Ethereum's derivatives market has recorded a significant shift — the net taker volume turned positive for the first time since the start of the year, reaching +$102 million. According to analyst Darkfost, this marks the strongest buying pressure since 2022. The metric tracks the balance between aggressive buyers and sellers, and had been stuck in negative territory for months.
Months of Selling Pressure Finally Easing
Earlier in the cycle, Ethereum faced relentless sell-side dominance near price peaks. In December 2024, when ETH broke above $4,000, net taker volume plunged to -$511 million. Later, near its all-time high just below $5,000, the figure dropped further to -$568 million. The persistent selling only began to wane in March 2026.
Darkfost noted that the flow reversal in derivatives suggests a shift in market sentiment. While prices have not fully caught up, the return of aggressive buyers lays a foundation for a potential uptrend.
Price Action: From Death Cross to Gradual Recovery
Before the derivatives data turned bullish, Ether's price had already shown signs of weakness. In late October and early November 2024, ETH traded above key moving averages, peaking around $4,200–$4,300. But momentum soon faded, and the asset fell below both the 50-day and 200-day moving averages. A death cross formed in late November, confirming a deeper downtrend.
From December to January, ETH oscillated between $2,800 and $3,400, unable to reclaim the 200-day MA. In early February, a sharp sell-off pushed the price near $1,800. A bottom formed thereafter, and a slow recovery lifted ETH to the $2,300–$2,400 range by March–April.
Moving Averages Nearing Crossover; Key Levels in Focus
On the technical side, the 50-day MA has turned upward and is approaching the 200-day MA. A golden cross would reinforce the short-term rebound narrative. Support is currently seen at $1,800–$2,000, while immediate resistance lies at $2,400. A break above that opens the door to the $2,700 resistance zone.
The return of buy pressure in derivatives, combined with price stabilization, offers a cautiously optimistic outlook. Whether ETH can hold above key resistance levels will determine the next leg of the trend.