Analyst: Ethereum Buying Pressure is Returning, Holding $2000 Support is Key to Market Structure Reversal

On April 8, Cointelegraph reported that on-chain data and derivatives market indicators show that buying power for Ethereum is returning, but analysts warn that bulls must hold the $2000 support level. CryptoQuant data indicates that the net buying volume for Ethereum has remained positive since March 6, peaking at $140 million on March 16, and currently stands at $104 million. The net buying volume is an indicator of the imbalance between aggressive buyers and sellers in the derivatives market. CryptoQuant analyst Darkfost stated, “This is the first time we have observed such a mechanism shift in the Ethereum derivatives market since the last bear market.” He added that if this trend continues and the spot market and ETFs start to follow, Ethereum is likely to restart its upward trend. As for futures open interest, the current position is 6.4 million ETH, close to the historical high of 7.8 million ETH set in July 2025, having gradually rebounded from a low of 5 million ETH last October. The flow of funds into spot Ethereum ETFs also turned positive on Monday, with a net inflow of $120 million, the highest single-day net inflow since mid-March. On the price front, analyst Ted Pillows stated, “As long as the $2000 support level holds, Ethereum is expected to push higher again; if it falls below this level, a new low for the year may follow.” Glassnode’s cost basis distribution data shows that over 3.5 million ETH have a holding cost concentrated around the $2000 mark; if this area is breached, the secondary support level between $1750 and $1800 has approximately 1.36 million ETH built up. If the price further breaks below these supports, the measured target of the symmetrical triangle points to $1460, which is about 30% lower than the current price.