ETH Price Just Did A 180° Turn – What Does This Mean For Your Wallet?

by

Guess who’s back? Ethereum (ETH) is on a bullish path today, May 1, after soaring past $1,850 for the first time in over three weeks. It’s like that one friend who promises to change and actually does. The gains are being fueled by whispers that ETH might have hit a local bottom. Oh, and the on-chain metrics are totally backing up this theory—because who doesn’t trust a good metric, right?

Right now, ETH is hanging out at $1,847 with a cool 2.62% gain in the last 24 hours. That’s cute. And trading volumes? They’re up by 60%. So, the market is clearly on edge, waiting for the moment ETH breaks through that psychological $2,000 barrier. It’s like waiting for a text back from someone you’re totally not stalking… but totally stalking.

Has Ethereum (ETH) Price Hit Rock Bottom? MVRV Z-Score Says “Hold My Beer”

Now, here’s where it gets real. The Ethereum MVRV Z-Score has plummeted into the “this is definitely oversold” territory. Historically, when ETH entered this zone, it was like an explosion of price action—good stuff, like fireworks, not the kind that lands you in a “what did I just do” situation. For example, in 2023, ETH dropped to around $1,500, but once the Z-Score hit bottom, ETH was off to the races—surging above $3,800 in three months. Basically, it was like when you find out your favorite band is touring again. Woohoo!

Oh, and don’t forget about 2020, when ETH went from $200 to over $1,000 after the same thing happened. This is like a repeat performance, but with more zeroes at the end of the paycheck.

If history repeats itself (which, spoiler alert, it probably does), ETH could have just found its local bottom in the $1,700 to $1,800 range. And now, it’s ready to turn that frown upside down and rise again.

Delta Growth Rate Says ETH Is Ready for Its Close-Up

But wait—t//coingape.com/wp-content/uploads/2025/05/Screenshot-2025-05-01-162103.jpg”/>

Analysts are all about this too. Titan of Crypto is basically shouting from the rooftops that ETH’s “monthly RSI” is back at the level where it has historically hit rock bottom. Merlin the Trader also had some thoughts—

“In 2020, Bitcoin sat at $8K… and everyone ignored it. Then it hit $64K. Ethereum today? Same thing. Accumulation. Compression. Explosion loading.”

So, yeah, there’s a solid case that ETH is just getting warmed up. Analysts are basically saying, “Hey, get ready for the next big thing.” But no pressure.

Ethereum Price Analysis: $3,000, Here We Come

Now that we’ve gone through all the fancy charts and numbers (you’re welcome), it looks like ETH might just be preparing for its next big jump—towards $3,000. Seriously, the daily price chart is basically screaming “I’m ready!”

ETH has broken out of a descending parallel channel, meaning it’s trying to stop its downward spiral and rise like a phoenix. If it stays above the upper trendline and defeats the first resistance level at $2,112, it’s on track for greatness. It’s like a video game where the boss level is at $3,064. Will ETH defeat it? Stay tuned.

All the indicators are on point, with the RSI making higher highs and the CMF holding steady above 50. In other words, buyers are winning this battle—despite the market being a bit of a rollercoaster. But don’t go popping the champagne just yet—if ETH drops below the mid-line of the channel, that’s where the dream could go *poof*. Fingers crossed, though, right?

Read More

2025-05-01 18:00