Key Takeaways
- ETH declined through $2,220 support and reached $2,025, currently ranging between $2,020–$2,100
- Dual bearish trend lines present obstacles at $2,120 and $2,165 resistance zones
- Pushing above $2,165 may drive ETH toward $2,200–$2,300 range; losing $2,025 could trigger decline to $2,000 or beneath
- Spot Ethereum ETFs recorded $59.94 million in net outflows during the previous week, with BlackRock’s ETHA accounting for $69.59 million
- Combined Ethereum spot ETF net assets total $12.33 billion, representing a 4.79% ETF net asset ratio
Ethereum experienced a substantial pullback during the recent trading session, declining from approximately $2,385 down to $2,025. The digital asset currently changes hands beneath $2,100 and the 100-hourly Simple Moving Average.
The selloff commenced following ETH’s inability to sustain momentum above $2,220. The cryptocurrency breached $2,150 and $2,120 levels before momentarily dipping beneath $2,050.
ETH currently consolidates losses underneath the 23.6% Fibonacci retracement level measured from the $2,385 high to $2,025 low. Two descending trend lines appear on the hourly chart, establishing resistance barriers at $2,120 and $2,165.
The initial critical resistance zone stands at $2,120, coinciding with the 100-hourly Simple Moving Average. Breaking above this threshold would bring $2,165 into focus as the subsequent obstacle.
Should ETH overcome $2,165, the 50% Fibonacci retracement level emerges around $2,200. Clearing this area could pave the path toward $2,250 or potentially $2,300.
Critical Support Zones Under Focus
Regarding downside risk, the first support level appears around $2,040. Beneath this point, the $2,025 area represents the primary foundational level.
A decisive move below $2,025 would direct attention toward the $2,000 psychological level. Additional weakness might expose $1,965, with $1,880 serving as extended support.
Crypto market analyst Ted Pillows shared observations on X regarding ETH’s chart structure. His analysis stated: “$ETH seems to be forming head and shoulder pattern. If Ethereum loses the $2,040 level, expect a massive dump.”
Institutional Outflows Compound Bearish Sentiment
Ethereum spot ETFs registered net outflows totaling $59.94 million during the March 16–20 trading week, based on SoSoValue data cited by PANews on March 23.
BlackRock’s ETHA dominated outflows, experiencing $69.59 million in redemptions throughout the week. Despite this withdrawal, ETHA’s cumulative historical net inflow remains at $11.91 billion.
Fidelity’s FETH experienced $61.62 million in outflows during this timeframe. The fund’s aggregate historical net inflow stands at $2.32 billion.
The Grayscale Ethereum Mini Trust (ETH) emerged as the sole ETF capturing net inflows during the week, attracting $6.87 million. This fund’s historical cumulative net inflow has climbed to $1.85 billion.
As of March 23, aggregate Ethereum spot ETF net assets amount to $12.33 billion, accounting for 4.79% of Ethereum’s overall market capitalization. The combined historical cumulative net inflow across all Ethereum ETF products totals $11.73 billion.
