Ether (ETH) price motion cooled this week following a pointy rejection from the $3,650 supply zone to $3,350, with the altcoin now hovering near $3,200. The rejection coincided with the 200-day exponential moving average (EMA) and reinforced overhead resistance just as spot exchange-traded fund (ETF) flows began to indicate signs of recovery.
Key Takeaways:
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Spot Ether ETF flows have increased from $16.8 billion to $21.5 billion since November 21, a rise of 28%.
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Net taker volume increased, suggesting that aggressive sellers are weakening while taker buyers are slowly returning.
Ethereum one-day chart. Source: Cointelegraph/TradingView
ETF inflows are increasing again, but ETH charts reflect traders’ fear
According to Glassnode, ETH spot ETFs are finally showing “the primary signs of life” after several weeks of outflows. A 28% recovery in total net ETF assets since November 21 suggests increasing demand through year-end.
However, the recovery remains to be modest in comparison with the height of $32 billion in early October, suggesting that institutional belief has not yet fully returned.
Data from CryptoQuant supported this narrative. Net take volume remained negative at -$138 million, but the advance from the intense value of -$500 million in October marks a structural change. Aggressive sellers dominated the market through the September-October decline, but that momentum is slowly fading.
The 30-day moving average of net taker volume can be showing an ascending pattern at its lows, a structure last seen in early 2025, just before ETH began a triple rally and hit a brand new all-time high.
If the present trend continues, a positive turn in buyer volume activity could very likely be a trigger for one more bullish breakout phase for ETH in the approaching weeks.
ETH price falls on support as derivatives cool down
Ether is currently testing the $3,100-$3,180 order block on the four-hour chart, a region that might function a requirement zone. ETH price continued to respect its ascending channel, however the momentum is clearly fading. The market is currently at a structural crossroads.
In a bullish scenario, holding the demand block and channel support would allow ETH to rally towards the every day 200-day EMA. A transparent break above $3,450 would invalidate the rejection and reopen the trail to the resistance at $3,900.
However, from a bearish perspective, a break below the ascending channel support represents bearish confirmation and a possible retest of $3,000, a key support level.
Data from Hyblock suggests that Ether derivatives support the neutral but fragile thesis. The aggregate open interest (OI) decreased barely after the rejection. The funding rate is barely positive but not excessive, and the bid-ask ratio stays near neutral, showing that spot takers should not yet aggressively bullish.
ETH's next big move now is determined by whether bulls can defend the demand zone long enough for taker flows and ETF demand to enhance and translate into sustained upward pressure.
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This article doesn’t contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their very own research when making their decision. While we try to offer accurate and up-to-date information, Cointelegraph doesn’t guarantee the accuracy, completeness or reliability of the knowledge in this text. This article may contain forward-looking statements which might be subject to risks and uncertainties. Cointelegraph won’t be answerable for any loss or damage arising out of your reliance on this information.
