Bulls Defend $1,800 Ether Level, Traders Expect Price to Hold Above $2,000

Ether's recent price action has led to a surge of optimism among traders, who believe that the cryptocurrency will hold above $2,000 in the short term. This is based on several key indicators, including profitability metrics and trendline support.

One such indicator is Ether's Spent Output Profit Ratio (SOPR), which measures the profit or loss of spent ETH outputs. According to data from Glassnode, SOPR has dropped to 0.96, suggesting that investors are still selling at a loss. This metric has historically fallen below 1 in the past, marking local bottoms and potentially signaling a good time to buy.

Furthermore, Ether's MVRV Z-Score has also fallen into the historical accumulation zone, indicating that the cryptocurrency may have found a bottom. The last time this happened was in April 2025, after a 66% price drawdown, which preceded a multi-month rally.