Ethereum Surges Past $2,630 After Weeks of Aggressive Selling
Ethereum's price surged above $2,630 on September 18, marking its highest point since January. The move followed weeks of aggressive selling by traders on Binance.
A CryptoQuant chart shared by analyst Amr Taha revealed a negative net taker volume of around $903 million, indicating that sellers had dominated the market before the breakout.
Despite this imbalance, Ethereum's price remained relatively stable and eventually broke through the $2,630 barrier. This divergence suggests that passive buyers were placing limit orders and allowing sellers to trade into them.
The sequence of events points to a plausible explanation: aggressive sellers were repeatedly matched without gaining control of price. Once their supply weakened, Ethereum required less additional demand to move higher.