A key onchain metric for Ether (ETH) has climbed to a level not seen since the 2022 cycle low, supporting the idea that ETH could be entering an early bottoming phase even as spot demand and price action remain subdued. Data points to a local stabilization near roughly $2,000, though a dip to lower levels cannot be ruled out.
On March 17 the 30-day average of positive Ether net taker volume hit $142 million, matching readings last observed on July 18, 2022, according to CryptoQuant. Net taker volume tracks the gap between aggressive buyers and sellers in derivatives markets; a positive value means market orders are skewed toward buyers. Comparable spikes were recorded during transitional phases in mid-2022 and August 2020, episodes when traders were actively repositioning and adding exposure as prices settled near cycle lows.
The Ethereum Coinbase premium index has been positive since Feb. 24, indicating increased spot demand from U.S.-based traders. Still, analyst Pelin Ay observes that although supply-side pressure has eased, prices have not responded strongly because potential buyers appear hesitant—many still regard current levels as expensive and are waiting for a clearer bottom before committing.
On the technical side, short-term support for ETH aligns with the 100- and 200-period exponential moving averages (EMAs). Price action is compressing along an ascending trendline, and a breakdown would direct attention to lower-liquidity areas. Internal liquidity is concentrated between $2,100 and $2,000, with a notable cluster around $1,905. A larger liquidation cluster sits near $1,976, where more than $3 billion in long positions are open, per CoinGlass. If price enters that zone, forced liquidations could create a short-term imbalance, though the same area could serve as a demand pocket if buyers step in.
Trader EliZ emphasized the psychological and technical importance of the $2,000 level on the daily chart: holding above it would preserve the medium-term bullish structure, while a break below would likely invite aggressive shorting and lower targets.
This article is informational and not investment advice. Trading and investing carry risks; readers should do their own research and consider their risk tolerance before making decisions.