Ethereum (ETH) Depth Fell to 35% of Bitcoin's in Q3, CoinGecko Data Shows

Ether Depth Versus Bitcoin Shrinks in Q3

Ethereum (ETH) carried 35% to 45% of bitcoin's median daily market depth between July 6 and Sept. 30, down from at least 60% across the same stretch last year. The figures appear in CoinGecko's quarterly liquidity review, published early on Monday, which called the drop against last year's readings a stark one. Price performance ran the other way through the quarter: ether gained about 70% while bitcoin added 42%. The Ethereum price now sits near $2,709 as of Monday, up 0.6% over the past 24 hours, after that study window closed; our earlier note on Ethereum holding near $2,700 frames the current range. Liquidity describes how easily a token changes hands without moving its price, and market depth is the standard yardstick for it: the dollar value of buy and sell orders parked on exchanges within a fixed distance of the current price. A deep book soaks up large tickets; a thin one lets a single order push the quote. Inside 0.15% of the mid price, ether held $13 million to $14 million in depth during the window, the band where routine fills clear and where market makers place most of their size. Depth that close to the price matters most for everyday trades and for large orders meant to fill without disturbing the market. A year ago the same comparison gave ether at least 60% of bitcoin's standing depth; the current band means a similarly sized order now clears against a thinner wall of resting bids and asks. The thinning arrived inside a broad bull market, not during a drawdown, and it puts Ethereum's order books on a different footing relative to bitcoin's market than a year ago.

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Quarterly liquidity review.

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The data cuts against a familiar market assumption, that higher prices pull in traders and traders thicken the books; across the quarter, ether's price ran ahead while its depth thinned. Ether still counts as fairly liquid at the range the review measured: most exchanges kept more than $1 million in depth on each side within 0.15% of the market price. Ether's closest large-cap rival lost depth as well, though the measurement for Solana (SOL) ran across a wider band. SOL's depth within 2% of price fell from about $28 million on each side last year to around $20 million this year. The 2% band gauges how much buying or selling a book can absorb before the price makes a bigger move, the kind that lands during a sharp rally or sell-off; ether's thinning sits right next to the mid, SOL's shows up in swing capacity. XRP kept its total depth steady near $30 million through the study period, but its book leaned toward buyers, with close to $18 million in bids against $14 million in asks. That skew sits inside a market where market cap size does not map neatly onto depth: XRP's capitalization runs about 40% above SOL's, yet XRP carries less depth within 2% of price. SOL still trades 25% more than XRP on an average day, per the same figures. For execution, the practical cost is slippage: a thin book offers less exit liquidity nearby, so a large sell order walks the price down before it fills. None of the three majors became hard to trade; the change is relative, ether against Bitcoin (BTC), and it holds across the full quarter. Whether the books refill this quarter is not something the review projects; it records the July-to-September window as measured.

$2,684 Floor, $2,748.78 Ceiling

COINOTAG's proprietary 42-indicator composite S/R engine rates the $2,684.10 support at 79/100, from the confluence of S2, the Bollinger midline and SMA 20. Resistance at $2,748.78 scores 62/100 via R2, the swing high and a MACD cross; the full Ethereum technical analysis tracks the composite. Ether sat between the two at last read, near $2,709: roughly $25 above the floor, $40 under the ceiling. RSI reads 61.34 with a bearish MACD signal inside an uptrend. Funding holds 0.0041%, open interest $11.84 billion, and the long/short account ratio 1.29 with 56.3% of accounts long, while Fear and Greed prints 70, Greed. A close beneath $2,684 would invalidate the range thesis and open $2,627; holding it keeps $2,748.78 in play. The gap to the nearer edge stands at about $25: a reading taken, not a forecast offered.