Here’s Why Ethereum Price Remains Bullish Above $1,800.

Ether‘s (ETH) recent sell-off was stopped at $1,800, as bulls aggressively defended the level. Ether’s rebound above $2,100, along with on-chain and technical data, suggests that traders will hold the price above $2,000 for the short-term.

Key takeaways:

• Ethers profitability metrics drop to levels that have historically marked local bottoms.
• The MVRV Z-score and pricing bands suggest ETH price drop to $1,800 marked the bottom.
• ETH price bounced off a multi-year trend line that has marked previous macro lows.

Ether traders realize losses

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

This metric dropped as low as 0.92 on Feb. 6, implying that Ethers price drop to $1,800 was driven by traders realizing losses amid panic and extreme fear.

SOPR measures the profit or loss of spent ETH outputs by comparing the value of coins when they were last moved to their value when they are spent again.

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

Historically, this scenario has often preceded price recoveries. When SOPR fell to 0.86 following Ethers drop to $1,500 in April, it was followed by a 246% price recovery to its current all-time high of $4,950.

Similar scenarios in 2022 and 2023 were followed by 130% and 155% ETH price rallies, respectively.

Some investors saw the pullback from the $4,950 high — including the drop to $1,800 — as an opportunity to buy.

MVRV Z-Score suggests Ether bottomed at $1,800

Ethers MVRV Z-Score, a key onchain metric used to identify market tops and bottoms, has dropped into the historical accumulation zone (the green line in the chart below), strengthening the argument that ETH may have found a bottom.

The last time Ethers MVRV Z-score fell to the current levels was in April 2025, after a 66% price drawdown. This coincided with a macro market bottom at $1,400 and preceded a multi-month rally, with the ETH/USD pair rising 258% to its current all-time high of $4,950.

Meanwhile, the 0.80 MVRV pricing band, which has historically marked cycle bottoms, is currently at $1,880.

This indicates that, from an onchain perspective, Ether is undervalued and may continue the ongoing recovery, potentially rising toward dense liquidity clusters between $2,400 and $2,600 in the short term.

ETH price sits on strong support above $1,800

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

This is the area around $1,800, where investors acquired more than 1.35 million ETH, according to Glassnodes cost basis distribution heatmap.

This level aligns with a multi-year trendline that has historically marked the bottom for ETH/USD, as seen in 2022 and in April 2025.

Ethers rebound from this level in early February suggests the trendline still holds as support, paving the way for a sustained recovery toward $4,800.

As Cointelegraph reported, a drop below $2,000, where the 20-day EMA and the 50-day SMA converge, could see the price drop toward the next major support at $1,750.