This week, Ether’s (ETH) price action stabilized after a significant rejection from the $3,650 to $3,350 supply zone, currently fluctuating around $3,200. This downturn coincided with the 200-day exponential moving average (EMA), adding to the overhead resistance as spot exchange-traded funds (ETFs) began to exhibit early signs of recovery.
Key takeaways:
Spot Ether ETF flows have increased from $16.8 billion to $21.5 billion since Nov. 21, marking a 28% rise.
Net taker volumes have climbed, indicating that aggressive sellers are retreating while taker buyers gradually return.
ETF inflows resume, but ETH charts reflect traders’ fear
According to Glassnode, spot ETH ETFs are finally showing signs of life after weeks of outflows. A 28% increase in total net ETF assets since Nov. 21 suggests improving demand as the year ends.
Nonetheless, this rebound remains modest when compared to the $32 billion peak seen in early October, indicating that institutional confidence has not completely recovered.
Data from CryptoQuant supports this narrative. The net taker volume remained negative at –$138 million, yet its improvement from October’s –$500 million extreme signifies a structural shift. The market was dominated by aggressive sellers during the September–October period, but this trend is gradually diminishing.
The 30-day moving average of net taker volume exhibits a rising trend in its lows, echoing patterns last seen in early 2025, shortly before ETH experienced a 3X rally and reached a new all-time high.
Should the current trajectory persist, a favorable shift in taker volume could likely act as a 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 compresses at support as derivatives cool off
Ether is currently testing the $3,100–$3,180 order block on the four-hour chart, a potential demand zone. ETH price continues to adhere to its ascending channel, though momentum is noticeably waning. The market stands at a structural crossroads.
In a positive scenario, maintaining the demand block and channel support could permit ETH to rally toward the daily 200-EMA. A clear break above $3,450 would negate the recent rejection and pave the way toward the $3,900 resistance level.
Conversely, a bearish perspective indicates that a breach below the ascending channel support could confirm a bearish trend and lead to a possible retest of $3,000, a key support level.
Data from Hyblock suggests that Ether derivatives support a neutral but delicate outlook. The total open interest (OI) has slightly decreased after the rejection. The funding rate remains mildly positive but not overextended, while the bid/ask ratio stays close to neutral, indicating that spot takers have yet to adopt an aggressive bullish stance.
ETH’s next significant movement now hinges on whether the bulls can uphold the demand zone long enough for bolstered taker flows and ETF demand to create 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.
