Ethereum, the second-largest cryptocurrency by market capitalization, was down 0.3% in pre-market hours on Wednesday, trading at $2,312. This gradual decline coincides with rising geopolitical tensions, including the US naval blockade of Iranian ports. With retail investors following a “sell rebound” sentiment, the selling pressure may further accelerate and cause a further reversal in Ethereum price.
$ETH Number of remittances reaches 1.3 million as price lags to nearly $2.1 million
On April 15th, the crypto market witnessed low volatility trading in most major cryptocurrencies. The showdown over recovery momentum comes as differences between the United States and Iran have intensified despite a recently announced two-week ceasefire.
After peace talks broke down in Islamabad, US President Donald Trump ordered a blockade of Iran’s entire coastline to halt Iranian maritime trade and increased pressure to reopen the Strait of Hormuz.
Other major obstacles continue to fray the ceasefire agreement, including disagreements over a deadline for Iran to stop enriching uranium and demands from the United States to dismantle its nuclear facilities.
However, the two sides have reportedly reached “agreement in principle” to extend the existing two-week ceasefire, with Pakistan also pushing for a second round of high-level talks in Islamabad later this week.
Small-scale retail Ethereum investors are offloading their tokens at a rapid pace. Wallet with balance 0.01 $ETH Sales below 1,791 $ETHworth $4.16 million in the last 48 hours. Their total holdings decreased to 155,020. $ETHits value is approximately 359.8 million.
These microwallets initially accumulated 6,195 positions. $ETH Price growth last year was 4.1%. That trend has sharply reversed, with 3,693 $ETH reduction — equivalent to a 2.3% decline in share. The sell-off follows Ethereum’s 17% rally since late March, indicating that these smaller traders are viewing the recent rally with skepticism and are choosing to reduce their exposure instead of participating.
Key levels to watch as Ethereum price halts recovery at $2,375
Over the past two weeks, Ethereum price has increased from $1,937 to the current trading price of $2,327, recording a loss or gain of approximately 20%. This recovery, supported by a significant surge in trading volumes, resulted in a decisive break from the six-month resistance trend line.
This dynamic resistance served as an upper bound for a short pullback for traders, but the recent breakout indicates a significant change in sentiment. The initial spike in the post-breakout rally pushed the asset to the 70-day resistance level at $2,375.
This overhead resistance is currently stalling the recovery momentum and indicates that Ethereum price could fall to the $2,200 floor to regain the recovery. If buyers manage to sustain the recently regained support, the coin price could rise further to $2,628 and then jump towards the psychological level of $3,000.
On the contrary, note that if the coin price loses its 20-day exponential moving average, the selling pressure could increase further and Ethereum coin could return to $1,800.
