Analyst: Ethereum buying momentum is returning. Holding the $2000 support level is key to reversing the market structure.

BlockBeats message, April 8, according to Cointelegraph, on-chain data and derivatives market indicators show that Ethereum buyer power is starting to return, but analysts warn that bulls must hold the $2,000 support level. CryptoQuant data shows that Ethereum net longs have remained positive since March 6, briefly rising to $140 million on March 16; it is still at $104 million. Net longs are 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 shift in mechanisms in Ethereum’s derivatives market.” He added that if this trend continues, and the spot market and ETFs begin to follow through, Ethereum could be poised to restart its upward trend. In terms of futures open interest, current positions total 6.4 million ETH, approaching the 7.8 million ETH historical high set in July 2025, and having gradually recovered from the 5 million ETH low point in October last year. Spot Ethereum ETF flows also turned positive on Monday, with a net inflow of $120 million that day—the highest single-day net inflow since mid-March.

On the price level, analyst Ted Pillows said: “As long as the $2,000 support level holds, Ethereum is likely to push higher again; once it breaks below that level, new lows for the year may follow.” Glassnode cost-basis distribution data shows that the cost basis for holdings of more than 3.5 million ETH is concentrated around $2,000; if prices break below that range, the secondary support is $1,750 to $1,800, where about 1.36 million ETH is estimated to have been accumulated. If the price then falls further through the aforementioned support, the measured target of the symmetrical triangle points to $1,460, about 30% lower than the current price.