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

Bijing.com news: On April 8, on-chain data and derivatives market indicators show that Ethereum buyer power is beginning to return, but analysts warn that the bulls must hold the $2,000 support level. CryptoQuant data shows that Ethereum’s net long/short liquidation quantity has remained positive since March 6; it rose as high as $140 million on March 16 and is still currently at $104 million. Net long/short liquidation quantity is an indicator that measures the degree of imbalance between aggressive buyers and sellers in the derivatives market. CryptoQuant analyst Darkfost said: “Since the previous bear market, this is the first time we have 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 its upward trend.

In terms of futures open interest, current positions are 6.4 million ETH, nearing the 7.8 million ETH all-time high set in July 2025, and have been gradually recovering from last October’s 5.0 million ETH low. Spot Ethereum ETF fund flows also turned positive on Monday; the day’s net inflow was $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 is likely to attempt another push higher. Once it breaks below that level, new lows for the year may follow.” Glassnode’s 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 fall below this range, the next support is $1,750 to $1,800, where about 1.36 million ETH were accumulated. If the price falls further through the aforementioned support, the measured target of the symmetrical triangle points to $1,460, about 30% lower than the current price.