• Ethereum is quietly accumulating between $2,800–$2,900, with large buyers absorbing market sell orders.
• Sell-side liquidity between $3,050–$3,200 has been swept, signaling potential upward momentum toward $3,200+.
• ETH must hold the $2,900 zone to confirm reaccumulation and maintain a bullish outlook.

Ethereum’s market structure has undergone significant changes over the past two days. It appeared to be a normal retreat when, in fact, there was buying from deep wallets all along. The resulting impetus was absorbed and translated into what appears to be a new phase of reaccumulation.

New on-chain data highlights a strong sweep of key levels, with sell-side liquidity depleted and significant bid zones absorbed by large buyers. At the same time, activity in Binance futures markets is increasing at a faster pace than spot markets, which signals potentially strong price action in Ethereum.

Ethereum Shows Quiet Accumulation Phase

Analyst Merlijn The Trader’s heatmap illustrates the structure in detail. Ethereum’s price was pushed into a large buy zone ranging from $2,800 to $2,900. Rather than moving lower, the price held strong support and rebounded due to large market buy order soak-up activity.

Further up in the chart, a complete sweep eliminated several groups of sell market liquidity in the price range $3,050-$3,200. After the sweep, the price consolidated in a small range – a scenario where smart money usually re-enters while the rest of the market remains in ambiguity.

This pattern corresponds to the “quiet accumulation” patterns in the Ethereum history. Steep drops usually filter out the late buyers before moving to the next phase of enrichment. “The market can still manage a controlled fake out to test the weakest hands before the actual breakout phase can start,” writes Merlijn, and there is certainly a significant gap in the area above $3,200.

Ethereum Futures Spike Signals Trend Shift

An additional dataset from CryptoQuant reinforces the above observation. The ratio of Binance Futures/Spot for Ethereum has increased to 5.9, which represents the highest level in the comparison dataset.

In the chart, it can be seen that the behavior of ETH is distinct from that of Bitcoin, Solana, XRP, BNB, and TRX as the number of futures players increases in expectation of a likely change in trend. In fact, such kind of increase can historically happen when there is an expectation of a push in terms of direction. It’s not leverage but early game-play that happens in advance before volatility.

Spot market liquidity is stable, which means that Ethereum’s current movement has not started with leverage but rather in anticipation of a swing. It makes a strong two-fold signal in conjunction with the sweep of the liquidities.

Ethereum Faces Crucial $2,900 Test

The current form of ETH suggests there might be a controlled reboot in the order book. For the positive prognosis to continue, the price needs to maintain itself above the reasserted buy zone shown in the heatmap. For all indications, there could be a shift towards the $3,200 level when the thinness of trade increases above the current range.

Momentum investors are primarily looking at the big-volume region immediately above the current market. To breach this area convincingly would mean that the sweep was not merely defensive in nature but marked the beginning of a positive phase.

But in case the anticipated fake-out moves the price back towards $2,900, the behavior of ETH in that zone will determine whether there will be further accumulation or rather a deeper retreat.

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Ethereum Prepares For Trend Shift

Ethereum’s market conditions evidence strong but quiet buying pressure from large market players despite the overall cautious sentiment. The recent pushback in sell-side sweep activity and increased futures market activity reflect early-stage market behavior. Although spot markets are still leading futures markets, there appear to be indications of a trend change rather than further decline.

For now, Ethereum seems to be stepping back in silence – in the same kind of market that usually precedes its most dramatic rallies.

Also Read | Ethereum Holds $2,622 Support, Eyes Bullish Run Toward $10,000