Ethereum faced selling pressure as geopolitical risks intensified, with the broader crypto market declining 2.58% while Bitcoin fell 2.45%. ETH took a sharper hit due to its higher beta exposure on macro-driven moves, with leveraged positioning amplifying downward pressure. Long liquidations reached $90.83 million over 24 hours, adding mechanical selling pressure.
Despite price weakness, on-chain metrics reveal a striking disconnect. Santiment data shows over 788,000 addresses interacting with the Ethereum network daily, with 255,000 new addresses created each day - figures near all-time highs. However, institutional flows tell a different story with ETH spot ETFs showing net outflows of $7.10 million in April 2026 following larger outflows in previous months.
Technical analyst Javon Marks identifies a longer-dated setup based on a Hidden Bull Divergence visible on the 3D chart, first flagged in January when ETH was tracking toward a +44% move back to $4,811.71. That target remains intact, and if Ethereum clears $4,811 convincingly, the next objective is $8,557.68.
Derivatives data shows the Long/Short account ratio at 0.9673 on Binance, suggesting the market isn't positioned for recovery yet as buyers are present but not dominant. The divergence pattern continues holding, but resistance remains stubborn in the current geopolitical environment.
