Ethereum (ETH) Price Touches $1,800 for the First Time in April

Ethereum (ETH) breached the $1,800 level on Wednesday for the first time this month, marking a significant technical milestone. The rally came amid a

Ethereum (ETH) price touched the $1,800 level on Wednesday for the first time in April, marking a significant technical milestone. The rally came amid a sharp increase in trading activity, with 24-hour volume surging from $60.66 billion to $78.06 billion – a 28.73% spike.

However, after reaching a high of $1,818, ETH has since pulled back to $1,790, reflecting broader market hesitancy and competitive pressure from rival chains like Solana, which saw even stronger gains.

The initial price surge mirrored a general upswing across the crypto market as risk appetite encountered softer macroeconomic improvements. Trump’s softening stance on trade tariffs this week also contributed to the bullish tone.

Yet, Ethereum’s price dropping back below the $1,800 psychological level suggests a potential near-term top, especially with traders assessing whether the network can keep pace with competitors in the high-performance smart contract space.

Solana (SOL), a major Layer 1 chain competing with Ethereum, has seen impressive gains of 20% in the past week, pushing through the $150 mark on Wednesday. In comparison, ETH’s 15% weekly gain, which saw it peak at $1,818, highlights the widening divergence in investor enthusiasm.

Despite remaining the second-largest cryptocurrency by market cap, Ethereum’s share of overall crypto trading activity is narrowing, raising questions about its ability to capitalize on broader market momentum.

Ethereum Derivatives Volume Hits $78B

Ethereum’s derivatives market is witnessing a significant surge in activity, indicating heightened speculative interest. The latest data from Coinglass shows ETH derivatives trading volume soared by 28.73% in the past 24 hours to reach $78.06 billion.

At the same time, open interest rose by 2.72% to $21.09 billion, while options trading volume witnessed a 20.02% increase to reach $827.08 million. These metrics suggest an active buildup of bullish positions as market sentiment improves.

The long/short ratio on Binance ETH/USDT stands at 1.0255, indicating a slight preference for longs, while the top trader ratios display a more bullish skew with 2.3772 for accounts and 2.1211 for positions.

This suggests that Ethereum whales are actively betting on further price upside. However, high liquidation amounts, with $126.85 million liquidated in 24 hours (including $92.18 million in shorts), point to high volatility and rapid adjustments in positions.

The $17.4 billion surge in daily volume marks a significant increase in market engagement, although not all signs point to sustained bullish continuation. Ethereum’s price is currently consolidating just below a key resistance level, and failure to break decisively above $1,800 could lead to a short-term pullback towards $1,750-$1,760.

What Next For ETH Price

The next move for Ethereum will depend on whether buyers can regain control above the $1,800 threshold. While derivatives data suggests underlying strength, ETH will need to outperform rivals like Solana to assert dominance.

With broader macro conditions improving and risk appetite on the rise, a sustained breakout could see ETH price test the $1,850-$1,880 region. Conversely, failure to hold $1,790 invites the potential for renewed bearish pressure in the upcoming sessions.