Ethereum Dips to $2.8K—Here’s Why the Bulls Aren’t Sweating

Ethereum’s price just got knocked down to $2,800—but before you dump your bags, consider the bigger picture.

Market cycles aren’t straight lines. This pullback? Textbook profit-taking after a 30% rally. The network’s fundamentals—burn rate, L2 adoption, staking yield—haven’t magically evaporated.

Meanwhile, Wall Street ’experts’ still can’t tell the difference between a hard fork and a forklift. Maybe that’s why they’re busy shorting ETH while quietly accumulating through OTC desks.

Zoom out. The 200-day moving average holds. Developers keep shipping. And let’s be real—if you’re trading crypto based on daily candles, you’re just giving exchanges free commission.

Source: CryptoQuant

In a post on CryptoQuant Insights, CQ analyst Burrak Kesmeci noted that local tops have been accompanied by flurried trading activity. The most recent example was the high activity in March 2024.

In December, when ETH retested the $4k mark again, retail activity had not gone wild. Neither did the recent recovery to $2.8k. This implied that retail activity was missing, which in turn suggested ethereum was still early in its bullish phase.

AMBCrypto found that some other metrics supported this idea.

The selling pressure behind Ethereum has been minor

Source: CryptoQuant

The spot volume bubble map marks heightened and decreased trading volume across all exchanges. Generally, rapidly increased trading volume and overheated signals in the market point toward a pullback.

This occurred in December 2024. A repeat of this was yet to occur.

The quick recovery of ETH from $1.7k to $2.8k since April was accompanied by reduced trading volume. Profit-taking activity has not rocketed higher, which was a positive development.

Source: CryptoQuant

Although trading volume was low, it did not rule out a potential price pullback.

For further insight, the spot taker CVD metric, which tracks the cumulative difference between market buy and sell volume over three months, provides key evidence.

In May, the metric remained green and rising, indicating that taker buy orders were dominant. This suggests that despite the cooling volume, buyers still controlled the market, making any ethereum price retracement likely to be shallow rather than deep.