Ethereum Price Loses Bullish Momentum Amid Middle East Tensions, Headed Toward $2,100

TLDR

• Ethereum’s price retreated to approximately $2,130, having reached $2,390 earlier in the week.
• BitMine Immersion acquired 60,999 ETH, increasing its total holdings to 4.59 million ETH.
• Large investors (whales) are liquidating long positions and initiating short ones, a trend opposite to that of retail traders.
• US spot Ethereum ETFs experienced a shift to net outflows, losing $192.1 million across two days.
• A CME gap at $2,117 has been closed, and a significant buy order cluster is emerging near the $2,100 mark.

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(SeaPRwire) –   Ethereum commenced the week with robust bullish momentum, ascending to $2,390, a peak not seen since early February. This upward movement was fueled by institutional purchases, significant whale accumulation, and a spike in derivatives trading.

On Monday, BitMine Immersion (BMNR), an Ethereum treasury entity, revealed its acquisition of 60,999 ETH, elevating its total reserves to 4.59 million ETH. Concurrently, open interest in ETH derivatives reached its highest point since September of the previous year.

However, the rally lost its impetus. Escalating tensions in the Middle East led to increased oil prices and diminished prospects for interest rate reductions in 2026, thereby exerting downward pressure on risk assets, cryptocurrencies included.

Ethereum encountered resistance close to its realized price, or on-chain cost basis, approximately $2,310. Historically, this threshold has prompted selling during weak uptrends, as investors reach their break-even point and withdraw.

ETF Outflows Add to Selling Pressure

Following six consecutive days of inflows, US spot Ethereum ETFs shifted to experiencing net outflows. Investors withdrew roughly $192.1 million in merely two days, intensifying the downward pressure on the asset’s price.

Ethereum recorded $39 million in liquidations within a 24-hour period, with $21.2 million originating from long positions, as per Coinglass data.

On-chain analyst Boris identified the potential formation of a liquidity trap. As ETH approached $2,400, the Whale vs Retail Delta metric deepened into negative territory. This indicated that large holders (whales) were liquidating long positions and initiating short ones, contrasting with retail traders who were aggressively accumulating.

Boris observed that buying pressure was robust for a time but was ultimately absorbed by available sell-side liquidity. The market has subsequently entered a period of consolidation. Liquidation data points to a significant accumulation of long positions, with critical targets identified at $1,850 and lower.

CME Gap Filled at $2,117

Market analyst CW verified that Ethereum has closed its CME gap at $2,117. A substantial buy wall has materialized near the $2,100 mark, coinciding with the 0.382 Fibonacci retracement level. Should a rebound occur from this point, the subsequent target would be $2,686.

Ethereum is presently testing the $2,110 support area, which also hosts the 20-day Exponential Moving Average (EMA). A breach below this level might expose the asset to $1,740 and subsequently $1,524. Conversely, for a sustained recovery, ETH requires a daily close above $2,390.

The Relative Strength Index (RSI) is positioned around 50, indicating balanced yet diminishing momentum.

$ETH bounced back from its $2,100 support zone.

The move is looking a bit weak, as spot buyers aren’t here.

This means Ethereum could drop below the $2,100 level again given rising macro uncertainty and low institutional demand. pic.twitter.com/Ij4xNj6s4g

— Ted (@TedPillows) March 20, 2026

Crypto trader Ted commented on X, stating: “$ETH rebounded from its $2,100 support zone. The upward movement appears somewhat feeble, as spot buyers are absent. This suggests Ethereum might fall below the $2,100 level once more, considering increasing macroeconomic uncertainty and limited institutional demand.”

Latest data indicates ETH maintaining its position slightly above $2,100, amidst ongoing ETF outflows and persistent macroeconomic pressures stemming from the Middle East.