The price of Ethereum has been rising due to increasing buying pressure following the overall market recovery. The easing of tensions in the China-US trade war has also made investors feel more positive about Ethereum. Because of this, crucial on-chain numbers for Ethereum have surged, and activity in DeFi has also increased. All of this makes it more likely that the price of Ethereum could rise towards $2,000.
Ethereum's Netflow turns negative
In the last 24 hours, the price of Ethereum has faced increasing volatility from both buyers and sellers. As a result, the liquidation volume has been rising amid a decline in open interest. Data from Coinglass shows that Ethereum had a total liquidation of around $26.7 million in the last 24 hours. Of this total, buyers liquidated $10.6 million and sellers closed $16.1 million in short positions.
The recent recovery in the price of Ethereum is being supported by strong on-chain data. According to IntoTheBlock, the netflow of ETH has turned negative, currently at 51,590 ETH. This means that more Ethereum is leaving exchanges than entering, as holders move their coins to cold wallets. When reserves on exchanges fall like this, it generally signals that investors want to hold onto their assets rather than sell, reducing selling pressure.
Additionally, Ethereum exchange-traded funds (ETFs) brought in $64 million in net inflows on April 28. This follows a strong inflow of $151.7 million during the week ending April 25, the largest weekly inflow since February 2025.
Meanwhile, in the DeFi space, Ethereum continues to dominate. Data from DefiLlama shows that the total value locked (TVL) on the network has risen to over $51.7 billion, an increase of about 15.5% in the last week.
Ethereum activity on decentralized exchanges has also increased, with daily trading volumes rising more than 30% in the last week, reaching $1.65 billion. This sharp increase in DEX and on-chain activity points to strong momentum, increasing the chances that Ethereum could soon surpass the $2,000 mark.
What’s next for the price of ETH?
Ether closed above its 50-day moving average as buying demand increased. However, buyers are struggling to surpass $1,900 as selling pressure intensifies. At the time of writing, the price of ETH is trading at $1,826, up more than 1.4% in the last 24 hours.
The key level to watch at the bottom is the 20-day moving average ($1,802). If the price strongly recovers from there, buyers will likely try to push ETH/USDT back up towards $1,950 - the area where the previous drop started. However, sellers are likely to put up a tough fight here, because if the price exceeds this level, it could quickly rise to $2,100. Strong buying demand could even send the price above $2.5K.
On the other hand, if Ether falls below the 20-day moving average and closes there, it would show that sellers are still in control. In that case, the ETH/USDT pair could drop further, down to $1,560.
