Analyst: Ethereum buying is returning; holding the $2,000 support level is key to reversing the market structure

ME News report, April 8 (UTC+8). On-chain data and derivatives market indicators show that Ethereum’s buyer strength is returning, but analysts warn that bulls must hold the $2,000 support level. CryptoQuant data shows that Ethereum’s net buy volume has remained positive since March 6, briefly rising to $140 million on March 16, and is still at $104 million. Net buy volume is an indicator used to measure the degree of imbalance between aggressive buyers and sellers in the derivatives market. CryptoQuant analyst Darkfost said, “Since the last bear market, this is the first time we’ve observed such a mechanism shift in Ethereum’s derivatives market.” He added that if this trend continues, and the spot market and ETFs begin to follow suit, Ethereum could be poised to restart an upward trend.

In terms of futures open interest, current positions stand at 6.4 million ETH, close to the all-time high of 7.8 million ETH set in July 2025, after gradually rebounding from the 5 million ETH low in October last year. Spot Ethereum ETF flows also turned positive on Monday; that day recorded a net inflow of $120 million, the highest single-day net inflow since mid-March. On the price front, analyst Ted Pillows said, “As long as the $2,000 support holds, Ethereum is likely to attempt another push higher; if it breaks below that level, a new low for the year may come with it.”

Glassnode’s holding cost distribution data shows that the holding costs of more than 3.5 million ETH are concentrated around $2,000. If that range breaks, the next support levels below are $1,750 to $1,800, where about 1.36 million ETH were built into positions. If the price falls further through the supports above, the measured target of the symmetrical triangle points to $1,460, about 30% lower than the current price. (Source: ChainCatcher)