Ether (ETH) derivatives data is beginning to indicate a significant structural shift in the market. After a prolonged period of sell-side dominance that has lasted for nearly three years, ETH’s net taker volume has recently turned positive. This development could signal a resurgence of interest from futures traders.
Key observations from this data include:
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ETH Net Taker volume has reached $390 million since January 6th, representing the largest buy imbalance recorded since January 2023.
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Historically, periods of positive taker volume since 2023 have often coincided with the formation of range bottoms and the subsequent continuation of uptrends.
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Despite a negative Cumulative Volume Delta (CVD), ETH has managed to hold above the critical $3,000 support level, suggesting that larger market participants are absorbing selling pressure.
ETH Net Taker Volume Highlights a Rare Trend Shift
Ethereum's Net Taker Volume has registered approximately $390 million in positive imbalance since January 6th. This marks the strongest buy-side dominance observed since January 2023. The Net Taker Volume metric is designed to track whether traders are actively buying at market prices or selling into existing bids. A positive reading is interpreted as an indicator of conviction among traders over the longer term.
Historically, significant positive shifts in Net Taker Volume since 2020 have tended to align with the formation of bottoming ranges or the early stages of uptrends, rather than marking local price tops. Sustained positive readings in this metric typically reflect the positioning of leveraged participants who are anticipating a trend continuation, often before such a trend becomes evident to the broader market.
This recent shift follows years of persistent sell-side pressure in the ETH derivatives market. The current trend suggests a change in futures demand rather than a fleeting short-term squeeze. In previous market cycles, similar transitions have often preceded multi-week expansions in price trends.
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ETH Chases Underlying Liquidity
Data from CryptoQuant indicates that while ETH was trading near the $3,000 mark, the cumulative volume delta (CVD) remained negative at -3,676 ETH as of January 19th, reflecting short-term selling pressure. Despite this negative CVD, the 30-day correlation between ETH's price and CVD stands at approximately 0.62. This suggests that price action is still receiving partial support from the available liquidity in the market.
This divergence between price action and CVD points towards a corrective phase, where short-term traders appear to be taking profits. However, the data also shows that larger participants are gradually repositioning their holdings, which is helping to keep ETH stable above the $3,000 level.
From a technical analysis perspective, ETH has reverted to its five-month point of control, which lies between $3,050 and $3,140. This movement is in line with previous forecasts. The broader uptrend for ETH is expected to remain intact as long as daily closing prices hold above the $3,000 level. A decisive break below this support would signal a bearish shift in the market structure.
Additional data from Hyblock indicates that there are approximately $540 million in net long positions concentrated near the $3,100 level. Furthermore, another cluster of liquidity, estimated at $500 million, is located below the $3,000 mark. This positioning suggests that the ETH price may continue to fluctuate within this range as liquidity rebalances across the market.
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