On Monday, Ether’s (ETH) 9% rally stalled at $2,200 due to stiff overhead resistance and tender ETF demand. Still, technical and onchain setups suggested that upside momentum could augment as long as ETH remains above the $2,000 level.

Key takeaways:

• Ether bulls need to turn the $2,200 level into recent support.

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

The price of ether needs to provide support at $2,200

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

Related: Ethereum could see a 25% surge as top ETH whales return to ‘profitable status’

ETH bulls now need to reclaim the 50-day EMA to ensure a sustained bounce towards $3,000.

The last time ETH/USD broke out of this range was in May 2025, sending it up 50% in less than seven days.

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

Before that, however, bulls would face stiff resistance between $2,780 and $2,880, where the 200-day EMA, 50-week EMA and 100-week EMA converge.

Glassnode cost-based distribution heatmap can be seen immense accumulation of $2,750-$2,850, during which investors purchased over 7.5 million ETH.

It is worth noting that there is a relatively low concentration of supply between the $2,200 and $2,700 cost-based cluster, which means that a break above the current range could allow the price to move more freely towards greater overall resistance.

The downside is a dense accumulation cluster around $1,850, during which investors previously acquired 1.3 million ETH.

If the support at $1,850-$2,000 gives way, it could result in another downside leg towards the bearish triangle target of $1,400.

“$ETH has failed to regain the $2,100 level and is currently falling,” analyst Ted Pillows he said in Monday’s post on X, adding:

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

As Cointelegraph reports, a hold above $2,000 will keep the medium-term trend intact, while a break below shifts positioning towards aggressive brief exposure with an emphasis on lower targets.

Ethereum ETF inflows need to return

One of the factors that may trigger a breakout in the ETH price is the resurgence of institutional demand, which has fallen along with the decline outflows from Ether spot exchange-traded funds (ETF) over the last four days.

Data from Glassnode can be seen The 30-day average of U.S. spot ETH ETF flows returns to the negative zone after a brief period of inflows.

If flows can accelerate back into sustained positive territory, it will strengthen the case for ETH to continue trending again.

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

Meanwhile, the number of Ethereum treasuries purchasing ETH daily has declined sharply since August 2025, amplifying the decline in institutional demand.

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

Bitmine’s total ETH holdings currently stand at 4.66 million ETH, bringing the company closer to its goal of capturing 5% of the token’s circulating supply.

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

— Cointelegraph (@Cointelegraph) March 23, 2026