Ethereum Buyers Hold Derivatives Control as ETH Tests $2,300 Amid MA Resistance

Ethereum derivatives show sustained buyer dominance with +$102M net taker volume, the strongest bullish signal since 2022 and a flip from sell-side extremes of -$511M in Dec 2024 and -$568M near $5,000 cycle highs. After a February capitulation below $1,800, price has formed higher lows since March and is attempting to hold above $2,300. However, the 200-day moving average looms as resistance overhead, requiring a decisive break for trend reversal confirmation. Persistent buying could fuel a broader recovery.