Is Ethereum Price Nearing A Bottom? This Bullish Divergence Suggests So

The cryptocurrency market was fairly stable despite the global macroeconomic headwind that rocked the traditional markets during the past week. The Ethereum price didn’t enjoy the same relief as other large-cap assets, beginning the month of April almost as it ended the first quarter of 2025.

The second-largest cryptocurrency is on the verge of losing the $1,800 level, having declined in value by almost 5% in the past week. However, the latest on-chain data suggests that the Ethereum price might be close to a bottom and might be readying for a rebound in the coming weeks.

Rising Metric Says Ethereum Price Might Be Ready For A Comeback

In a recent post on the X platform, on-chain analyst Maartunn shared a fresh insight into the activity of Ethereum investors on centralized exchanges. According to the crypto pundit, this latest on-chain shift suggests that a new bottom could be brewing for the Ethereum price.

The relevant indicator here is the Net Taker Volume metric, which tracks the difference between taker buy volume and taker sell volume in a particular asset market (Ethereum, in this case). This on-chain indicator can be used to gauge the strength of the selling or buying pressure in the market.

When the Net Taker Volume is positive, it indicates that aggressive buying activity (taker buys) is overwhelming selling activity (taker sells), suggesting a growing bullish sentiment. A negative metric implies that the taker sell volume is higher than the taker buy volume, which is typically a bearish signal.

Maartunn noted in his post that aggressive selling activity has been outweighing the buying activity in the Ethereum market for over a year. However, the on-chain analyst highlighted that the taker sell volume appears to be waning and losing some steam in the past few weeks.

As shown in the chart above, the Net Taker Volume is forming higher lows, even as the Ethereum price is making new lower lows. This classic bullish divergence suggests that the altcoin could be preparing to bottom out and experience a bullish reversal.

As of this writing, the ETH token is valued at around $1,806, reflecting a roughly 1% price jump in the past 24 hours.

ETH Whales Trimming Their Holdings

Interestingly, a conflicting piece of on-chain data has also emerged, showing that an important class of investors known as whales has been offloading their assets. This investor cohort is influential on the market dynamics due to their significant holdings and, as such, is typically monitored by other investors.

In a April 4 post on X, crypto analyst Ali Martinez revealed that whales (holding between 10,000 and 100,000 coins) have sold over 500,000 ETH tokens in the past 48 hours. Considering the size of this sell-off and the influence of the investors, this activity could be a bearish roadblock for a possible Ethereum price recovery.