TLDR
- Ethereum surged past $2,100, touching a 4-week peak at $2,192 amid broader market strength
- Short liquidations totaled more than $133 million within 24 hours, sparking a squeeze
- Spot Ethereum ETFs attracted $169.4 million in one day, signaling institutional interest
- Open interest climbed almost 15% to 13.43M ETH, marking the highest level since January 31
- Critical resistance zone lies between $2,150 and $2,200; clearing it could send ETH to $2,400 and $2,750
Ethereum (ETH) has mounted an impressive comeback this week, pushing back above the $2,100 threshold and touching a 4-week peak of $2,192 as digital asset markets experienced widespread gains.
Market sentiment received a boost from reports suggesting potential diplomatic progress between the United States and Iran, which helped lift risk-sensitive assets globally.
Bitcoin spearheaded the advance, breaking back above $73,000 for the first time since early February. Ethereum quickly followed suit, posting gains exceeding 11% over a 24-hour window.
ETH trading activity surged 24% during this timeframe, representing approximately 12% of the cryptocurrency’s circulating market capitalization.
The upward price movement forced bearish traders into liquidation mode. More than $133 million worth of short positions were eliminated in 24 hours, while long liquidations totaled just $21.5 million, based on CoinGlass tracking.
Short position liquidations reached their most elevated level since February 24, climbing to $430 million. Approximately $100 million of those liquidations involved ETH positions specifically, highlighting an intense short squeeze scenario.
Institutional Demand Returns
Spot Ethereum exchange-traded funds registered $169.4 million in net inflows during a single trading session, according to Farside Investors tracking data. The substantial inflows indicate 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
Derivative market open interest for ETH increased nearly 15% to reach 13.43M ETH — representing the strongest reading since January 31. This metric has expanded by 1.2M ETH throughout the previous two weeks.
Funding rates currently show slight negative territory at press time, though market observers note that a transition toward positive rates would validate returning bullish conviction.
Technical Levels to Watch
Examining the daily timeframe, Ethereum has developed a double bottom formation. The pattern’s neckline is positioned at $2,200, representing a significant psychological barrier.
$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 breakout above the $2,200 threshold could propel ETH toward $2,400, which corresponds to the 38.2% Fibonacci retracement target.
The Relative Strength Index registers at 53, positioned above neutral territory, validating strengthening momentum following oversold readings in prior weeks.
The MACD indicator has generated a bullish crossover signal, while the Aroon Up indicator registered 92.86%, substantially exceeding the bearish Aroon Down reading of 35.71%.
Ethereum’s realized price — representing the average on-chain acquisition cost for all holders — is positioned near $2,300. Approaching this zone may trigger selling pressure as investors seek breakeven exits.
Near-term support is established at $2,108, where current price action intersects with the 20-day exponential moving average. Breaking below this support level could expose $1,741.
ETH was changing hands at $2,117 at press time, positioned just 1.1% beneath the 23.6% Fibonacci level located at $2,142.
