$ETH The pressure in the spot market regains control

The latest report on outflow indicates that 107.55 million dollars left the exchanges on December 11, thus extending a distribution phase that has always limited the increases. The market behavior indicates a controlled supply rather than a pressured sale, with little appetite among the largest holders to accumulate the dips. This dynamic has created a persistent ceiling that ETH has not managed to break through.

The positioning of derivative products reflects the same caution. Open interest in futures contracts decreased by 1.13% to reach 40.48 billion dollars, as traders reduced leverage. The options volume increased by 3.31%, although the open interest in options only increased marginally, highlighting a lack of conviction in directional trades. The long-short ratios show isolated bullish pockets on Binance and OKX, but the overall ratio at 0.96 reflects a largely defensive position.

On the daily chart, Ethereum continues to trade below a cluster of compressed EMAs. Resistance is at the 50-day EMA at $3,311, at the 200-day EMA at $3,454, and at the 100-day EMA at $3,506. The rejection near the 100-day EMA in the last 24 hours highlighted the firmness with which sellers defend this area. The RSI at 52 shows an improvement from previous lows, but not enough strength to alter the overall structure.