Ethereum Price Prediction: ETH Approaching $2200, Bulls Targeting the Key Resistance at $2400
On March 5, it was reported that as the overall market recovers, Ethereum (ETH) price surged to $2,192 on Thursday, reaching a nearly 4-week high and increasing over 11% compared to the previous trading day. Analysts point out that this rally is driven by a broader market rebound led by Bitcoin and positive news about potential negotiations between the US and Iran to end military confrontations.
In the derivatives market, highly leveraged short positions faced short squeezes. CoinGlass data shows that over the past 24 hours, short liquidations exceeded $133 million, while long liquidations were only $21.5 million. Open interest surged nearly 15%, indicating renewed activity among traders and increased position building. Spot Ethereum ETF inflows of $169.4 million also suggest institutional investors are playing a key role in the market recovery. Although funding rates remain negative, a shift to positive could signal a return of bullish sentiment.
On the technical side, Ethereum’s daily chart shows a double bottom pattern with the neckline at the $2,200 psychological resistance level. Breaking through this level could push the price toward $2,400, which coincides with the 38.2% Fibonacci retracement level and is an important target for trend reversal. Successfully holding above $2,400 would invalidate a larger bearish flag pattern. The MACD has formed a bullish crossover, and the Aroon Up indicator stands at 92.86%, significantly stronger than the bearish indicator at 35.71%, indicating that bulls are gradually gaining control.
Traders are currently watching the $2,142 resistance level (23.6% Fibonacci retracement). With ETH approaching this level, only about 1.1% below, continued market recovery and a break above $2,200 could trigger the next upward wave, targeting $2,400 and laying the groundwork for a potential bull market reversal.
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