First Buying Explosion Detected Since 2022, Is Ethereum's Real Bull Market Coming?

▲ Ethereum (ETH) ©

The immense selling pressure that had suppressed the Ethereum derivatives market for several years has lifted, and for the first time since the bear market bottom in 2022, an unusual tectonic shift has been observed where buying forces are regaining control, fueling expectations for a major trend reversal.

According to the cryptocurrency media outlet Bitcoinist on April 21 (local time), renowned crypto asset analyst Darkfost diagnosed that the old pattern of seller dominance in the Ethereum (ETH) derivatives market has broken down, and buying pressure has begun to take over the market. When Ethereum broke through $4,000 and hit an all-time high in December 2024, net taker volume plunged to minus $511 million, and near the cycle high of $5,000, it worsened to minus $568 million, suffering from intense selling pressure throughout the bull market.

However, since March, the market sentiment has dramatically reversed. Unlike the past, when it suffered from endless selling offensives, current buyer-initiated trading volume is dominating the market, and net taker volume has turned positive to plus $102 million. Darkfost emphasized the significance of this change, stating that this is the first time such a strong buying pressure of this magnitude has appeared in the derivatives market since the dark period of 2022 when Ethereum was bottoming out around the $1,000 mark.

Experts analyzed that while it is too early to declare a complete bull market reversal based on a single data point, the shift from an extreme selling pressure of minus $568 million to a buying pressure of plus $102 million is by no means a minor movement. If buying forces continue to absorb the incoming supply, it signifies not just a short-term rebound but a new structural foundation for Ethereum's ascent being laid.

From a technical perspective, Ethereum is attempting to establish itself above the $2,300 level. Although it has been consistently raising its lows and recovering since the sell-off that nearly led to a breakdown below $1,800 in February, the downward-sloping 200-day moving average continues to act as strong resistance. The media pointed out that recent attempts to enter the $2,350 to $2,400 range also met with selling resistance, making a definitive breakout above the 200-day moving average and consolidating prices above it essential for a true trend reversal.

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