Ethereum is currently testing a key resistance level as the broader crypto market attempts to recover from recent volatility and downward pressure. After weeks of price correction, ETH is starting to stabilize, with buyers gradually pushing the asset higher as traders reassess market conditions and liquidity flows across digital assets.
While price trends suggest a potential short-term rebound, data from derivatives markets suggests that larger structural changes may be unfolding behind the scenes. According to a recent analysis by CryptoQuant analyst Arab Chain, the ETH Binance Futures Smart Money CVD (90D) indicator is starting to reflect a noticeable change in demand dynamics in the Ethereum derivatives market on Binance.
This indicator tracks the cumulative difference between aggressive buy orders and aggressive sell orders executed through market orders in the futures market. Since these orders represent traders who want to execute trades immediately, this indicator provides valuable insight into real-time demand pressure from more active market participants.
According to the latest data, the active buying volume of Ethereum futures on Binance recently reached approximately $4.583 billion, while the active selling volume totaled approximately $4.576 billion. As a result, the daily taker delta registered a positive value of approximately $7.15 million, indicating that buyers had a slight advantage during this session as the market tried to regain momentum.
Smart money CVD still reflects prevailing sales pressure
Despite recent sessions showing a slight advantage for buyers, the broader structure of the Ethereum derivatives market remains tilted towards selling pressure. According to our analysis, the 90-day rolling smart money CVD still recorded a negative figure of approximately -$5.71 billion, indicating that active selling activity exceeded active buying over the past three months.
In practical terms, this means that market participants using market orders were more willing to sell Ethereum than accumulate it during that period. Because CVD tracks the cumulative difference between buy and sell orders executed directly in the market, sustained negative values typically reflect market conditions where sellers are closing out positions or initiating short sell trades.
However, analysts note that negative CVD readings do not automatically translate into immediate price declines. Market dynamics can produce different outcomes through a mechanism known as liquidity absorption.
In these situations, large buyers can place significant limit orders in their order books to absorb selling pressure without significantly pushing up prices in the short term. This behavior can create a temporary equilibrium in which aggressive sellers continue to bid while patient buyers gradually accumulate supply.
If this absorption process continues, it could eventually relieve pressure on sellers and lay the foundations for a potential shift in market momentum.
Ethereum tests long-term support zone after multi-month correction
The weekly chart shows that Ethereum is attempting to stabilize after a prolonged correction that began in 2025 with a rally around $4,800. Since that peak, the price movement has formed a clear sequence of falling highs and falling lows, confirming a persistent bearish structure over higher time frames.
The recent decline has pushed ETH well below the $2,400-$2,600 area, which previously served as a key support area during the initial consolidation phase. This breakdown triggered a rapid decline towards the $1,800 zone, where buyers finally stepped in and created a short-term rebound.
Ethereum is currently trading around the $2,100 level, and this price range appears to be acting as a temporary equilibrium between buyers and sellers. From a technical perspective, this area serves as an important pivot level. If the price movement above this zone continues, ETH could attempt a recovery towards the $2,600 resistance area, where the 100-week moving average is currently trending.
However, broader structures remain fragile. The 200-week moving average is currently slightly below the price and could serve as important long-term support if selling pressure returns.
Volume data also shows increased activity during the recent downturn, suggesting that the market has experienced a significant liquidation phase. Whether this represents a capitulation or just a pause in the downtrend will depend on Ethereum’s ability to regain higher resistance levels in the coming weeks.
Featured image from ChatGPT, chart from TradingView.com
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