Ethereum Just Saw Its Strongest Buy Pressure Since The 2022 Bear Market
20 Apr 2026 · 08:30 UTC · NewsBTC RSS Feed · Original source
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Summary
CryptoQuant analyst Darkfost reported that Ethereum experienced its strongest buy-side pressure on derivatives markets since the 2022 bear market. Throughout the current cycle, ETH faced persistent heavy selling pressure measured by net taker volume, an indicator of buy-versus-sell order imbalances on derivatives exchanges. This negative pressure was particularly pronounced during ETH's price milestones: the December 2024 push toward $4,000 coincided with -$511 million net taker volume, while the subsequent all-time high near $5,000 saw even more extreme selling at -$568 million. Since March 2026, the dynamic shifted as buy-side volumes took control with +$102 million in positive net taker volume—a level unseen since 2022 when ETH traded around $1,000. The analyst cautioned that while this breaks the established selling-pressure pattern and could signal early-stage structural recovery, confirmation requires trend persistence. The analyst suggests sustained positive taker flow would indicate buyers increasingly willing to lift offers rather than await lower prices, potentially enabling stronger upside momentum than previously possible. At publication, ETH traded at $2,288.
Why it matters
Net taker volume measures the imbalance between aggressive buyers hitting offers versus sellers hitting bids—a core derivative market microstructure signal. Positive readings indicate willing accumulation; negative readings suggest supply dominance. The analyst's comparison to 2022 levels carries significance because such extreme shifts are rare and historically preceded rallies. The mechanism: if large participants absorb selling pressure without pushing price lower, it signals strong conviction and deeper pockets supporting the asset. Key assumptions include CryptoQuant data accuracy, past correlation between taker flow improvements and price appreciation, and trend persistence. Uncertainties include: macro factors (Fed policy, stock sentiment, regulation) could override microstructure signals; 2022 conditions (deeper bear, lower valuations) differed from today; single-day data doesn't confirm structural reversal; and the analyst explicitly qualifies the thesis as conditional. Additionally, derivatives flows reflect diverse strategies including hedging and leverage positioning, not purely directional conviction.
Expected impact
Ethereum's shift to its strongest buy-side pressure on derivatives markets since the 2022 bear market represents a significant microstructural turning point. After months of sustained selling pressure that undermined upside attempts—including extreme negative net taker volumes of -$511M during December 2024's push toward $4,000 and -$568M at the near-$5,000 all-time high—ETH now shows +$102M in positive buying pressure. This suggests institutional and sophisticated traders are accumulating rather than distributing. If this trend persists, expected market impacts include: (1) Near-term volatility increase as traders react to the positive signal and relief rallies occur; (2) Medium-term stronger upside momentum as genuine buying pressure enables sustained price appreciation; (3) Longer-term structural recovery if the regime shift holds, positioning ETH for cleaner breakout attempts. Bitcoin could indirectly benefit from improved altseason sentiment and risk appetite shifts. The critical caveat: one strong data point doesn't confirm reversal; persistence is essential for thesis validation.