Ethereum is currently testing key resistance levels as the broader cryptocurrency market attempts to recover from the recent period of volatility and downward pressure. After weeks of price correction, ETH has begun to stabilize, with buyers gradually pushing the asset higher as traders reassess market conditions and liquidity flows between digital assets.
While price action suggests the possibility of a near-term rebound, derivatives market data indicates that larger structural changes could be unfolding beneath the surface. According to a recent analysis by CryptoQuant analyst Arab Chain, the ETH Binance Futures Smart Money CVD (90D) indicator is beginning to reflect notable changes in demand dynamics within the Ethereum derivatives market on Binance.
The indicator tracks the cumulative difference between aggressive buy orders and aggressive sell orders executed via market orders in the futures market. Since these orders represent traders willing to immediately execute trades, the metric provides valuable insight into real-time demand pressure from the most active market participants.
According to the latest data, the aggressive buying volume of Ethereum futures on Binance recently reached around $4.583 billion, while the aggressive selling volume stood at around $4.576 billion. As a result, Daily Taker Delta recorded a positive reading of around $7.15 million, indicating a slight advantage for buyers during this session as the market attempted to regain momentum.
Smart Money CVD still reflects dominant selling pressure
Although the recent session showed a slight advantage for buyers, the broader structure of the Ethereum derivatives market remains tilted toward selling pressure. According to the analysis, the 90-day mobile Smart Money CVD still records a negative reading of around -$5.71 billion, indicating that aggressive selling activity has exceeded aggressive buying over the past three months.
In practical terms, this means that market participants using market orders have been more willing to sell Ethereum than accumulate it during this period. Since CVD tracks the cumulative difference between buy and sell orders executed directly in the market, sustained negative values generally reflect a market environment dominated by sellers closing positions or initiating short trades.
However, analysts note that negative CVD values do not automatically translate into an immediate price decline. Market dynamics can sometimes produce a different result through a mechanism called liquidity absorption.
In such situations, large buyers place large limit orders in the order book, allowing them to absorb the selling pressure without driving the price significantly higher 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 persists, it could potentially reduce seller pressure and lay the groundwork for a possible change in market dynamics.
Ethereum tests long-term support zone after months-long correction
The weekly chart shows that Ethereum is attempting to stabilize after a prolonged correction phase that began after it was rejected near the $4,800 region in 2025. Since this high, price action has formed a clear sequence of lower highs and lower lows, confirming a sustained bearish structure over longer time frames.
The recent sell-off pushed ETH significantly below the $2,400-$2,600 region, which previously served as an important support zone during previous consolidation phases. The breakdown triggered a rapid decline towards the $1,800 area, where buyers finally stepped in and produced a short-term rebound.
Currently, Ethereum is trading around the $2,100 level, a price zone that appears to be functioning as a temporary equilibrium between buyers and sellers. From a technical point of view, this region now constitutes an important pivotal level. Sustained price action above this zone could allow ETH to attempt a recovery towards the $2,600 resistance zone, where the 100-week moving average is currently moving.
However, the broader structure remains fragile. The 200-week moving average sits slightly below the current price and can serve as a key long-term support level if selling pressure returns.
Volume data also shows high activity during the recent decline, suggesting that the market has experienced a significant liquidation phase. Whether this represents a capitulation or simply a pause in the downtrend will depend on Ethereum’s ability to reclaim higher resistance levels in the coming weeks.
Featured image from ChatGPT, chart from TradingView.com
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