Ethereum's derivatives market is exhibiting a significant reversal in sentiment, with net taker volume turning positive for the first time in months, signaling a potential shift from sustained selling to renewed buying pressure. According to analyst Darkfost, data shows that in March 2026, the net taker volume for Ethereum derivatives reached +$102 million, marking the strongest buy-side activity since 2022.
This shift follows a prolonged period of heavy sell pressure throughout the recent market cycle. During key price peaks, the imbalance was particularly stark. In December 2024, as ETH pushed above $4,000, net taker volume plummeted to -$511 million. Later, near its all-time high below $5,000, the figure declined further to -$568 million. The metric, which tracks the balance between aggressive buyers and sellers, had remained predominantly negative across derivatives exchanges.
The price action preceding this shift reflected significant market stress. After peaking near $4,200-$4,300 in late October and early November, Ethereum's momentum reversed. It broke below both the 50-day and 200-day moving averages, with a death cross forming in late November, confirming a broader downtrend. Through December and January, ETH traded between $2,800 and $3,400, failing to reclaim the 200-day average as resistance. A sharp drop in early February pushed the price near $1,800.
Following the February decline, the market began to stabilize. ETH formed a base and initiated a gradual recovery into March and April, climbing back toward the $2,300-$2,400 range. Technical indicators are now showing signs of a potential bullish crossover, with the 50-day moving average turning upward and approaching the 200-day average. Key support is identified between $1,800 and $2,000, with immediate resistance near $2,400 and a higher resistance zone above $2,700 based on recent market structure.
