

Bottoming signals are also being detected on valuation measures. The MVRV Z-score, used to gauge market tops and bottoms, has entered a zone historically classified as “undervalued,” and similar cases in the past were followed by large rebounds. The most recent case was in April 2025, when Ethereum fell 66 percent from its peak, bottomed at $1,400, then rose 258 percent over the following months to $4,950.

Based on MVRV price bands, the 0.80 zone is currently formed at $1,880. This price level coincided with cycle bottoms in past periods. It suggests Ethereum is close to being undervalued on an on-chain basis and that a recovery could extend in the short term to a liquidity concentration zone between $2,400 and $2,600.

Technically, the $1,800 level is also confirmed as an important support zone. Over the past 2 months, Ethereum has maintained support above this price range. According to Glassnode’s cost-basis distribution heatmap, investors bought more than 1.35 million ETH near $1,800. That means it is a zone where defense could be strong given the large amount of waiting supply. The zone also overlaps with a long-term trend line that acted as a bottom in 2022 and 2025, forming both technical and psychological support. If this support holds, recovery could continue and the upside possibility toward $4,800 could also open, the report added.

Still, short-term downside risks have not been fully removed. If Ethereum slips again below the $2,000 level where the 20-day exponential moving average (EMA) and the 50-day simple moving average (SMA) meet, downward pressure could grow toward the next major support at $1,750. The market is therefore watching whether $1,800 holds and whether the price settles at $2,000 as the next turning point.

Ultimately, the market is focusing on 3 key indicators. They are SOPR, which shows selling pressure in a loss zone; the MVRV Z-score, which signals undervaluation; and the $1,800 price range that has repeatedly acted as support. With all 3 pointing to the same area, attention is centered on whether Ethereum is forming a short-term bottom and whether it can become the starting point of a medium-term upward trend.