Ether’s (ETH) 9% rally on Monday stalled at $2,200 due to stiff overhead resistance and weak ETF demand. Still, technical and onchain setups suggested that upward momentum may increase as long as ETH stays above the $2,000 mark.

Key takeaways:

• Ether bulls must flip the $2,200 level into new support.

• Spot ETF outflows continue, reflecting increasing institutional sell pressure.

Ether price must hold $2,200 as support

Data from TradingView shows that ETH price is stuck between two key trend lines: the 50-day exponential moving average (EMA) at $2,200 acting as resistance and the 50-day SMA at $2,000 as support.

Related: Ethereum may see 25% rally as richest ETH whales return to ‘profitable state’

ETH bulls must now reclaim the 50-day EMA to ensure a sustained recovery toward $3,000.

The last time ETH/USD broke out of such a range was in May 2025, triggering a 50% rally in less than seven days.

A break above $2,200 would confirm a bullish breakout from a symmetrical triangle pattern, with a measured target of $3,080, or a 42% rise from the current level.

Before this, however, the bulls would have to contend with stiff resistance between $2,780 and $2,880, where the 200-day EMA, the 50-week EMA, and the 100-week EMA converge.

Glassnode’s cost basis distribution heatmap shows a heavy accumulation at $2,750-$2,850, where investors acquired more than 7.5 million ETH.

Notably, there is a relatively low concentration of supply between $2,200 and the $2,700 cost-basis cluster, meaning a break above the current range may allow the price to move more freely toward the bigger overhead resistance.

On the downside, a dense accumulation cluster sits around $1,850, where investors previously acquired 1.3 million ETH. 

If the $1,850-$2,000 support gives in, it could trigger the next leg lower toward the bearish target of the triangle at $1,400.

“$ETH failed to reclaim the $2,100 level and is now moving down,” analyst Ted Pillows said in a Monday post on X, adding:

“Now, the only crucial support level for Ethereum is $2,000 and if ETH loses it, the dump will accelerate to new lows.”

As Cointelegraph reported, holding above $2,000 would keep the medium-term trend intact, while a break below shifts the positioning toward aggressive short exposure, with the lower targets in focus.

Ethereum ETF inflows must return

One factor that could trigger an ETH price breakout is a resurgence in institutional demand, which has diminished with outflows from spot Ether exchange-traded funds (ETFs) over the last four days.

Data from Glassnode shows the 30-day average of the US spot ETH ETF flows drifting back into the negative zone after a short period of inflows.

If flows can re-accelerate into consistent positive territory, it would strengthen the case for renewed trend continuation for ETH.

Similarly, investors reduced exposure to global Ethereum investment products, which recorded over $27.5 million in net outflows during the week ending March 20.

Meanwhile, the number of Ethereum treasury companies buying ETH on a daily basis has dropped sharply since August 2025, reinforcing the decline in institutional demand.

Tom Lee’s Bitmine Immersion Technologies, the largest corporate Ethereum treasury holder, is the only company that appears to be buying, adding $139 million worth of ETH last week.

Bitmine’s total ETH holdings are now 4.66 million ETH, bringing it closer to its goal of acquiring 5% of the token’s circulating supply.

⚡️ LATEST: Bitmine ($BMNR) now holds 4.66 million $ETH and $11 billion in total crypto and cash assets. pic.twitter.com/mijC9tANBN

— Cointelegraph (@Cointelegraph) March 23, 2026