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Ethereum Technical Analysis Report – 8th April 2025
Apr 08, 2025
The Ethereum (ETH) price has been under immense pressure lately, plummeting to its lowest point since March 2023 at $1,410 on April 7. This sudden drop led to over $370 million in leveraged ETH futures liquidations within a span of just two days, as reported by CoinGlass.
In response to this sharp decline, the Ethereum price has partially recovered and is now trading above $1,500, echoing the S&P 500’s resurgence above its key support level of 5,000. Although the rebound has been noticeable, ETH still lags behind the broader crypto market by a considerable 14% over the past month.
The recent announcement that Ethereum’s highly anticipated Pectra upgrade, initially scheduled for April, has been delayed until May 7, has further weighed upon the asset’s value. Developers failed to provide any clear justification for the postponement.
At the time of writing, ETH is trading at $1,588. The cryptocurrency has been stuck in a downward trend over the past four months, with its value plummeting by nearly 65% and touching a recent low of $1,411.
ETH has managed to close above the crucial support level of $1,500, resulting in the formation of a ‘Spinning Top’ candle. This pattern typically indicates indecision within the trend. If ETH is able to maintain its current momentum and sustain itself above this critical support level, we can anticipate a relief rally up to $1,750 and $2,150.
On the flip side, if the price fails to hold and closes below $1,500, it could potentially slide further down to $1,350.
In conclusion, investors should closely monitor ETH’s price action and be prepared for any unexpected market swings.
Source: https://zebpay.com/blog/ethereum-technical-analysis-report-8th-april-2025
