Market analysts say Ether (ETH) could be ready for a “regime shift” as buying pressure builds up, but bulls must hold $2,000.
Key takeaways:
Ether shows resilience above $2,000, as onchain data shows signs of returning demand, suggesting a possible “regime shift”.
ETH price support around $1,800-$2,000 needs to hold for a positive trend change.
Ether buyers are “prevailing”
Ether’s net taker volume suggests the “formation of a stronger bottom“ as demand for ETH derivatives returned, data from CryptoQuant shows.
Net taker volume, a metric that measures the imbalance between aggressive buyers and sellers in derivatives markets, has remained positive since March 6.
Related: Ethereum Foundation nearly reaches 70,000 staked ETH goal
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 said in an X post on Tuesday.
“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:
“If this dynamic persists and the spot market and ETFs begin to support the move, Ethereum could potentially restart a positive trend.”
Ethereum: Net taker volume. Source: CryptoQuant
The futures open interest (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 all-time high of 7.8 million ETH reached in July 2025.
“After falling to 5 million ETH in October, open interest has gradually recovered,” Darkfost said in an X post on Sunday, adding:
“Derivatives markets on Ethereum remain highly active.”
Ethereum Open Interest. Source: CryptoQuant
Meanwhile, spot Ether ETF flows flipped positive, with these investment products recording $120 million in net inflows on Monday, the highest since mid-March.
Spot ETH ETF flows chart. Source: SoSoValue
This pointed to a return in demand from US investors following a couple of days of outflows, which could propel ETH price higher.
Ether price must hold above $2,000
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 moving average (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 said in a Tuesday X post, adding:
“Losing the $2,000 level means a new yearly low could happen soon.”
ETH/USD daily chart. Source: Cointelegraph/TradingView
The importance of this support level is reinforced by cost basis distribution. The heatmap below shows that over 3.5 million ETH were acquired for around $2,000.
ETH cost-basis distribution heatmap. Source: Glassnode
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 Cointelegraph reported, holding $1,800-$2,000 would be a sign of strength among the bulls who must push the ETH/USD pair above the $2,400 range high to regain control.