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Ethereum’s recent price stabilization near the $2,000 mark is in line with the decline in volume. According to data shared by CryptoQuant, Binance recorded approximately 486,000 ETH in daily trading volume. It fell well below its monthly trading average.
The accompanying volume Z-Score of approximately -0.39 shows that current activity levels are under their 30-day average.
The volume Z-Score shows the level of deviation from the recent trading volume average. The negative value of -0.39 indicates lower participation than the previous month.
Historically these readings are associated with consolidation phases, liquidity contraction, or trader repositioning rather than aggressive directional expansion.
Ethereum’s current setup reflects cooling momentum rather than panic-driven liquidation.
The Z-Score shows no major positive increase and it suggests that buyers remain inactive while sellers are not creating selling waves.
Ethereum has dropped 37.93% over the past month and remains down 28.29% year-on-year.
Despite this sharp correction trading volume has not expanded meaningfully during the decline. Instead of a sell-off marked by high participation the move appears to have been driven by distribution and derivatives unwinding.
ETH is currently testing the $1,900-$2,000 demand zone, a key technical support area. However, the lack of volume at this level raises concerns about the strength of any potential rebound.
Adding pressure are outflows from spot Ethereum ETFs which saw $161.5 million in net outflows in a week. This forced underlying ETH sales, increasing circulating supply and amplifying downward momentum.
Meanwhile, the Crypto Fear & Greed Index shows a value of 12, which signals continued anxiety among investors.
Ethereum experienced liquidations worth $105.81 million in the last 24 hours, with $93.31 million from longs and $12.50 million from shorts.
The large number of long positions that got liquidated shows that traders who had excessive bullish positions lost their trades after ETH prices dropped.
Also Read: Solana vs Ethereum: Which Crypto is Better for 2026?
Recently, Ethereum faced rejection near $2,150, which marked the upper boundary of its consolidation range. ETH is currently trading at $1,969.33 with 5.71% decline in the past 24 hours.
The recovery will continue if ETH manages to close above the upper consolidation range at $2,149; it could extend the recovery toward the next key resistance at $2,400.
The RSI and MACD indicators of Ethereum also show decreasing bearish momentum, suggesting short-term recovery.
However, if ETH faces a correction, it could extend to $1,747, the lower end of the consolidation range.
