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

According to Cointelegraph, on-chain data and derivatives market indicators show that buyer power of Ethereum is returning, but analysts warn that many parties must hold on to the $2000 support level. CryptoQuant data shows that Ethereum's net purchase volume has remained positive since March 6, climbed to US$140 million on March 16, and remains at US$104 million. Net buying is a measure of the imbalance between aggressive buyers and sellers in the derivatives market. Darkfost, an analyst at CryptoQuant, said: "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 suit, Ethereum is expected to resume its upward trend. In terms of open futures contracts, the current position is 6.4 million ETH, close to the historical high of 7.8 million ETH set in July 2025, and has gradually recovered from the low of 5 million ETH in October last year. The flow of funds for the spot Ethereum ETF also turned positive on Monday, with a net inflow of US$120 million that day, the highest single-day net inflow since mid-March. At the price level, analyst Ted Pillows said: "As long as the US$2000 support level is held, Ethereum is expected to rise again; once it falls below this level, a new low for the year may follow." Glassnode cost-base distribution data shows that the cost of holding more than 3.5 million ETH is concentrated around US$2000; if it falls below this region, US$1750 to US$1800 below will be secondary support, and approximately 1.36 million ETH positions are opened here in this range. If prices fall further below the above support, the symmetrical triangle's measurement target points to US$1460, which is about 30% lower than the current price.