Ether’s (ETH) price action stabilized this week following a significant rejection from the $3,650 to $3,350 supply zone, with the altcoin now sitting around $3,200. This rejection coincided with the 200-day exponential moving average (EMA), reinforcing overhead resistance as spot exchange-traded funds (ETFs) showed early signs of recovery.
Key takeaways:
Spot Ether ETF flows increased from $16.8 billion to $21.5 billion since Nov. 21, marking a 28% rise.
Net taker volumes have improved, indicating that aggressive sellers are fading while taker buyers are gradually returning.
ETF inflows resume, but ETH charts reflect traders’ caution
According to Glassnode, spot ETH ETFs are finally displaying “the first signs of life” after weeks of outflows. A 28% recovery in total net ETF assets since Nov. 21 suggests improving demand as the year closes.
However, this rebound is modest compared to the $32 billion peak in early October, indicating that institutional confidence has not completely returned.
Data from CryptoQuant strengthened this narrative. The net taker volume remained negative at –$138 million, but the improvement from October’s –$500 million extreme indicates a structural shift. Aggressive sellers dominated the market during the September–October drawdown, but that trend is gradually diminishing.
The 30-day moving average of net taker volume also shows a rising pattern in its lows, a structure last observed in early 2025, just before ETH initiated a 3X rally and created a new all-time high.
If the current trend continues, a positive shift in taker volume activity could serve as a strong trigger for another bullish breakout phase for ETH in the upcoming weeks.
Related: Ether vs. Bitcoin: ETH price poised for 80% rally in 2026
ETH price consolidates at support as derivatives cool off
Ether is currently probing the $3,100–$3,180 order block on the four-hour chart, a potential demand zone. ETH price continues to respect its ascending channel, but momentum appears to be diminishing. The market stands at a structural juncture.
In a bullish scenario, maintaining the demand block and channel support would enable ETH to rebound towards the daily 200-EMA. A decisive break above $3,450 would invalidate the rejection and reopen the path towards $3,900 resistance.
From a bearish perspective, a drop below the ascending channel support could confirm a bearish trend and lead to a potential retest of $3,000, a critical support level.
Data from Hyblock reveals that Ether derivatives endorse the neutral yet fragile outlook. Overall open interest (OI) has slightly unwound after the rejection. The funding rate is mildly positive but not stretched, and the bid/ask ratio remains close to neutral, indicating that spot takers are not overly bullish yet.
ETH’s next significant move hinges on whether bulls can sustain the demand zone long enough for improved taker flows and ETF demand to result in sustained upward pressure.
Related: Bitcoin rallies fail at $94K despite Fed policy shift: 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 when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information 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 this information.
