ETH Spot Buying Interest Surges 72%, Traders Target Liquidity Gap Near $2,600

BlockBeats News, April 23, data shows that buyer strength in the Ethereum perpetual futures market has significantly increased. On Binance, ETH's 24-hour cumulative net taker volume has reached $5.5 billion, a 72% increase from the $3.2 billion at the beginning of the month, hitting a new 30-day average high since July 2022.

Analysts point out that the continued active buying pressure indicates that buyers have strong conviction at the current price level. From a price structure perspective, ETH is facing a key resistance test at $2,400, a level that has been tested three times since February 6. Once broken effectively, the range between $2,475 and $2,634 will be exposed, where a Daily Fair Value Gap (FVG) formed during the February drop, is considered a liquidity cluster.

At the same time, ETH is attempting to reclaim the 100-day Exponential Moving Average (EMA), a level usually associated with trend continuation phases. The 200-day EMA is slowly rising towards around $2,634, overlapping with the liquidity gap.

Derivatives data shows that the Cumulative Volume Delta (CVD) of futures continues to climb to around $12.6 billion, while the funding rate remains neutral, indicating that the current price increase is not accompanied by excessive leverage expansion. This combination of buyer demand and restrained leverage makes the $2,475 to $2,634 range a key liquidity target area in the near term.