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

▲ Ethereum (ETH)/AI Generated Image ©

Ethereum (ETH) has swiftly reclaimed the $2,400 mark, strengthening the interpretation that this rebound is not merely a technical bounce but a signal of a changing supply and demand structure itself.

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

Three factors were cited as the background for this surge. First, the announcement by US President Donald Trump of an extended ceasefire between the US and Iran stimulated demand for risk assets. Simultaneously, Ethereum spot ETFs saw nine consecutive trading days of inflows, with cumulative inflows exceeding $530 million, and BitMine additionally purchased over 101,000 ETH in the past week. Furthermore, 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 surged to its highest level since 2022, indicating aggressive buying. This was interpreted as a sign that structural directional betting is strengthening, rather than speculative buying aimed at a short-term rebound.

Technically, the $2,400-$2,470 range has been presented as a critical watershed. A decisive breakthrough of this zone with significant trading volume could open up an upward path to $2,574, and then to $3,076. Subsequently, the 2026 high of $3,354, and further, the 6-month forecast of $5,123.23, were mentioned as next target zones. Conversely, below, $2,300, $2,200, and $2,000 were presented as key support levels, respectively.

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

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