Data showed that Ethereum (ETH) has seen an increase in Net Taker Buying Volume on Binance over the past two weeks, but this has not yet resulted in a strong uptrend for the leading altcoin.
Ethereum is up 10% since April 5, with a significant portion of those gains coming after the two-week ceasefire between the United States and Iran.
The upward trend in CVD indicates higher net buyer buying volume. Aggressive buying tends to push prices higher, but ETH has not maintained its uptrend over the past two weeks.
At the time of this writing, the price was just over $2.2k but the surging CVD has yet to see a commensurate bullish price movement. Analyst Amr Taha stated that this difference shows that there is underlying demand and buyers are still in control.
Examining Ethereum’s on-chain activity and organic demand
CVD has been on an upward trend since the last week of February. A pullback was seen in mid-March as inflation fears, rising oil prices and the potential for escalation of the US-Iran conflict forced traders and investors to take profits.
Fusaka upgrade scheduled for December 2025 Ethereum more efficient. This led to lower wages and higher turnover, and naturally more activities Even though no new capital enters the system.
Crypto intelligence platform Alphractal observed that this pattern is one we have seen before. In 2025, the 30-day Moving Average of Active Addresses rose while Ethereum traded sideways between $2.7K and $3.3K.
This was followed by a 45% price drop; This means that a boom in on-chain activity sometimes precedes price declines. Real demand is not reflected in the increased activity, but rather an increase in capacity.
Such an event gives context to broader market conditions. Sentiments have been fearful and capital inflows into crypto markets have been erratic. Despite signs of demand, the threat of a deeper price decline seems likely.
CryptoQuant data showed that ETH exchange reserves were falling and accumulating. The chart above shows that monthly positions of ETH holders are increasing, another sign of demand.
This has combined well with CVD since February, but this does not necessarily mean a long-term uptrend reversal. Traders and investors need to be cautious as the market regime continues its downward trend.
Final Summary
- Aggressive buyer buying volume behind Ethereum and hodlers increasing their positions have underlined some demand behind ETH.
- This demand, combined with increased on-chain activity, does not necessarily reflect a bullish market regime change.
