In this paper, a method for estimating the source velocity from the acoustic signal field propagating in a dispersive oceanic waveguide is presented. The signal is observed at an omnidirectional receiver in the presence of additive white noise. The source transmits a continuous wave (cw) signal, and the source motion is assumed to be uniform (unaccelerated). The ocean is modeled as a waveguide that is horizontally stratified with an arbitrary sound-speed profile in the vertical. The acoustic field generated by a moving point source in terms of normal modes predicts that each mode has a different Doppler shift, which contrasts with a single Doppler shift in a homogeneous unbounded medium. The modes are considered to remain phase locked with each other, i.e., coherent. The source velocity, including the number of modes involved, can be estimated through resolving modal Doppler shifts. The method is a time-domain interpretation of a recently developed eigenstructure technique for a multitarget direction finding with passive antenna arrays, in conjunction with a smoothing preprocessing scheme to deal with coherent modes [Shan et al., IEEE Trans. Acoust. Speech Signal Process. ASSP-33, 806–811 (1985)]. Simulation results that illustrate the performance of the method are presented.