Analyst: Ethereum buying pressure is returning, and holding the $2000 support level is key to reversing the market structure

According to Cointelegraph, on-chain data and derivatives market indicators show that Ethereum buying power is returning, but analysts warn that bulls must defend the $2000 support level.

CryptoQuant data shows that the net buying volume of Ethereum has remained positive since March 6, peaking at $140 million on March 16 and currently maintaining at $104 million. 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 begin to follow suit, Ethereum is expected to restart its upward trend.

In terms of 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 recovered 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 likely to attack 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 $2000; if this area is breached, the secondary support lies between $1750 and $1800, where approximately 1.36 million ETH were accumulated. If the price further breaks below the aforementioned support, the measured target of the symmetrical triangle points to $1460, about 30% lower than the current price.