Ethereum nears $2.2K: Yet THESE bearish risks could stall ETH prices

Ethereum [ETH] saw increased Net Taker Buy Volume on Binance over the past two weeks, but this has not yet resulted in a strong uptrend for the leading altcoin, data showed.

Ethereum has rallied 10% since the 5th of April, and a good chunk of these gains came after the two-week ceasefire announcement between the U.S. and Iran.

Source: CryptoQuant

The rising trend in the CVD indicates net taker buy volume is higher. Aggressive buying tends to push prices higher, but ETH has not maintained a bullish trend over the past two weeks.

The price was just above $2.2k at the time of writing, but the rising CVD did not see a commensurate bullish price move yet. This divergence suggests there is underlying demand and that buyers are still in control, analyst Amr Taha concluded.

Examining Ethereums on-chain activity and organic demand

The CVD has been trending higher since the final week of February. It saw a pullback around mid-March, as fears of inflation, rising oil prices, and the potential for escalation in the U.S.-Iran conflict pressed traders and investors to take profits.

The Fusaka upgrade in December 2025 made Ethereum more efficient. It led to lower fees and higher throughput, naturally leading to more activity even though new capital was not entering the system.

Source: TeddyVision on X

Crypto intelligence platform Alphractal observed that this pattern is one we have seen before. In 2025, the 30-day Moving Average of Active Addresses surged while Ethereum traded sideways between $2.7k and $3.3k.

This was followed by a 45% price slump, meaning that a burst in on-chain activity sometimes precedes price declines. Real demand is not reflected in the rising activity, but rather, increased capacity is reflected.

Such an event gives context to the broader market conditions. The sentiment was fearful, and capital inflows to crypto markets are sporadic. The threat of a deeper price drop appears likely, despite signs of demand.

Source: Glassnode

CryptoQuant data showed the ETH exchange reserves were falling, showing accumulation. The chart above shows that the monthly position of ETH holders was increasing, another sign of demand.

This has combined well with the CVD since February, but it does not mean a long-term bullish trend reversal is imminent. Traders and investors need to stay cautious as the market regime remains bearish.