The price of Ethereum (ETH) has cooled this week after encountering strong selling pressure in the supply zone from $3,650 to $3,350, currently hovering around $3,200. This pullback resonates technically with the 200-day Exponential Moving Average (EMA), reinforcing the resistance above—this coincides with signs of recovery in the inflow of funds into spot Exchange-Traded Funds (ETFs), creating a conflicting signal between technical and funding aspects.
Key Points:
Since November 21, the scale of funds in spot Ethereum ETFs has increased from $16.8 billion to $21.5 billion, a rise of 28%.
Net active trading volume has also risen, indicating that aggressive selling pressure is weakening, while active buyers have begun to gradually return to the market.
According to Glassnode, spot Ethereum ETFs have finally shown "initial signs of recovery" after several weeks of fund outflows. Since November 21, the total net asset scale of the ETFs has rebounded by 28%, suggesting that year-end demand is gradually improving.
However, compared to the peak fund scale of $32 billion in early October, the current rebound remains moderate, indicating that institutional investors' confidence has not fully recovered.
Data from CryptoQuant reinforces this judgment. The net active trading volume remains negative at -$138 million, but has significantly improved from the extreme level of -$500 million in October, marking a shift in market structure. During the decline from September to October, aggressive sellers dominated the market, but this dynamic is gradually fading.
The 30-day moving average low of net active trading volume is also showing an upward trend, a market structure last seen in early 2025—just before Ethereum initiated a threefold increase and reached an all-time high.
If the current trend continues and active trading volume turns positive, it could become a key catalyst for pushing Ethereum into a new round of upward breakout in the coming weeks.
Ethereum is currently testing the price range of $3,100 to $3,180 on the 4-hour chart, which may form a demand support zone. The ETH price remains within an upward channel, but the upward momentum has clearly slowed. The market is at a critical juncture for structural decisions.
From a bullish perspective, if the demand range and channel support can be maintained, ETH may rebound to test the daily 200-day moving average. A clear breakout above $3,450 would negate the previous resistance structure and open the path to challenge the $3,900 resistance level again.
However, from a bearish viewpoint, if it breaks below the upward channel support, it will confirm a bearish signal, potentially triggering a retest of the key support level at $3,000.
On-chain data from Hyblock indicates that the current state of the Ethereum derivatives market supports a "neutral but fragile" judgment. After the price was blocked, the total open interest across the market has slightly declined. The funding rate is moderately positive but not excessively elevated, while the buy-sell order ratio remains close to neutral, indicating that spot active traders have not yet formed a strong bullish inclination.
The next key movement for ETH will depend on whether bulls can maintain the demand area in the long term, allowing the continuously improving active trading flow and ETF demand to ultimately translate into sustainable upward pressure.
Related: Market Predictions Bet Bitcoin (BTC) Will Struggle to Break $100,000 Before Year-End
Original: “Ethereum (ETH) May See Triple-Digit Gains, ETF Inflows as a Booster”
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