Ether dropped to $1,410 on April 7—its lowest point since March 2023—sparking over $370 million in leveraged ETH futures liquidations within just two days, according to CoinGlass. The sharp decline was partially reversed as ETH bounced back above $1,500, mirroring the S&P 500’s recovery above its key 5,000 support level. Despite the rebound, ETH has underperformed the broader crypto market by 14% over the past month. Adding to the downward pressure was the announcement that Ethereum’s anticipated Pectra upgrade, initially slated for April, has been postponed to May 7. Developers did not provide a clear reason for the delay.
At the time of writing, ETH was trading at $1,588.
ETH has been trading in a downtrend over the past four months, plunging nearly 65% and making a recent low of $1,411. The asset has given a daily closing above the key support of $1,500 and has formed a ‘Spinning Top’ candle, indicating indecision in the trend. If ETH holds and sustains above this support level, we can expect a relief rally up to $1,750 and $2,150. However, if it breaks and closes below $1,500, prices could slide further to $1,350.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $1,350 | $1,500 | ETH | $1,750 | $2,150 |
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