Ethereum Onchain Indicator Hits Three-Year High

Ethereum's (ETH) onchain data is showing signs of a possible bottom formation, but the market's reaction is still uncertain. The 30-day average of positive Ether net taker volume has surged to $142 million, reaching levels last seen in July 2022 during the bear market cycle.

Net taker volume measures the difference between aggressive buyers and sellers in derivatives markets, with a positive reading indicating that market orders lean toward buyers. This surge aligns with prior spikes seen in mid-2022 during a correction phase.

The Ethereum Coinbase premium index has also been positive since February 24, indicating growing spot demand from US-based traders. However, crypto analyst Pelin Ay notes that despite the drop in supply-side pressure, the price response remains relatively muted due to a lack of dominant buy demand.