Ethereum (ETH) has seen an increase in net purchase volume from takers on Binance over the past two weeks, but this has yet to result in a strong uptrend for the leading altcoin, data shows.
Ethereum is up 10% since April 5, and a good portion of those gains came after the announcement of a two-week ceasefire between the United States and Iran.
The upward trend in CVD indicates that the net purchase volume of takers is higher. Aggressive buying tends to drive prices higher, but ETH has not maintained an uptrend over the past couple of weeks.
The price was just above $2.2k at the time of writing, but the rising CVD has yet to result in a corresponding bullish price action. This divergence suggests that there is underlying demand and that buyers are still in control, concluded analyst Amr Taha.
Examining Ethereum’s On-Chain Activity and Organic Demand
The CVD has been trending upward since the last week of February. It saw a pullback around mid-March, as inflation fears, rising oil prices and the potential for an escalation in the U.S.-Iran conflict pushed traders and investors to take profits.
The Fusaka upgrade in December 2025 made Ethereum more efficient. This led to lower fees and higher throughput, naturally leading to more activity even if new capital was not entering the system.
Crypto intelligence platform Alphractal observed that this pattern is one we have seen before. In 2025, the 30-day moving average of active addresses jumped while Ethereum traded sideways between $2.7k and $3.3k.
This was followed by a 45% price drop, meaning that an explosion in on-chain activity sometimes precedes a price drop. Real demand is not reflected in increased activity, but rather in increased capacity.
Such an event gives context to broader market conditions. Sentiment was fearful and capital inflows into crypto markets are sporadic. The threat of a deeper price drop appears likely, despite signs of demand.
CryptoQuant data showed ETH exchange reserves declining, showing accumulation. The chart above shows that ETH holders’ monthly position has increased, another sign of demand.
This combines well with the CVD since February, but it does not mean that a long-term bullish trend reversal is imminent. Traders and investors should remain cautious as the market regime remains bearish.
Final Summary
- The aggressive buying volume of takers behind Ethereum, combined with the increasing position of hodlers, highlighted some demand behind ETH.
- This demand, combined with increased on-chain activity, does not necessarily reflect a change in bull market regime.
