Ethereum bulls show interest as traders’ confidence in ETH’s $1.8K level improves
Ether (ETH) has been trading below $1,900 since March, raising concerns about its future after failing to reclaim $4,000 in December 2024. Professional traders remain cautious, as ETH monthly futures have not traded at the expected premium. Disappointment with the U.S. government's classification of Ether alongside other altcoins has contributed to this sentiment. In April 2025, Ether's market cap fell below the combined value of its four largest competitors: Solana, BNB, Cardano, and Tron. Although Ether's market cap rebounded to $217 billion, consistent outperformance is needed to improve sentiment. Demand for Ethereum spot ETFs remains weak compared to Bitcoin ETFs. Despite leading in total value locked (TVL), Ethereum struggles with user experience compared to competitors. Current derivatives data shows no strong bullish sentiment, but also no significant fear of further declines. The upcoming ‘Pectra’ network upgrade on May 7 may renew interest and potentially reduce circulating supply through staking mechanisms. Historically, Ethereum upgrades have led to brief price spikes.
