Ethereum Buyers Stepping In Right Now Are the Most Aggressive Since Early 2023: Is the Bottom In?
Ethereum has clawed back above $2,300, with bulls pushing to reclaim a level that has defined the upper boundary of the recent consolidation range. The $2,400 target remains just out of reach — but a CryptoOnChain report has identified something in the order flow data that reframes the current price action as considerably more constructive than the chart alone suggests. The $2,350–$2,400 zone has repeatedly rejected upside attempts, aligning closely with the downward-sloping 100-day moving average. This creates a technical ceiling where sellers continue to absorb demand. At the same time, the 50-day moving average is rising beneath the price near $2,200, acting as dynamic support and compressing the range.Related Reading
This type of price compression typically precedes expansion. The question is direction. Volume offers limited confirmation, as the strongest activity remains tied to the February selloff, while the recovery has developed on more moderate participation. That suggests demand is present but not yet aggressive.
If Ethereum can reclaim $2,400 with sustained momentum, the next resistance sits near $2,800. A rejection from current levels would likely extend the consolidation, with downside risk toward the $2,100–$2,200 support zone where buyers have consistently stepped in.
Featured image from ChatGPT, chart from TradingView.com
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