Ethereum buy orders are coming back; $2,000 is the line between life and death—can the bulls kick off another round of upside?

Gate News update: Ethereum’s price has recently shown strong resilience above $2000, with on-chain and derivatives data releasing synchronized positive signals. At present, Ethereum is trading around $2237. Market analysis suggests that as buy-side pressure continues to strengthen, the market may enter a critical turning point. However, the bulls need to firmly hold the $2000 core support level.

CryptoQuant analyst Darkfost said that Ethereum’s net trading volume has remained consistently positive since early March, indicating that the derivatives market is dominated by active buy orders. Trading volume reached as high as $140 million, and it still remains in a high range. This change implies that market structure is shifting from the prior short-dominant phase to a long-dominant one, or it may be laying the groundwork for a new upswing cycle. In addition, Ethereum futures open interest has risen to 6.4 million contracts, nearing historical highs, reflecting continued improvement in derivatives market activity.

Funding conditions are also showing signs of improvement. Spot Ethereum ETF flows have turned positive, with a single-day net inflow of $120 million, setting a new high over the past few weeks. This indicates that institutional demand is starting to pick back up. If this trend continues, it will provide additional support for the price.

Technically, the $1800 to $2000 range forms a key line of defense. This area overlaps the 20-day EMA and structural support, while on-chain data shows that around 3.5 million ETH cost basis is concentrated near $2000. If the price breaks below this range, the next support band will be $1750 to $1800. If that level is lost as well, the price could face accelerated downside risk, with targets potentially pointing to the $1460 area.

Analyst Ted Pillows believes that as long as the $2000 support level holds, Ethereum still has upside potential. If it can break through the $2400 key resistance zone, the bulls may be able to regain control of the trend. At this stage, the market is in a direction-selection window, and whether support holds or fails will directly determine the short- to medium-term outlook.