Ethereum’s (ETH) price briefly surged toward $1,700 on Wednesday, April 9. This price increase came after former President Donald Trump’s surprising reversal in tariff policy.
While the move sparked temporary optimism across global markets, it failed to help breathe new life into ETH’s price. As of this writing, Ethereum’s price has reversed nearly all of those gains and has painted a bleak picture.
In this analysis, CCN engages several metrics and indicators to explain why this happened. We also reveal what could be in store for ETH in the short term.
In the last 24 hours, ETH’s price has fallen by 2.5% and trades near $1,549. This decline happened because the pause in the Trump tariffs only sparked a brief uptick but did not necessarily lead to a full change in bearish sentiment.
On April 9, Ethereum’s price Daily Active Addresses (DAA) divergence spiked. The price DAA divergence compares price action with the number of active addresses interacting with a network.
When it rises, users interact with the network despite falling prices—a sign of underlying strength. A decrease in the metric indicates that fewer users engage with the asset despite a rising price—a sign of an incoming correction.
According to Santiment, ETH’s price DAA divergence has fallen to -30.39 %. Indicating low user interaction. Ethereum’s price might struggle to keep trading above $1,500 if this remains the same.
Furthermore, data from IntoTheBlock reveals that the number of large Ethereum transactions has significantly declined. On Monday, April 7, nearly 11,000 large Ethereum transactions valued above $100,000 were recorded.
However, as of this writing, that figure has fallen to $5,470. This drop in large transactions indicates that whales are reducing their exposure to cryptocurrency.
If this trend continues, ETH’s price might fail to climb higher from its current market value.
From a technical perspective, Ethereum’s price continues to trade within a descending channel. Amid this bearish pattern, the Moving Average Convergence Divergence (MACD) remains stuck in the negative region.
The MACD reading indicates bearish momentum. ETH’s market value is also below the 20-day Exponential Moving Average (EMA), indicating that the short-term momentum is leaning downwards.
Should this trend remain the same, ETH’s price might hit lower lows unless strong support holds. In terms of the price targets, the Fibonacci retracement level reveals that Ethereum’s price might decline to $1,382.
To invalidate this prediction, traders might need to watch for a break above the 20 EMA. If that happens, Ethereum’s price might climb past the upper trendline of the descending channel.
If the broader market condition becomes highly bullish, ETH could rise to $2,435.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
