While Ethereum is showing signs of renewed strength, the structure of the market adds a layer of risk.

The Taker Buy-Sell Ratio turning positive signals growing buyer confidence, but this momentum is largely driven by leveraged futures—not spot demand.

That creates a fragile dynamic:
• Strong upside if momentum continues
• Sharp volatility if positions unwind

The key takeaway:
ETH may be entering a stronger phase—but in a derivatives-driven market, stability depends on real demand catching up.