[DigitalToday reporter Yoonseo Lee] Signs are emerging that buying interest in the Ethereum market is picking up again. Analysts said holding the $2,000 support level is key to shifting the structure into an uptrend.

On April 8 (local time), Cointelegraph reported that on-chain data and derivatives indicators point to the possibility of a recovery in Ethereum demand.

The first indicator in focus is net taker volume in the derivatives market. It shows the imbalance between aggressive buying and selling. CryptoQuant data show the figure has stayed in positive territory since March 6. It rose to $140 million on March 16, and buying pressure is still dominant at about $104 million, according to the data.

CryptoQuant analyst Darkfost (다크포스트) said buying pressure is currently dominant. He described the move as “a regime shift” in the Ethereum derivatives market for the first time since the previous bear market. That is why derivatives participation is being read as a possible structural change rather than a short-term rebound.

Open interest (OI) is also rising. Ethereum futures open interest now stands at 6.4 million ether, close to the record high of 7.8 million ether set in July 2025. Darkfost said open interest, which fell to 5.0 million ether in October last year, has gradually recovered. That means participation in the futures market is increasing again.

Flows into spot exchange-traded funds (ETFs) have also reversed. Spot Ethereum ETFs posted net inflows of $120 million on April 7. That is the biggest since mid-March. Outflows continued for several days earlier, but it was interpreted as a sign that demand from U.S. investors is starting to return.

In terms of price levels, the $1,800 to $2,000 zone was presented as the key defensive line. The range is where the 20-day exponential moving average meets the lower end of a symmetrical triangle. Analyst Ted Pillows (Ted Pillows) said, “As long as the $2,000 support zone holds, Ethereum can rise once more.”

The cost-basis distribution also supports a similar conclusion. More than 3.5 million ether appears to have been accumulated around $2,000. Another 1.36 million ether has built up in the $1,750 to $1,800 range, which was cited as an additional defensive zone. If that area breaks, downside pressure could increase, and if Ethereum falls below $1,750 to $1,800, it could slide to $1,460, the measured target based on the symmetrical triangle. That is about 30 percent below the current price.

Attention is now focused on whether the demand-recovery signals will lead to an actual trend reversal. Buying interest, ETF inflows and a rebound in open interest are appearing at the same time, but it was also suggested that Ethereum must first hold the $1,800 to $2,000 range and then break above resistance at $2,400 to regain bullish momentum.

This is the first time since the previous bear market that we are witnessing such a regime shift in Ethereum derivatives. While it has remained negative most of the time since 2023, the Net Taker Volume on ETH is now positive. –Net Taker Volume is an indicator used to… pic.twitter.com/GDQptgd2yu