The price of Ethereum has been hovering around $2,000 for nearly a month, with the technical structure showing no clear path to recovery. According to the latest on-chain data, the “King of Altcoin” is witnessing a rare signal that could mean it is at the beginning of a positive trend.
ETH Net Taker Volume Suggests Potential Bullish Price Trend
In an April 4 post on X, pseudonymous market analyst Darkfost revealed that the Ethereum derivatives market is experiencing a regime shift for the first time since the last bear phase. This outlook centers on a change in the Net Taker Volume metric in recent weeks.
The Net Taker Volume metric tracks the difference between buying and selling volume of market orders in a cryptocurrency’s derivatives market. When Net Taker Volume rises and turns positive, buying volume exceeds selling volume; a negative value indicates sellers are dominating.
According to CryptoQuant data highlighted by Darkfost, buyer volume appears to be prevailing in the Ethereum derivatives market, with a positive difference of over $104 million. This shift into positive territory is occurring for the first time in roughly three years.
The analyst noted that Ethereum faced intense selling pressure even during prior price advances. However, the market regime seems to be changing for the second-largest cryptocurrency by market capitalization. Darkfost suggested that persistent positive buying pressure could help form a strong bottom and lay the foundation for a bullish market structure. “If this dynamic persists and the spot market and ETFs begin to support the move, Ethereum could potentially restart a positive trend,” the analyst wrote.
Ethereum ETFs Record Negative Outflow For Third Consecutive Week
US-based spot Ethereum exchange-traded funds posted another week of net outflows. Latest market data show the spot ETH ETFs saw over $42.15 million withdrawn over the past week. Notably, crypto-linked investment products recorded a total net outflow of more than $71.12 million on April 3, reflecting waning investor demand.
As previously inferred, the direction of ETF capital flows likely needs to change if ETH’s price is to enjoy a sustained recovery.
At the time of writing, ETH traded around $2,058, up about 0.6% over the past 24 hours.
Source images: @Darkfost_Coc on X; TradingView chart.