ETH holds between $2,256 and $2,325 as Bitcoin’s April recovery reveals a supply-demand divergence that capital markets haven’t fully priced in.
The chart is holding. Barely. More Crypto Online, on X, posted a 1-hour ETH/USD chart showing a micro support band defined between $2,256 and $2,325. The structure can still extend higher. But only if that zone holds.
More Crypto Online noted that the ETH micro structure is less clear than Bitcoin’s chart. That word — less clear — is doing a lot of work right now.
Two Assets, One Recovery, Very Different Stories
April’s rebound wasn’t what it looked like from a distance. According to CryptoQuant’s Quicktake analysis published this week, Bitcoin climbed from $68,219 to $76,306 during April 2026, a gain near 11.85%, briefly testing $79,500. Ethereum moved from $2,103 to $2,256. That’s roughly 7.28% and a weaker high near $2,466.
The difference wasn’t just size. It was structure.
BTC’s Coinbase Premium moved out of negative territory through April. That matters because it tracks U.S. spot buying pressure, the kind that typically reflects ETF-driven institutional flows. Exchange netflows showed consistent outflows at the same time. Supply was tightening while demand was building.
ETH didn’t get that.
ETH Rose Because Sellers Left, Not Because Buyers Showed Up
The CryptoQuant breakdown put it plainly. Ethereum’s Coinbase Premium stayed muted across April. Capital allocation skewed toward Bitcoin. ETH price moved largely because exchange netflows fluctuated, meaning supply shifts drove short-term price changes, not demand.
Bitcoin was being bought. Ethereum stopped being sold quite as hard.
That’s a meaningful gap. Per the CryptoQuant analysis, April wasn’t a broad-based recovery. It was a Bitcoin-led one. The distinction, as they framed it, marks this moment as the beginning of capital rotation, not confirmation of it.
Markets used to move together. This one didn’t.
Where ETH Actually Stands on the Chart
Back to that 1-hour chart from More Crypto Online. The wave structure shows a potential continuation path toward the 100% Fibonacci extension at $2,646. The 38.2% level sits at $2,325, and the 50% retracement is near $2,178 below. There are labeled Elliott Wave counts pointing higher, a wave (5) projection into the $2,560 to $2,646 range.
All of that requires the $2,256 to $2,325 band to hold.
Ethereum’s price range has been contested for weeks, and the Q2 structure is fragile enough that one clean flush through micro support would change the short-term picture considerably. The CryptoQuant data suggests ETH isn’t getting the demand-side support BTC received in April. So the chart’s next move may depend almost entirely on whether selling pressure stays quiet.
It’s a reactive structure. Not an aggressive one.
Capital Is Getting Selective. Bitcoin Is the Proof.
CryptoQuant’s April breakdown concluded with a point worth noting. If ETH begins showing sustained spot demand similar to BTC, broader altcoin participation may follow. Until then, Bitcoin dominance holds. April marked the beginning of structural selection, not just a rebound.
The 2026 crypto cycle has been described by multiple analysts as a phase where capital is becoming selective, and the April data from CryptoQuant adds on-chain weight to that view. BTC attracted institutional buying. ETH didn’t. The gap is real and measurable.
Whether it closes is the actual question. ETH at $2,368 as of this writing. Micro support is just below.
Disclaimer: This article is based purely on technical analysis and on-chain data from cited sources. It does not constitute financial or investment advice.
