Ethereum Spot Volume Surges 72%, Traders Eye $2,600 Liquidity Gap

Gate News message, April 23 — Ethereum's perpetual contract market has shown significantly strengthened buying pressure, with cumulative net taker volume on a major CEX reaching $5.5 billion over 24 hours, up 72% from $3.2 billion at the beginning of the month. This marks the highest 30-day average since July 2022, indicating sustained buyer conviction at current price levels.

ETH is currently testing key resistance at $2,400, which has been tested three times since February 6. A successful breakout would expose the $2,475–$2,634 range, where a daily fair value gap (FVG) formed during February's decline has created a liquidity cluster. Additionally, ETH is attempting to reclaim its 100-day exponential moving average (EMA), while the 200-day EMA is gradually rising toward $2,634, overlapping with the identified liquidity gap.

Derivatives data shows cumulative volume delta (CVD) climbing steadily to approximately $12.6 billion, while funding rates remain neutral. This combination of sustained buyer demand and restrained leverage suggests the $2,475–$2,634 range represents the key liquidity target in the near term.