This week, Ether’s (ETH) price action softened after a sharp rejection from the $3,650 to $3,350 supply zone, with the altcoin currently around $3,200. This rejection coincided with the 200-day exponential moving average (EMA), reinforcing overhead resistance as spot exchange-traded funds (ETFs) displayed early recovery signs.
Key takeaways:
Spot Ether ETF inflows increased from $16.8 billion to $21.5 billion since Nov. 21, marking a 28% rise.
Net taker volumes have surged, indicating diminishing aggressive selling while taker buyers are gradually returning.
ETF inflows resume, but ETH charts reflect traders’ fear
According to Glassnode, spot ETH ETFs are finally showing “the first signs of life” after several weeks of outflows. The total net ETF assets have recovered 28% since Nov. 21, suggesting an uptick in demand as the year closes.
Despite the rebound, it remains modest compared to the $32 billion peak in early October, indicating that institutional confidence is not yet fully restored.
Data from CryptoQuant supports this view. With net taker volume at –$138 million, the improvement from October’s –$500 million peak indicates a structural change. The market was under pressure from aggressive sellers during the September–October decline, but that trend is slowly diminishing.
The 30-day moving average of net taker volume reveals a rising pattern in its lows, reminiscent of early 2025, just prior to ETH’s 3x rally and a new all-time high.
If the current trend continues, a positive shift in taker volume activity could serve as a strong catalyst for another bullish breakout 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, potentially acting as a demand zone. ETH’s price remains within its ascending channel, although momentum is clearly waning. The market finds itself at a critical juncture.
In a bullish scenario, maintaining the demand block and channel support could allow ETH to rebound towards the daily 200-day EMA. A clear breach above $3,450 would negate the rejection and open the pathway towards $3,900 resistance.
Conversely, from a bearish perspective, a breakdown below the ascending channel support could confirm a bearish trend and potentially retest the $3,000 support level.
Data from Hyblock suggests that Ether derivatives support a neutral yet fragile outlook. The aggregated open interest (OI) has slightly decreased following the rejection. The funding rate is mildly positive but not extreme, and the bid/ask ratio remains near neutral, indicating spot traders are not yet aggressively bullish.
ETH’s next significant movement hinges on whether bulls can defend the demand zone long enough for improving taker flows and ETF demand to translate into sustained upward pressure.
Related: Bitcoin rallies fail at $94K despite Fed policy shift: Here’s why
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