Ether (ETH) Price action cooled this week after a sharp rejection from the $3,650 to $3,350 supply zone, with the altcoin now hovering near $3,200. The rejection aligned with the 200-day exponential moving average (EMA), strengthening overhead resistance just as spot exchange-traded fund (ETF) flows began to show the first signs of recovery.
Key points to remember:
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Spot Ether ETF flows increased from $16.8 billion to $21.5 billion since November 21, an increase of 28%.
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Net taker volumes have increased, signaling that aggressive sellers are weakening while taker buyers are slowly returning.
ETF Inflows Resume, But ETH Charts Reflect Trader Fear
According to Glass knotspot ETH ETFs are finally showing “the first signs of life” after several weeks of releases. A 28% recovery since November 21 in total ETF net assets suggests an improvement in demand by the end of the year.
However, the rebound remains modest from the $32 billion peak reached in early October, suggesting that institutional conviction has not fully returned.
Data from CryptoQuant reinforced this story. Net buyer volume remained negative at -$138 million, but the improvement from October’s extreme figure of -$500 million marks a structural shift. Aggressive sellers dominated the market during the September-October decline, but this dynamic is slowly fading.
The 30-day moving average of net taker volume also shows an upward trend at its lows, a pattern last seen in early 2025, just before ETH launched a 3X rally and printed a new all-time high.
If the current trajectory holds, a positive reversal in taker volume activity could be a very likely trigger for another bullish breakout phase for ETH in the coming weeks.
Related: Ether vs. Bitcoin: ETH Price Poised for 80% Surge in 2026
ETH Price Compresses at Support Level as Derivatives Cool Down
Ether is currently testing the $3,100-$3,180 order block on the four-hour chart, a region that could serve as a demand zone. ETH price has continued to respect its ascending channel, but the momentum is clearly slowing. The market is now at a structural crossroads.
In a bullish scenario, maintaining block demand and channel support would allow ETH to rebound towards the daily 200-EMA. A clear break above $3,450 would invalidate the rejection and reopen the path towards resistance at $3,900.
However, from a bearish perspective, a break below ascending channel support exposes bearish confirmation and a possible retest of $3,000, a key support level.
Data from Hybloc indicated that the ether derivatives support the neutral but fragile thesis. Aggregate open interest (OI) unwound slightly after the rejection. The funding rate is slightly positive but not stretched, and the bid/ask ratio remains close to neutral, showing that spot takers are not yet aggressively bullish.
ETH’s next major move now depends on whether bulls can defend the demand zone long enough for improving taker flows and ETF demand to translate into sustained bullish pressure.
Related: Bitcoin Rallies Fail at $94,000 Despite Fed Policy Change: Here’s Why
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision. Although we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness or reliability of the information contained in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on such information.
