Ethereum

SoSoValue

Spot

would

Market analysts say Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) could be ready for a “regime shift” as buying pressure builds up, but bulls must hold $2,000.
Key takeaways:
<ul>
 <li>Ether shows resilience above $2,000, as onchain data shows signs of returning demand, suggesting a possible “regime shift”.</li>
 <li>ETH price support around $1,800-$2,000 needs to hold for a positive trend change.</li>
</ul>
<h2 id="ether-buyers-are-prevailing">Ether buyers are “prevailing”</h2>
Ether’s net taker volume suggests the “formation of a stronger bottom“ as demand for ETH derivatives returned, data from CryptoQuant shows.&nbsp;
Net taker volume, a metric that measures the imbalance between aggressive buyers and sellers in derivatives markets, has remained positive since March 6.
Related: <a href="https://cointelegraph.com/news/ethereum-foundation-nearly-reaches-70000-staked-eth-goal" rel="noopener noreferrer nofollow">Ethereum Foundation nearly reaches 70,000 staked ETH goal</a>
The chart below shows that while the net taker volume has remained negative most of the time since 2023, it is now positive, rising to as high as $140 million on March 16.
Currently, the indicator shows that “buying pressure is prevailing, with $104 million,” CryptoQuant analyst Darkfost <a href="https://x.com/Darkfost_Coc/status/2040350950989156432" rel="noopener noreferrer nofollow">said</a> in an X post on Tuesday.&nbsp;
“This is the first time since the previous bear market that we are witnessing such a regime shift in Ethereum derivatives,” the analyst said, adding:
<blockquote>
 “If this dynamic persists and the spot market and ETFs begin to support the move, Ethereum could potentially restart a positive trend.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2026-04/019d68a2-01d4-7f99-a455-d30f919c9e54.png" alt="Ethereum buyers are back, data shows, as bulls defend $2K support">
 <figcaption>Ethereum: Net taker volume. Source: CryptoQuant
 </figcaption>
</figure>
The futures <a href="https://cointelegraph.com/explained/what-is-open-interest-in-the-crypto-futures-market" rel="noopener noreferrer nofollow">open interest</a> (OI), the total number of outstanding futures contracts that have not been settled or closed, further reinforces this picture.
The metric now stands at now stands at 6.4 million ETH, close to its <a href="https://cointelegraph.com/news/ethereum-open-interest-hits-all-time-highs-trader-predicts-30k-price-top" rel="noopener noreferrer nofollow">all-time high of 7.8 million ETH</a> reached in July 2025.
“After falling to 5 million ETH in October, open interest has gradually recovered,” Darkfost <a href="https://x.com/Darkfost_Coc/status/2040863174153355384" rel="noopener noreferrer nofollow">said</a> in an X post on Sunday, adding:
<blockquote>
 “Derivatives markets on Ethereum remain highly active.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2026-04/019d68a2-0f67-7f6a-a359-7554446f9008.jpg" alt="Ethereum buyers are back, data shows, as bulls defend $2K support">
 <figcaption>Ethereum Open Interest. Source: CryptoQuant
 </figcaption>
</figure>
Meanwhile, <a href="https://cointelegraph.com/news/ethereum-etf-excitement-eth-futures-tell-different-story" rel="noopener noreferrer nofollow">spot Ether ETF</a> flows flipped positive, with these investment products recording $120 million in net inflows on Monday, the highest since mid-March.
<figure><img src="https://s3.cointelegraph.com/uploads/2026-04/019d68a2-1b59-7cf7-98d7-1d4bac551fc1.png" alt="Ethereum buyers are back, data shows, as bulls defend $2K support">
 <figcaption>Spot ETH ETF flows chart. Source: SoSoValue
 </figcaption>
</figure>
This pointed to a return in demand from US investors following a couple of days of outflows, which could propel ETH price higher.
<h2 id="ether-price-must-hold-above-2-000">Ether price must hold above $2,000</h2>
On the price chart, ETH/USD remains cautiously bullish as long as it holds the $1,800-$2,000 support zone. This is where the 20-day exponential <a href="https://cointelegraph.com/markets/3-ways-traders-use-moving-averages-to-read-market-momentum" rel="noopener noreferrer nofollow">moving average</a> (EMA) and the lower boundary of a symmetrical triangle converge.
“As long as the $2,000 support zone holds, Ethereum could have another upside move,” analyst Ted Pillows <a href="https://x.com/TedPillows/status/2041430687006544172" rel="noopener noreferrer nofollow">said</a> in a Tuesday X post, adding:
<blockquote>
 “Losing the $2,000 level means a new yearly low could happen soon.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2026-04/019d68a2-2d64-7198-bcc8-f74218198c28.png" alt="Ethereum buyers are back, data shows, as bulls defend $2K support">
 <figcaption>ETH/USD daily chart. Source: Cointelegraph/<a href="https://www.tradingview.com/symbols/ETHUSD/" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
The importance of this support level is reinforced by cost basis distribution. The heatmap below <a href="https://studio.glassnode.com/charts/indicators.CostBasisDistributionHeatmap?a=ETH&amp;period=3month" rel="noopener noreferrer nofollow">shows</a> that over 3.5 million ETH were acquired for around $2,000.
<figure><img src="https://s3.cointelegraph.com/uploads/2026-04/019d68a3-1104-7ab8-a194-4af01a85f548.png" alt="Ethereum buyers are back, data shows, as bulls defend $2K support">
 <figcaption>ETH cost-basis distribution heatmap. Source: Glassnode
 </figcaption>
</figure>
Below that, the next line of defense is the $1,750-$1,800 demand zone, where investors acquired 1.36 million ETH.
If the ETH price drops below this level, it would be on a free-fall toward the measured target of the symmetrical triangle at $1,460, or 30% below the current price.
As <a href="https://cointelegraph.com/markets/price-predictions-3-27-btc-eth-bnb-xrp-sol-doge-hype-ada-bch-link" rel="noopener noreferrer nofollow">Cointelegraph reported</a>, holding $1,800-$2,000 would be a sign of strength among the bulls who must <a href="https://cointelegraph.com/markets/ether-at-risk-of-new-2026-lows-if-bulls-fail-to-turn-dollar2-4k-into-support" rel="noopener noreferrer nofollow">push the ETH/USD pair above the $2,400 range high</a> to regain control.&nbsp;

Ethereum buyers are back, data shows, as bulls defend $2K support

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