**Ethereum Hits $1,437: A 2-Year Low Amid Bearish Trends and Bitcoin’s Rise, Yet On-Chain Activity Remains Robust**
Ethereum (ETH) has recently dipped to its lowest price since March 2023, reaching around $1,437 on April 7, 2025. This decline is part of a broader bearish trend affecting the cryptocurrency market, driven by ongoing macroeconomic uncertainties. As Ethereum trades below its 2024 highs, the prospects for a quick recovery appear dim. Adding to the pressure is Ethereum’s weakening performance compared to Bitcoin, with the ETH/BTC ratio falling to 0.019—its lowest in over five years. This shift indicates a significant capital rotation into Bitcoin, which has demonstrated relative strength amid recent market volatility.
Technical indicators reveal a growing downward momentum for Ethereum. The Relative Strength Index (RSI) is nearing oversold territory, suggesting persistent selling activity. Additionally, the Chaikin Money Flow (CMF) is currently negative, indicating a decline in buying pressure and increased capital outflows from Ethereum markets, as reported by Altindex.
**Strong On-Chain Activity Amid Price Decline**
Despite the price drop, Ethereum’s on-chain data reflects a vibrant network engagement. The Total Value Locked (TVL) in Ethereum-based decentralized finance (DeFi) protocols has surpassed 30.2 million ETH as of April 6, marking a 22% increase over the past month. This growth outpaces that of competing networks like Solana and BNB Chain, showcasing sustained adoption and confidence in Ethereum’s capabilities.
Development efforts on Ethereum remain robust, with core contributors actively working on protocol upgrades aimed at enhancing scalability and reducing transaction costs. Current initiatives include proto-danksharding and the expansion of Layer 2 rollup adoption, both crucial for Ethereum’s long-term scaling strategy.
On-chain data also reveals significant resistance at the $1,900 price level, where approximately 3 million addresses hold over 6 million ETH in losses. This concentration of underwater positions could lead to additional selling pressure as holders attempt to break even, potentially creating a formidable barrier to price appreciation.
While Ethereum faces technical and macroeconomic challenges, the underlying network metrics suggest a promising long-term outlook. Analysts are closely monitoring for signs of stabilization, with key support and resistance levels, along with broader market conditions, expected to influence Ethereum’s next moves.
In summary, while Ethereum grapples with current market pressures, its strong on-chain activity and ongoing development efforts indicate resilience and potential for future growth. The community remains hopeful for a turnaround as they watch the evolving landscape of the cryptocurrency market.
