Ether (ETH) price action has weakened this week following a edged rejection from the $3,650 to $3,350 supply zone, with the altcoin currently hovering near $3,200. The rejection coincided with the 200-day exponential moving average (EMA), adding to overall resistance just as cash ETF flows began to show early signs of recovery.

Key takeaways:

• Since November 21, Spot Ether ETF flows have increased from $16.8 billion to $21.5 billion, an enhance of 28%.

• Net buyer volumes increased, signaling that aggressive sellers are waning while buyer buyers are slowly returning.

ETF inflows resume, but ETH charts reflect investor fear

According to Glass knotspot ETH ETFs are finally showing “first signs of life” after several weeks of outflows. The 28% enhance in total ETF net assets since November 21 indicates improved year-end demand.

However, the rebound is still modest compared to the $32 billion peak in early October, suggesting that institutional confidence has not fully returned.

Data from CryptoQuant strengthened this narrative. Net customer volume remained negative at -$138 million, but the improvement compared to October’s high of $500 million represents a structural change. Aggressive sellers dominated the market during the price decline in September and October, but this momentum is slowly fading.

The 30-day moving average of net audience volume is also trending upwards at its lows – a pattern last seen in early 2025, just before ETH triggered a three-fold surge and set a up-to-date all-time high.

If the current trajectory continues, a positive reversal in recipient volume activity could very likely trigger another bullish breakout phase for ETH in the coming weeks.

Related: Ether vs. Bitcoin: ETH Price Could Rise 80% in 2026

ETH price falls with support as derivatives cold down

Ether is currently testing a $3,100-$3,180 order block on the four-hour chart, a region that could serve as a demand zone. The ETH price continued to follow the upward channel, but the momentum clearly weakened. The market is currently at a structural crossroads.

In a bullish scenario, maintaining the demand block and channel support would allow ETH to rebound towards the daily 200-day EMA. A neat break above $3,450 would invalidate the rejection and reopen the path towards resistance at $3,900.

However, from a bearish perspective, a break below the ascending channel support shows bearish confirmation and a possible retest at $3,000, a key support level.

Data from Hyblok pointed out that ether derivatives confirm the neutral but frail thesis. Aggregate open interest (OI) increased slightly after rejection. The funding rate is slightly positive but not overly positive, and the bid/ask ratio remains close to neutral, showing that spot traders are not yet aggressively bullish.

ETH’s next major move now depends on whether bulls can defend the demand zone long enough to improve demand flows, and ETF demand translates into sustained upward pressure.

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