Ethereum (ETH) surged past the $2,200 resistance level on March 16, triggering a technical breakout from an ascending triangle pattern that has been forming since January. Market analyst Klejdi Cuni identified the pattern and noted that breaking above the $2,200 zone opens up targets at $2,450, $2,600, and $2,800. However, sustaining the rally requires ETH to hold above $2,200, which has now flipped from resistance to support.
Weekly Close Confirms Shift: $2,800 Resistance, $2,111 Support
Analyst TraderJB highlighted that Ethereum has closed a weekly candle above its June 2025 low for the first time, a milestone for intermediate trend strength. ETH currently trades within a supply zone; if buyers turn it into support, another bullish leg could follow. The $2,800 level is being watched as the next major resistance on the weekly chart, while $2,111 serves as firm support. A failure to hold that area could trigger a broader pullback.
SuperTrend Buy Signal Returns with Historical Gains in Mind
Technical indicators are also aligning. Analyst Ali Charts pointed out that Ethereum's SuperTrend indicator flashed a buy signal for the first time since September 2025. Historically, similar signals preceded gains of roughly 50% and 170%. The reappearance of this buy signal reignites discussions about a long-term trend reversal.
Derivatives Market: Open Interest Spikes $2 Billion in 12 Hours
Derivatives data reflects growing bullish conviction. Analyst Ted Pillows reported that ETH open interest surged by over $2 billion in just 12 hours, indicating heavy speculative inflows. Funding rates have turned positive, suggesting longs dominate. Rapid open interest growth combined with positive funding typically signals sustained upward momentum.
Short-Term Levels: Resistance at $2,350-$2,400, Support at $2,200
In the near term, the uptrend remains intact. Immediate resistance lies between $2,350 and $2,400, while $2,200 has become a fresh support zone. A hold above $2,400 targets $2,600; losing $2,200 could pull ETH back toward $2,100. With bullish technical structures, surging derivatives activity, and positive indicators, Ethereum's ability to consolidate and build on these gains will be closely watched in the coming days.