Omar Q Zoubi

Key takeaways

ETH net taker volume flipped positive for the first time since early 2023, ending nearly three years of sell-side dominance.Futures traders recorded a $390 million buy imbalance since Jan. 6, historically linked to market bottoms.Ether continues to hold above $3,000 despite short-term selling, suggesting absorption by larger players.Ethereum derivatives data is flashing an early structural shift, with futures market positioning turning bullish for the first time in years.According to CryptoQuant, Ether’s net taker volume — a key metric tracking aggressive market buying versus selling — has turned decisively positive, marking the strongest buy-side imbalance since January 2023.

Since Jan. 6, ETH net taker volume has reached approximately $390 million, signaling renewed interest from leveraged traders after nearly three years of persistent sell-side dominance.Why net taker volume mattersNet taker volume measures whether futures traders are executing market buys or market sells. A positive reading indicates aggressive demand, often emerging during early trend reversals rather than near market tops.Historically, sustained positive flips in this metric since 2020 have aligned closely with:Range bottomsEarly uptrend formationsMulti-week trend expansionsIn contrast, prolonged negative readings — which dominated ETH markets throughout 2023–2025 — typically reflected distribution and risk aversion.

This latest reversal suggests the futures market may be repositioning ahead of a broader shift in Ethereum’s price structure, rather than responding to a short-lived short squeeze.ETH holds key support despite short-term sellingWhile derivatives positioning has improved, spot-side data shows near-term caution.CryptoQuant data indicates Ethereum’s cumulative volume delta (CVD) remains negative at –3,676 ETH, reflecting ongoing short-term selling pressure. However, ETH price has continued to hold above the critical $3,000 level.

The 30-day correlation between price and CVD stands near 0.62, suggesting that despite sell-side flows, liquidity support remains intact — often a sign of larger participants absorbing supply.This divergence typically appears during corrective phases, where short-term traders take profits while longer-term players quietly reposition.Technical structure remains intact above $3,000From a market structure perspective, Ether has returned to its five-month point of control between $3,050 and $3,140, a zone previously identified as fair value.As long as ETH maintains daily closes above $3,000, analysts view the broader uptrend as technically intact. A sustained break below that level would signal a shift toward bearish structure.Hyblock data shows:Roughly $540 million in net long positions clustered near $3,100An additional $500 million liquidity pocket below $3,000This positioning suggests ETH may continue consolidating within this range as liquidity rebalances and futures positioning evolves.What this means for EtherWhile price action remains subdued, the flip in ETH net taker volume represents one of the clearest structural changes seen in Ethereum derivatives markets since early 2023.If buy-side dominance persists, history suggests the signal often precedes broader trend continuation — though confirmation will depend on sustained positioning and macro conditions.For now, Ether appears to be transitioning from prolonged sell-side control toward a more balanced — and potentially constructive — market structure, according to Cointelegraph.