Ethereum's Exchange Supply Dries Up... Will It Reach $3,000 This Time?

▲ Ethereum (ETH)/AI Generated Image ©

Ethereum (ETH) has swiftly reclaimed the $2,400 level, lending weight to the interpretation that this rebound is not just a technical bounce but a signal of a fundamental shift in the supply and demand structure.

According to TradingNews, an investment media outlet, on April 22 (local time), Ethereum surged by 4.69% to $2,404.91, breaking through the $2,400 resistance level that had repeatedly blocked it in recent weeks. The intraday high reached $2,412, and the 30-day gain expanded to the 15.24-17% range.

Three factors were cited as the backdrop for this surge. First, U.S. President Donald Trump's announcement of an extended U.S.-Iran ceasefire stimulated a preference for risk assets. Simultaneously, Ethereum spot ETFs saw nine consecutive trading days of inflows, with cumulative inflows exceeding $530 million, and BitMine purchased over 101,000 ETH in the past week. Additionally, the amount of Ethereum held on exchanges decreased to 14.5 million ETH, intensifying supply shortage pressure.

The derivatives market is also supporting the bullish trend. Ethereum futures open interest increased to $32.7 billion, and funding rates turned positive. Net taker volume also soared to its highest level since 2022, indicating aggressive buying. This was interpreted as a sign that structural directional bets are strengthening, rather than speculative buying aimed at a short-term rebound.

Technically, the $2,400-$2,470 range was presented as a critical turning point. The diagnosis is that if this range is decisively broken with significant volume, an upward path to $2,574, and then to $3,076, could open up. Subsequently, the 2026 high of $3,354, and further, the 6-month forecast of $5,123.23, were also mentioned as next target ranges. Conversely, below, $2,300, $2,200, and $2,000 were successively presented as major support levels.

In the long term, the possibility of Ethereum's value re-evaluation has also been highlighted again. Etherealize evaluated Ethereum not merely as a network token but as a 'productive currency' possessing both profitability and scarcity, even presenting a long-term price target scenario of $250,000. However, in the short term, increased volatility, the rise of competing chains, and the potential for a re-escalation of geopolitical risks remain variables, so the market is watching whether the $2,470 level will be breached as the next turning point.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*