$ETH, the native cryptocurrency of smart contract giant, Ethereum, shows an insignificant loss of 0.54% during the opening bell of Thursdays U.S. market hours. The shallow downtick follows geopolitical instability and the fragility of the U.S.-Iran ceasefire. Despite the sentiment pressure on Ethereum price, the on-chain data records a massive spike in Wrapped Ethereum (WETH) activity, creating community speculation on potential institutional inflows or unannounced protocol integrations. Will price recovery follow？
WETH Adoption Jumps Despite Weak Market Sentiment
On April 9th, the crypto market witnessed low volatility trading across the majority of major digital currencies. The uncertainty can be linked to geopolitical instability as the recently announced 2-week ceasefire between U.S.-Iran-Israel is rapidly fraying.
While temporary truce initially boosted global market sentiment, recent dispute among the parties over Israeli strikes in Lebanon, the status of the Strait of Hormuz, and conflicting interpretations of nuclear enrichment rights has renewed the risk-off phase in the market.
Despite the market FUD, On Wednesday, Santiments on-chain data captured a striking surge in Wrapped Ethereum activity. Exactly 32,058 new $WETH wallets were created — over 16 times the usual daily average — while active wallets climbed to 46,650, more than triple the norm. Both metrics marked the highest readings of the year.
This sharp rise in fresh addresses and genuine wallet usage points to growing adoption and capital inflows into Ethereums ecosystem. Higher network participation often signals increased demand for $ETH, as users need the native token for gas fees, staking, and DeFi interactions, potentially supporting upward pressure on its price amid broader market recovery.
Ethereum Price Cooling For A Major Breakout Ahead
In the last 48 hours, the Ethereum price plunged from $2,272 to $2,166, recording at a 3.5% loss. This pullback emerged from a multi-month resistance trendline on the daily time frame chart, signaling a fresh bearish reversal in price.
Historical data shows the coin price witnessed renewed selling pressure at the resistance during early October 2025 and mid-January 2026, resulting in a correction of roughly 45% to 48%.
However, the Ethereum price could witness a firm support just 8.3% down at $1,980 from an emerging support trendline. If the support holds, the contrast could prolong its ongoing consolidation around the $2,000 psychological mark.
The momentum indicator RSI at 54% indicates a neutral to slightly bullish sentiment among the market participants.
As no financial assets remain in a particular trend, the Ethereum price is poised for a decisive breakout in near term. A potential breakout from the overhead resistance would push the asset to next immediate resistance at $2,375 followed by $2,630.
$ETH/USDT -1d Chart
On the contrary note, a breakdown below the aforementioned support accelerates selling pressure and drive an extended correction to $1,500 mark.