Ether dipped 4.64% to $1,831 on Monday, hitting the exact price level that trader Michaël van de Poppe had flagged as his buy-the-dip target. The move came as open interest in ETH futures surged 8.4%, but momentum indicators went completely flat, leaving traders uncertain about the next direction.
Why $1,831 Matters
Van de Poppe, a well-known crypto analyst, has been publicly calling $1,831 the line in the sand for a potential bounce. The zone isn't just a random number — it's a level where ETH previously found buying pressure in early March. With the price now kissing that exact mark, the market is watching to see if history repeats or if sellers push through.
Open interest jumping 8.4% during a price drop often signals that new short positions are being opened, betting on further downside. But it could also mean traders are adding longs, expecting the support to hold. The surge in open interest adds to the tension.
What the MACD Signal Means
The MACD — a momentum indicator that tracks the difference between two moving averages — has gone completely inert. It's sitting near zero, with no clear crossover. That's a sign of indecision. In technical terms, it means the market has no strong directional bias at the moment. A flat MACD after a big drop can either precede a sharp reversal or a continuation of the move, depending on what happens next.
For Ether, the next 24 hours are considered critical. If the $1,831 level holds and buyers step in, a bounce toward $1,900 or $1,950 could follow. If it breaks, the next support is around $1,750, a level that hasn't been tested since late February.
Traders on Edge
The broader crypto market is also feeling the pressure. Bitcoin slipped 2.3% alongside Ether, but ETH's drop was more pronounced. The ETH/BTC pair is near its lowest point in months, showing that relative weakness is a concern for altcoin holders.
Some traders are watching for a catalyst. Regulatory news, ETF flows, or a major DeFi exploit could tip the balance. So far, no single headline has driven the move — it looks like a technical flush combined with broader risk-off sentiment in equities.
Van de Poppe hasn't posted an update since the price hit his level, but his followers are watching closely. The question now is whether the support zone will attract enough buying to stem the slide, or if the flat MACD is a precursor to more pain.
