A key Ether (ETH) onchain indicator has climbed to its highest level in over three years. On March 17, the 30-day average of positive net taker volume spiked to $142 million, a level last seen on July 18, 2022. The net taker volume measures the difference between aggressive buyers and sellers in derivatives markets, indicating a tilt towards buyers.
Traders observe this as a sign of a transitional period where exposure is being added near the market bottom. However, crypto analyst Pelin Ay notes that despite the drop in supply-side pressure, there is a lack of dominant buy demand. Ay stated, 'The supply side is bullish, but there are no buyers.'
If Ether falls below $2,150, focus shifts to lower liquidity zones, particularly around $1,905. A larger liquidation cluster sits at $1,976, where over $3 billion in long positions are open, potentially triggering forced liquidations.