ETH price dropped to $1,400 but data shows pro traders aren’t ready to jump ship yet.
Ether (ETH) price dropped to $1,410 on April 7, marking its lowest level since March 2023. This sharp decline triggered liquidations of leveraged ETH futures worth over $370 million in 2 days, according to CoinGlass data. However, the altcoin managed to recover above the $1,500 mark as the S&P 500 index reclaimed its psychological 5,000 support level.
Ether/USD (blue) vs. total crypto market capitalization (magenta). Source: TradingView / Cointelegraph
Over the past 30 days, Ether has underperformed the broader cryptocurrency market by 14%. Despite this, professional traders are not yet ready to turn bearish, as suggested by Ethereum’s derivatives data and onchain metrics. While this data does not guarantee that Ether’s price has reached its bottom, the reduced demand for bearish positions below $1,600 offers some reassurance for bullish investors.
