- Ethereum breaks above symmetrical triangle resistance at $1,997 as open interest surges 6.03% to $25.82 billion.
- $38.69M in ETF inflows on March 2 mark the largest single-day institutional buying since late February.
- Volume jumps 22.08% to $61.70 billion while Ichimoku Cloud flips bullish, confirming breakout momentum.
Ethereum price today trades near $1,998.80, up 3.05% after breaking above symmetrical triangle resistance that capped price for weeks. The move places buyers in control as institutional flows accelerate and derivatives positioning shifts bullish.
ETF Inflows Hit $38.69M As Institutions Return
Ethereum spot ETFs recorded $38.69 million in net inflows on March 2, according to SoSoValue data. The session marks the largest single-day institutional buying since late February, with cumulative net inflows now standing at $11.64 billion.
BlackRock’s ETHA led with $26.51 million in fresh capital, while Grayscale’s ETH and ETHE combined for $8.97 million in inflows. The return of institutional demand after weeks of outflows confirms that funds view current levels as attractive entry points.
Open Interest Surges 6.03% As Positioning Shifts Bullish
Open interest jumped 6.03% to $25.82 billion while volume surged 22.08% to $61.70 billion. The combination confirms fresh capital entering long positions rather than short covering driving the move.
The long/short ratio on Binance sits at 1.64 for accounts and 2.10 for top traders, showing leverage is shifting toward longs. Total liquidations hit $4.12 million, with shorts accounting for $3.28 million, clearing resistance as overleveraged bears were forced out.
Related: NEAR Protocol Price Prediction: NEAR Eyes Short-Term Rally Amid Stabilizing Flows
Options volume exploded 44.31% to $1.35 billion while options OI rose 3.72% to $6.74 billion. The surge in options activity reflects traders positioning for continued upside or hedging short positions as momentum shifts.
Weekly Chart Shows Break From Multi-Year Support Zone
The weekly chart shows Ethereum breaking above the $1,920 level after consolidating in a high-volume zone (blue shaded area) between $1,045 and $2,801 for months. The volume profile on the left reveals this range captured most price discovery over the past two years.
Price is now attempting to reclaim the $2,722 to $2,982 resistance cluster where the 20-week, 50-week, and 100-week EMAs converge. The 200-week EMA at $2,589 sits just above current price, acting as the first major test for bulls.
A descending trendline (red line) that has capped rallies since the 2021 bull market highs continues to pressure price from above. Breaking through this multi-year trendline would require a sustained move above $2,500 to $2,800.
Key levels:
- Immediate resistance: $2,000 psychological level
- 200-week EMA: $2,589
- Major resistance cluster: $2,722 to $2,982
- High-volume support zone: $1,592 to $1,920
Symmetrical Triangle Breakout Targets $2,100
The 2-hour chart shows Ethereum breaking above symmetrical triangle resistance (red converging lines) that formed since late February. The Ichimoku Cloud at $2,005 has flipped bullish, with price trading above the cloud for the first time in weeks.
The leading spans (green and red lines) show the cloud twisting bullish, confirming momentum has shifted. The base line at $1,998 and conversion line at $1,997 are both sitting below price, providing layered support.
The RSI recovered from 51 to 54, showing momentum building but not yet overbought. When RSI climbs from neutral territory during breakouts, it suggests the move has room to extend before hitting exhaustion levels above 70.
A break above $2,000 would confirm the triangle breakout and target the measured move projection near $2,100, which aligns with the weekly 200-day EMA resistance zone.
Outlook: Will Ethereum Go Up?
The next move depends on whether Ethereum can hold above the triangle breakout level at $1,997 and convert $2,000 from resistance into support.
- Bullish case: Ethereum holds $1,997 and breaks above $2,100 with sustained volume. That clears the measured triangle target and opens the door to the 200-week EMA at $2,589.
- Bearish case: A rejection at $2,000 followed by a close back inside the triangle below $1,997 invalidates the breakout and exposes the $1,920 to $1,850 support zone.
Related: Chainlink Price Prediction: CCIP Expansion Drives Breakout Setup Near $8.80
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.