🔷After several weeks of outflows, spot ETH ETFs are demonstrating the first signs of renewed activity. Since November 21, cumulative inflows have surged 28%, from $16.8 billion to $21.5 billion — evidence of slowly returning institutional interest. Net taker volume improved from the $500 million peak in October to $138 million, signaling declining pressure from aggressive sellers.
🔷Even so, Ethereum remains locked in a sideways range between $3,100 and $3,180, reflecting compressed volatility and weakening momentum. A breakout above $3,450 could pave the way toward $3,900, while a drop below the ascending-channel support would raise the risk of a move toward $3,000. Derivatives flows confirm a cautious market stance that is not yet ready for active accumulation.