TLDR
- Ethereum surged past $2,100, touching a 4-week peak of $2,192 amid broader crypto market strength
- More than $133 million in bearish positions liquidated within 24 hours, sparking a significant short squeeze
- Ethereum spot ETFs attracted $169.4 million in single-day inflows, signaling renewed institutional interest
- Derivatives open interest surged nearly 15% to 13.43M ETH, marking the highest level since January 31
- Critical resistance zone lies between $2,150–$2,200; successful breach could propel ETH toward $2,400 and $2,750
Ethereum (ETH) has successfully reclaimed the $2,100 threshold this week, pushing to a 4-week summit of $2,192 as cryptocurrency markets experienced widespread gains.
The upward momentum received support from emerging reports suggesting potential diplomatic negotiations between the United States and Iran, which boosted risk-on assets globally.
Bitcoin spearheaded the recovery, breaking back above $73,000 for the first time since early February. Ethereum mirrored this strength, posting gains exceeding 11% within a 24-hour window.
ETH trading activity surged 24% throughout this timeframe, representing approximately 12% of the cryptocurrency’s total circulating market capitalization.
The price surge catalyzed a cascade of forced liquidations among short sellers. More than $133 million worth of bearish bets were eliminated in 24 hours, contrasting sharply with only $21.5 million in long position liquidations, based on CoinGlass analytics.
Short-side liquidations climbed to their most elevated level since February 24, totaling $430 million. Approximately $100 million of these liquidations involved Ethereum contracts, highlighting a pronounced short squeeze mechanism in action.
Institutional Demand Returns
Ethereum spot exchange-traded funds captured $169.4 million in capital during a single trading session, according to Farside Investors tracking data. This influx indicates that institutional participants entered positions during the price advance.
$ETH ETF inflow of $169,400,000 🟢 yesterday.
BlackRock bought $39,300,000 in Ethereum. pic.twitter.com/ZNTXHHMCAs
— Ted (@TedPillows) March 5, 2026
Open interest across ETH derivatives contracts expanded nearly 15% to reach 13.43M ETH — representing the strongest reading since January 31. This metric has increased by 1.2M ETH throughout the previous two-week period.
Funding rates currently hover in slightly negative territory at press time, though market observers note that a transition toward positive rates would validate a return of bullish market positioning.
Technical Levels to Watch
Examining the daily timeframe, Ethereum has established a double bottom formation. The pattern’s neckline resistance emerges at $2,200, representing a crucial psychological threshold.
$ETH has broken above the $2,100 level.
Now, Ethereum needs a daily close above the $2,150 level for a bullish rally towards the $2,400 zone.
A failure to do so will result in a retest of the $2,000 level again. pic.twitter.com/whoneO2IBe
— Ted (@TedPillows) March 5, 2026
A decisive move above $2,200 resistance could propel ETH toward the $2,400 zone, which corresponds with the 38.2% Fibonacci retracement benchmark.
The Relative Strength Index registers at 53, positioned above the midpoint threshold, indicating strengthening momentum following oversold territory in preceding weeks.
The MACD indicator has generated a bullish crossover signal, while the Aroon Up metric registers 92.86%, substantially exceeding the bearish Aroon Down reading of 35.71%.
Ethereum’s realized price — representing the aggregate on-chain cost basis for all holders — hovers around $2,300. Advancement toward this threshold may prompt selling pressure as market participants seek to exit at breakeven levels.
Near-term support establishes at $2,108, coinciding with the 20-day exponential moving average. A decline beneath this floor would expose the $1,741 support zone.
At publication time, ETH was exchanging hands at $2,117, positioned just 1.1% beneath the 23.6% Fibonacci retracement at $2,142.
