Volume is up. Price is flat. And somehow that's the most interesting setup $ETH has shown in weeks.
Exchange reserves sitting at 16 million $ETH — an all-time low — means supply being pulled off markets is real, not theoretical. At the same time, 8.5 million new wallets were created in February alone, and daily active addresses averaged over 837,000 across the last 30 days. That's network growth that doesn't match the fear gauge sitting at 12 out of 100.
The $2,400 level is where this story either gets written or gets shelved. It was the floor before the liquidation cascade. Flipping it back to support would shift the structure. Until then, high volume into flat price just means both sides are serious — nobody's giving ground easily.
That tension tends to resolve eventually. Always does.