What to know:
- Ethereum buyers aggressively absorb supply near $2,300 despite prolonged price weakness.
- Smart contract deployments hit record highs, signaling strong underlying network fundamentals.
- Taker buy/sell ratio reaches highest point since January 2023, confirming accumulation.
Ethereum price analysis shows bullish divergence as buyers accumulate despite a 50% decline to $2,300. Data from CryptoQuant shows rising demand across derivatives and on-chain activity on April 26, 2026.
Ethereum price has dropped from around $4,700 in October 2025 to its current levels near $2,300.
However, the shift in demand suggests weakening selling pressure and growing accumulation at key support levels.
Taker Buy/Sell Ratio Supports Strong Ethereum Bullish Divergence
As the price of Ethereum declines, the taker buy/sell ratio has increased significantly. The 30-day moving average has reached the highest point since January 2023.
The Taker Buy/Sell Ratio is indicative of how much aggressive buying activity is dominating sell orders across exchanges. Buyers continue to absorb available supply despite the fact that the price of Ethereum is trending lower.
Such buyer behavior usually signifies an “accumulation” phase driven by larger investors. Also, it can represent decreasing selling pressure within the derivatives markets. Both factors further support the formation of an Ethereum bullish divergence across several metrics.
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Smart Contract Growth Strengthens Ethereum’s Fundamental Position
Network activity of Ethereum is diverging rapidly away from price performance. The 180-day moving average of new smart contracts deployed has hit a new peak record, according to a separate CryptoQuant data.
Historically, such spikes have been followed by strong price increases in Ethereum. It appears that developer participation and expanding utility of the network are contributing to the strength of the fundamentals compared to the value of the token.
The fact that fundamentals are growing at a faster rate than valuation provides a foundation for delayed price appreciation. Increasing use provides additional evidence supporting the current trends in Ethereum price analysis.
Ethereum Price Finds Support Near $2,300 As Buyers Build Confidence
TradingView data shows Ethereum traded near $2,367 in intraday recovery. Price action suggests that stabilization has occurred after a prolonged down move.
$2,300 is being seen as a developing accumulation area, with repeated purchases indicating increasing confidence among traders. Reduced volatility could indicate that sellers are beginning to lose control over momentum. Such behavior would align with the increasing demand shown throughout the market’s data.
A Reversal Setup for Ethereum?
Combining increased demand with the expanding network growth signals a potential bullish setup. This Ethereum price analysis illustrates a simultaneous build-out of speculative and fundamental support for price.
If momentum holds up, then Ethereum price prediction models show a possible recovery phase. Confirmation will require sustained demand and overall market support. Current data illustrates increasing support below the $2,300 price.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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