📊 An important reversal signal is being recorded on Binance: the cumulative volume delta (CVD) for Ethereum has entered a stable positive zone for the first time in a long time. For a market that has experienced a prolonged decline from August peaks, this is an early sign of a return of purchasing activity.
What analysts noticed
🟠 The shift in CVD to positive coincided with attempts by ETH to hold above $3,100.
This means that market orders to buy are entering the market, that is, real liquidity, not just setting limits.
🟠 The structure is still unstable.
CVD is behaving volatilely: spikes in demand quickly change to pullbacks. This indicates an ongoing confrontation between buyers and sellers — there is currently no clear leader.
🟠 The correlation between price and CVD is 0.6.
Above the average level, which is important: despite the turbulence, purchases are still affecting price movement. This indicates the initial phase of recovering interest.
How to interpret this
Traders are gradually starting to buy the dips in anticipation, focusing on:
— the effect of recent technical updates to the Ethereum network,
— the reduction of supply on exchanges,
— the expectation of improvement in the macro environment and growth in liquidity in 2026.
So far this is not a full reversal, but its possible beginning. The market is testing the balance: buyers are trying to seize the initiative, but sellers are still active.
What’s next
If the positive CVD dynamics continue and spikes in demand stop quickly fading, this will signal the maturation of a new upward impulse.
For ETH, it is critical not so much a powerful upward movement now, but the establishment of a stable demand structure.
Meanwhile, Ethereum stands on the brink — between prolonged weakness and the first signs of recovery. Investors are observing, waiting for a trigger that will solidify the reversal.
