Ether’s (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), reinforcing overhead resistance just as spot exchange-traded funds (ETFs) flows began showing early signs of recovery.
Key takeaways:
Spot Ether ETF flows have risen from $16.8 billion to $21.5 billion since Nov. 21, a 28% increase.
Net taker volumes rose, signaling that aggressive sellers are weakening while taker buyers slowly return.
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. A 28% recovery since Nov. 21 in total net ETF assets hints at improving demand into year-end.
However, the rebound is still modest compared to the $32 billion peak in early October, suggesting that institutional conviction has not fully returned.
Data from CryptoQuant strengthened this narrative. The net taker volume remained negative at –$138 million, yet the improvement from October’s –$500 million extreme marks a structural shift. Aggressive sellers dominated the market during the September–October drawdown, but that dynamic is slowly fading.
The 30-day moving average of net taker volume also shows an ascending pattern in its lows, a structure 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 flip in taker volume activity could be a high-probability trigger for another bullish breakout phase for ETH in the coming weeks.
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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 region that could serve as a demand zone. ETH price continued to respect its ascending channel, but momentum is clearly cooling. The market is now at a structural crossroads.
In a bullish scenario, holding the demand block and channel support would allow ETH to rebound toward the daily 200-EMA. A clean break above $3,450 would invalidate the rejection and reopen the path toward $3,900 resistance.
However, from a bearish standpoint, a breakdown below the ascending channel support exposes a bearish confirmation and a possible retest of $3,000, a key support level.
Data from Hyblock indicated that Ether derivatives support the neutral but fragile thesis. Aggregated open interest (OI) has unwound slightly after the rejection. The funding rate is mildly positive but not stretched, and the bid/ask ratio remains close to neutral, showing spot takers are not yet leaning 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 upside pressure.
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