- ETH price repeatedly tested $3,700 support, while cumulative Net Taker Volume formed a higher low, signaling easing selling pressure
- Over $500 million in ETH long positions were closed at approximately $3,915, marking a strong long squeeze against Binance.
- Recovery in Net Taker Volume signals buyers entering, suggesting stabilization as sellers reflect weakening market power.
Ethereum price formed two nearly equal lows around $3,700 while Cumulative Net Taker Volume showed a higher low. This indicates easing selling pressure after a prolonged period of market sell dominance.
ETH Support Holds Amid Buyer Activity
Ethereum maintained the $3,700 support level despite repeated tests over the past week. Price attempts to close below this level were unsuccessful, showing persistent demand from buyers. Traders defending the level have helped stabilize ETH after earlier sell-offs.
Cumulative Net Taker Volume tracks the difference between executed market buy and sell orders over time. On October 11, it reached a low of -2.82B USD. By October 17, it recovered to -1.09B USD, signaling that selling pressure was easing.
Positive Net Taker Volume indicates buyer dominance, while negative values show seller strength. The higher low in cumulative data suggests sellers are running out of momentum. This trend supports the $3,700 level as a notable zone of support.
Long Squeeze Drives Short-Term Market Activity
On Binance, over $500 million worth of ETH long positions were liquidated near $3,915. This marked one of the largest long squeezes in recent weeks. Liquidation of leveraged positions converted stop-loss orders into immediate market sell orders.
Long squeezes typically result in temporary price drops, but they also flush out over-leveraged retail traders. Historical data shows ETH often recovers gradually after such sell-offs. Traders defending $3,700 likely mitigated sharper declines following the squeeze.
Market activity around the long squeeze reflects the interaction of retail and institutional orders. Net Taker Volume recovery after the liquidation demonstrates that buyers stepped in while seller exhaustion appeared. ETH price resilience correlates with the balance between these forces.
Divergence Signals Potential Stability
The higher low in cumulative Net Taker Volume versus nearly equal ETH lows shows a clear bullish divergence. This indicates that selling pressure is easing, even as price briefly retested support. Traders monitoring Binance data observed this pattern over the week.
Analysis of ETH data shows that the repeated testing of $3,700 did not result in further breakdown. The market’s ability to hold this level reflects cautious activity by leveraged traders. Cumulative momentum data continues to show a reduced pace of sell orders.
Further monitoring of Net Taker Volume will reveal whether buyers continue to defend the $3,700 support. ETH price movement suggests sellers have become less aggressive, supporting a phase of potential stabilization. Traders remain active near this key zone, watching for gradual recovery.
