Ethereum has shown strong resilience after its recent sell-off, with bulls aggressively defending the $1,800 support level. The rebound above $2,100 suggests growing confidence, especially as key on-chain indicators point toward a potential market bottom.

Metrics like the Spent Output Profit Ratio (SOPR) dropping below 1 indicate that many investors sold at a loss — a classic sign of capitulation. Historically, similar conditions have preceded major rallies, as weaker hands exit and long-term holders begin accumulating. Combined with strong support zones and multi-year trendline alignment, ETH appears to be stabilizing for a possible short-term recovery above $2,000.