A strong buy signal not seen since 2022 just flashed on Ether, but the altcoin needs to hold above a key price level to avoid invalidating the pattern.
A key Ether (ETH) onchain indicator has climbed to its highest level in over three years, a level last seen when ETH bottomed during the 2022 bear market cycle.
The signal supports the case for an early bottoming phase, despite the weak spot demand and muted price action. Data suggests that ETH may stabilize near the local floor around $2,000, but a sweep of lower price levels remains possible in the coming weeks.
The 30-day average of positive Ether net taker volume climbed to $142 million on March 17, reaching levels last seen on July 18, 2022. The net taker volume measures the difference between aggressive buyers and sellers in derivatives markets.
