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Ethereum Derivatives See $102M Net Buy Flow, Strongest Since 2022
Ethereum derivatives are flashing the clearest buy signal in years, with net taker volume turning positive for the first time since a long stretch of sell-dominated trading. Analyst Darkfost said the metric reached +$102 million in March 2026, marking the strongest buy pressure since 2022.
Net taker volume measures the balance of aggressive buyers versus aggressive sellers across derivatives venues. Darkfost noted that during the latest cycle the indicator stayed largely negative, with selling pressure intensifying around major upside attempts. In December 2024, when ETH broke above $4,000, net taker volume fell to $511 million. Near the cycle's high just under $5,000, it slid further to $568 million.
More recent readings point to a reversal. Since March, derivatives flows have shifted back toward buyers, culminating in the latest +$102 million print.
Spot price action had already reflected earlier strain. ETH traded above key moving averages in late October and early November, topping out around $4,200–$4,300 before momentum rolled over. The token then fell below both the 50-day and 200-day moving averages, with a death cross forming in late November.
Through December and January, ETH ranged between $2,800 and $3,400 and failed to retake the 200-day average, which acted as resistance. A sharp early-February slide dragged prices to around $1,800.
After the February drop, ETH began to stabilize and build a base, grinding higher through March and April toward the $2,300–$2,400 area. The 50-day moving average has turned up and is now nearing the 200-day average, setting up a potential crossover.
Key levels remain in focus: support sits around $1,800–$2,000. Near-term resistance is around $2,400, with a higher resistance zone above $2,700 based on recent market structure.