According to CryptoQuant analyst Darkfost, Ethereum is seeing its strongest buying activity in its derivatives markets since the 2022 downturn. This is a significant change, especially after months of consistent selling pressure. While it doesn’t guarantee a complete turnaround, it’s a clear departure from the recent trend that has hindered Ethereum’s price increases.
Ethereum Flashes Early Recovery Signal
On April 18th, a user named Darkfost explained on X (formerly Twitter) that Ethereum has faced strong selling pressure in the derivatives market for most of this market cycle. They highlighted net taker volume – a metric showing the difference between buy and sell orders on derivatives exchanges – which, according to Darkfost, was consistently showing more selling than buying throughout the period.
I really noticed the selling pressure when Ethereum tried to break through to new highs last year. Back in December 2024, when it was aiming for over $4,000, I saw a big drop in buying – around $511 million worth of sell orders. It got even worse when ETH hit almost $5,000; sellers were *really* in control, with over $568 million in net selling volume. It definitely made me cautious at those peaks.
According to Darkfost, even as Ethereum’s price was rising, significant selling pressure in the futures and options market consistently overpowered buyers. This explains why those price increases didn’t lead to a sustained breakout. Simply having positive news or bullish feelings wasn’t enough to drive a lasting price increase when the derivatives market was pushing against it.
According to Darkfost, a shift is happening in the Ethereum market. After March, buyers began to dominate, with over $102 million in purchases recorded today. This level of buying hasn’t been seen since the 2022 bear market, when Ethereum was trading around $1,000.
As I’ve been analyzing the recent market activity, the current shift feels different than typical fluctuations. Comparing it to 2022, it looks less like standard positioning and more like a fundamental change in how money is flowing. We’re now seeing green bars – indicating net positive taker volume – reappear on the charts after a prolonged period of negative readings. For those of us watching Ethereum’s technical structure, this is significant because it suggests buyers are actively stepping in and taking offers, rather than simply waiting for prices to drop. Essentially, it indicates a growing willingness to buy at current levels.
Darkfost isn’t ready to say Ethereum has definitely bottomed out just yet. He suggests that a recovery is possible, but only if the current positive trend continues and buyers keep stepping in to offset selling. He emphasizes that a single day of good performance isn’t enough to reverse a long-term downward trend, but consistent positive movement could signal a real recovery.
At press time, ETH traded at $2,288.
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2026-04-20 11:30