Quick Overview
- Ethereum declined from $2,220 to $2,025, currently consolidating between $2,020 and $2,100
- Dual bearish trend lines create resistance barriers at $2,120 and $2,165 on hourly charts
- Breaking above $2,165 resistance could trigger a rally toward $2,200–$2,300; losing $2,025 support may send ETH toward $2,000 or below
- Spot Ethereum ETFs experienced $59.94 million in net outflows during the previous week, with BlackRock’s ETHA accounting for $69.59 million
- Ethereum spot ETF total net assets currently sit at $12.33 billion, representing 4.79% of ETH’s market capitalization
Ethereum experienced a significant downturn in the last 24 hours, plummeting from approximately $2,385 down to $2,025. The cryptocurrency is currently changing hands below the $2,100 mark and beneath the 100-hour Simple Moving Average.
The selloff initiated after ETH couldn’t maintain support above the $2,220 threshold. The asset breached both $2,150 and $2,120 levels before momentarily dipping under $2,050.
Presently, ETH is consolidating below the 23.6% Fibonacci retracement level calculated from the recent swing high of $2,385 to the low of $2,025. Technical charts reveal two descending trend lines on the hourly timeframe, creating resistance barriers at $2,120 and $2,165.
The primary resistance obstacle appears at $2,120, which coincides with the 100-hour Simple Moving Average. Successfully breaching this level would bring $2,165 into focus as the subsequent challenge.
Should Ethereum overcome the $2,165 resistance, the 50% Fibonacci retracement level positioned around $2,200 becomes the next target. Momentum beyond this zone could potentially drive prices toward $2,250 or even $2,300.
Critical Support Zones
Regarding downside protection, immediate support exists around $2,040. Beneath that level, $2,025 represents the primary support floor.
A decisive break below $2,025 would shift attention to the psychological $2,000 level. Additional declines could expose the $1,965 region, with stronger support waiting at $1,880.
Cryptocurrency market analyst Ted Pillows shared observations on X regarding ETH’s technical structure. According to his assessment: “$ETH seems to be forming head and shoulder pattern. If Ethereum loses the $2,040 level, expect a massive dump.”
Spot ETF Activity Weighs on Sentiment
Ethereum spot exchange-traded funds registered net outflows totaling $59.94 million during the March 16–20 trading week, based on SoSoValue data shared by PANews on March 23.
BlackRock’s ETHA dominated outflow activity, shedding $69.59 million throughout the week. Despite this recent exodus, ETHA maintains a cumulative historical net inflow of $11.91 billion.
Fidelity’s FETH experienced $61.62 million in redemptions during the identical timeframe. The fund’s cumulative historical net inflow remains at $2.32 billion.
The sole ETF posting positive flows last week was the Grayscale Ethereum Mini Trust (ETH), which attracted $6.87 million in new capital. This product has accumulated $1.85 billion in historical total net inflow.
As of March 23, aggregate Ethereum spot ETF net assets total $12.33 billion, accounting for 4.79% of Ethereum’s overall market capitalization. The cumulative historical net inflow across all Ethereum ETF products stands at $11.73 billion.
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