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) onchain indicator has climbed to its highest level in over three years, a level last seen when ETH bottomed during the 2022 bear market cycle. The signal supports the case for an early bottoming phase, despite the weak spot demand and muted price action.
Data suggests that ETH may stabilize near the local floor around $2,000, but a sweep of lower price levels remains possible in the coming weeks.The 30-day average of positive Ether net taker volumeto $142 million on March 17, reaching levels last seen on July 18, 2022. The net taker volume measures the difference between aggressive buyers and sellers in derivatives markets. A positive reading signals that market orders lean toward buyers. The recent surge aligns with prior spikes seen in mid-2022 during a correction phase.These expansions have appeared during transitional periods where traders reposition and add exposure while the price stabilizes near a market bottom, as observed in July 2022 and August 2020. The Ethereum Coinbase premium index has also been positive since Feb. 24, and the elevated premium levels indicate growing spot demand from US-based traders.that despite the drop in supply-side pressure, the price response has remained relatively muted, possibly due to a lack of dominant buy demand. The analyst said, “The supply side is bullish, but there are no buyers. It appears that buyers still consider the current price expensive and are waiting for a new bottom.”What happens if Ether falls below $2,150? Ether’s short-term support aligns with the 100- and 200-period exponential moving averages , but the price is compressing near an ascending trendline, with a potential breakdown placing focus on the lower liquidity zones.The internal liquidity sits between $2,100 and $2,000 and a more pronounced cluster has formed near $1,905. sits at $1,976, where over $3 billion in long positions are open. A move into this zone may trigger forced liquidations and create a short-term imbalance.If buyers step in, this area may also act as a demand zone and support a price rebound above $2,000.a clear threshold at $2,000 on the daily timeframe. Holding above this level keeps the medium-term trend intact. A break below shifts the positioning toward aggressive short exposure, with the lower targets in focus.Related: Crypto Fear and Greed rebounds off extreme lows as traders re-enter This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
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