The recent Ether (ETH) sell-off stalled at $1,800 as bulls aggressively defended this level. Ether’s rebound above $2,100, along with on-chain and technical data, suggests investors will keep the price above $2,000 in the brief term.

Key takeaways:

• Ether’s yield rates are falling to levels that have marked local bottoms in the past.

• MVRV’s Z-score and price ranges suggest that the ETH price dropped to $1,800, which marked its low.

• The ETH price has rebounded from the multi-year trend line that marked the previous macro lows.

Ether traders realize the losses

Onchain data shows that Ether’s Spent Output Profit Ratio (SOPR) is 0.96, suggesting ETH investors are still selling at a loss.

This indicator dropped to 0.92 on February 6, suggesting that the drop in the price of Ether to $1,800 was caused by traders taking losses in an atmosphere of panic and extreme fear.

Related: Ethereum stablecoin supply reaches all-time high at $180 billion: Token Terminal

SOPR measures the profit or loss associated with spent ETH products by comparing the value of the coins at the time they were last transferred to their value at the time of re-issue.

A value below 1 may suggest capitulation or a market bottom, historically associated with accumulation phases.

Historically, this scenario often preceded a price rebound. When the SOPR dropped to 0.86 after the price of Ether dropped to $1,500 in April, there was a 246% price raise to the current all-time high of $4,950.

Following similar scenarios in 2022 and 2023, ETH prices increased by 130% and 155%, respectively.

Some investors viewed the pullback from the $4,950 high – including the drop to $1,800 – as a buying opportunity.

MVRV’s Z-Score suggests that Ether price has bottomed out at $1,800

Ether MVRV Z-scorea key onchain indicator used to identify market highs and lows, fell to the historical accumulation zone (green line in the chart below), strengthening the argument that ETH may have found a bottom.

The last time Ether’s MVRV Z score dropped to its current level was in April 2025, after a 66% price decline. This coincided with the macro market low of $1,400 and preceded a multi-month rally during which ETH/USD surged 258% to its current all-time high of $4,950.

Meanwhile, the 0.80 MVRV price range, which has marked cycle lows in the past, is now $1,880.

This means that from an onchain perspective, Ether is undervalued and could continue its ongoing recovery, potentially rising towards dense liquidity clusters in the $2,400 to $2,600 range in the near term.

ETH price is at sturdy support above $1,800

Data from TradingView shows that the ETH price has successfully remained above a key support zone for the past two months, as illustrated in the chart below.

This is an area worth around $1,800, where investors have purchased over 1.35 million ETH, according to Glassnode’s cost-based distribution heat map.

This level aligns with the multi-year trend line that has historically marked the bottom for ETH/USD in 2022 and 2025.

Ether’s bounce from this level in early February suggests that the trendline continues to hold as support, paving the way for a sustained recovery towards $4,800.

As Cointelegraph reports, a drop below $2,000, where the 20-day EMA and 50-day SMA converge, could cause the price to fall towards the next major support at $1,750.