A significant shift in Ethereum's derivatives market flow is emerging as a potential early signal for a change in market structure, despite ETH's price remaining in a corrective phase. According to analysis by CryptoQuant contributor Darkfost, the Taker Buy Sell Ratio on Binance is no longer displaying the persistent sell-side aggression that dominated during Ethereum's push toward its all-time high.
This indicator measures directional dominance between market buy and sell orders on futures contracts. A ratio above 1 indicates buyer dominance, while a ratio below 1 suggests selling aggressiveness is prevailing. During Ethereum's run-up, the ratio was consistently below its equilibrium level of 1, with the monthly average falling to 0.95 and the weekly average dropping to 0.92 on Binance, pointing to a market controlled by aggressive sellers.
The context is crucial as the derivatives market, accounting for nearly $65 billion in daily volume, plays a leading role in crypto price discovery. A ratio stuck below 1 suggested that upside potential was being undermined by persistent futures-led selling pressure.
The current setup is notable because the flow data has begun to improve before any obvious reversal on Ethereum's spot chart. "On Binance, the weekly ratio has been hovering around the neutral threshold for the past two weeks," Darkfost noted. This shift diverges from ETH's price action, which remains corrective. The analysis highlights that daily spikes above 1.12 have been recorded, reflecting episodes of aggressive market buying. The monthly average has also started to recover, climbing back to around 0.99.
Darkfost cautions that this configuration still requires confirmation but calls it a "constructive signal." A sustained move above 1 would mark a transition toward buyer dominance, potentially supporting a more favorable market dynamic for ETH in the short to medium term.
The analysis is set against a backdrop of a sharp February correction where Ethereum's price dropped below $2,000, marking a drawdown of over 50% from cycle highs. Realized volatility surged to 0.97 on a 30-day basis, the highest since March 2025, signaling intense repricing. Net Taker Volume plunged close to -240 million in early February, marking the most extreme negative reading since November, which analysts interpret as potential evidence of panic selling and seller exhaustion.
At press time, ETH was trading near $2,030–$2,035. The recovery above the psychological $2,000 level has fueled short liquidations, with the RSI near 61 signaling strengthening momentum. Key resistance is seen near $2,100 and $2,200, while support stabilizes around $2,000–$2,035.
