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

ME News, April 8 (UTC+8): On-chain data and derivatives market indicators show that Ethereum buy-side strength is starting to return, but analysts warn that the bulls must hold the $2,000 support level. CryptoQuant data shows that Ethereum’s net buy volume has remained positive since March 6; it climbed as high as $140 million on March 16 and is still currently $104 million. Net buy volume is an indicator that measures 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 shift in the Ethereum derivatives market.” He added that if this trend continues and the spot market and ETFs begin to follow suit, Ethereum may be able to restart its upward trend.

In terms of futures open interest, current positioning stands at 6.4 million ETH, approaching the all-time high of 7.8 million ETH set in July 2025, and has been gradually recovering from last October’s low of 5 million ETH. Spot Ethereum ETF fund flows also turned positive on Monday; on the day, net inflows were $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 level holds, Ethereum has the potential to push higher again; once it breaks below that level, new lows for the year may follow.”

Glassnode’s cost basis distribution data shows that the holders’ cost basis for more than 3.5 million ETH is concentrated around $2,000. If prices break below that range, the next support is $1,750 to $1,800, where about 1.36 million ETH were added. If the price falls further below the support levels above, the measured target of the symmetrical triangle points to $1,460, about 30% lower than the current price. (Source: ChainCatcher)