Ethereum’s price tumbled to its two-year low on April 7, dropping below $1,410 per coin. This significant decline triggered the liquidation of over $370 million worth of leveraged ETH futures in just two days, according to data from CoinGlass. However, Ethereum managed to recover above the crucial $1,500 mark as the S&P 500 index reclaimed its psychological 5,000 support level. Despite this downturn, professional traders are hesitant to declare bearish predictions. Ether’s derivatives market and on-chain activity suggest a possible bottoming process is underway, offering reassurance for bullish investors. 30-day data shows Ethereum underperforming the broader cryptocurrency market by 14%. However, Ether’s price has yet to reach its bottom despite recent volatility. Ether’s price drop has been attributed to worsening macroeconomic conditions like rising global trade tensions and fears of an impending economic recession.