Ethereum Net Buy Volume Hits Bullish Signal – Is a 2025 Rally Imminent?

Whales are stacking ETH as net buy volume flashes its most bullish pattern since the 2024 breakout.

Key metrics suggest institutional accumulation—just as the Ethereum ETF options market starts heating up.

Will this be the fuel for ETH's next leg up, or just another false alarm for bagholders? Only time—and maybe the Fed—will tell.

While the details might differ, earlier in 2025, after a January bottom, Ethereum’s net taker volume steadily ROSE through negative territory and turned positive by April. That shift triggered a surge, pushing ETH to new all-time highs.

At the moment, since selling peaked in September, the market has spent three months absorbing selling pressure. If this pattern continues, there may be a positive conversion in net taker volume within the next month that could trigger another bullish phase.

Rising confidence amid subdued funding rates

Meanwhile, funding rates across exchanges show that Ethereum’s current rally is underpinned by cautious accumulation. As CryptoQuant analyst ShayanBTC7 recently noted, “The muted funding backdrop reflects a recovering market, not an overheated one. This leaves room for a more extended bullish leg if demand strengthens.” Unlike previous price spikes, funding rates remain modest despite ETH reclaiming $2,800 lows. Buyers are active, but speculative leverage is not yet at euphoric levels.

This divergence implies the market could still need stronger long-side demand to ignite a full bullish continuation. Consequently, Ethereum’s rally may extend gradually rather than erupt abruptly. The subdued derivatives environment, therefore, offers space for sustained growth while keeping momentum vulnerable to resistance rejections.

Technical trends signal mixed sentiment

Analysts see mixed signals for ethereum in the short term. Cantonese Cat observes, “There’s a clear trend change on Ethereum based on the daily chart with Bollinger band shown, where it’s making higher highs and higher lows.” Although a bear flag appears on the chart, the market could overcome it if prices keep climbing or hold support around $3,000.

There's a clear trend change on #Ethereum based on the daily chart with Bollinger band shown, where it's making higher highs and higher lows.
You can call this a bear flag for sure, but it WOULD get invalidated if it keeps going higher given Bollinger band expansion, or if it… pic.twitter.com/iSXzX4pfvw

On shorter timeframes, another analyst who goes by the name UNKNOWN TRADER points out a rising wedge pattern on the 4-hour chart, which often signals a possible pullback in uptrends. The analyst identifies resistance at $3,448–$3,481 and $3,627, with support around $3,336, $3,262, $3,112, and $2,725. These levels can help traders decide potential entry or exit points in the NEAR term.

Market activity and blockchain developments

Ethereum trading remains ultra-active. According to CoinGlass, liquidations over 24 hours amount to $171 million, with $113.8 million from longs. Binance dominates the leaderboards for futures volume with $26.69 billion in volume, followed by OKX, Gate, MEXC, and Bybit – meaning the activity is immense across the world. 

At the time of writing, as per CoinMarketCap, Ethereum was trading at $3,204.21, down 3.37% over 24 hours, while the global crypto market cap has fallen by 3% to $3.07 trillion.

Yesterday, Ethereum rolled out its first Blob Parameter Only fork. This upgrade increases the number of blobs per block to 10–15, improving space for Layer-2 solutions. Etherscan reports a 67% rise in blob count, helping Ethereum handle more data without needing a full hard fork.

Ethereum’s buying activity is slowly increasing, and Leveraged trading remains low, suggesting the market is stabilizing. Technical signals are mixed, but recent absorption of selling pressure and network changes may support further upward movement. 

Also Read: Ethereum Co-founder Vitalik Buterin Says X Is Fueling Coordinated Hate