ETH faces $2.2K resistance as spot ETF demand weakens

Ethereum (ETH) rallied about 9% Monday but stalled at $2,200 due to heavy overhead resistance and continued weakness in spot ETH ETF demand. Traders should watch whether ETH can flip $2,200 into support while it remains above $2,000. On the technical side, TradingView data shows ETH trapped between the 50-day EMA near $2,200 (resistance) and the 50-day SMA near $2,000 (support). A break above $2,200 would confirm a bullish breakout from a symmetrical triangle, with a measured target around $3,080 (+42%). However, bulls face another supply zone between $2,780 and $2,880 where multiple higher time-frame EMAs cluster (200-day EMA, 50-week EMA, 100-week EMA). Onchain, Glassnode’s cost-basis heatmap highlights large accumulation at $2,750–$2,850 (7.5M+ ETH) and relatively low supply between $2,200–$2,700, suggesting price could move more freely upward if the current range breaks. Downside risk remains: a dense cluster around $1,850 (1.3M ETH) could be the next pivot. Losing $2,000 may accelerate selling toward a triangle bearish target near $1,400. Fundamentals: spot ETH ETF flows have been drifting back into negative territory after a brief inflow period. Institutional demand has also weakened across global Ethereum investment products (over $27.5M net outflows in the week ending March 20). Analyst Ted Pillows warned that only $2,000 is crucial support if ETH fails to reclaim ~$2,100. The bullish catalyst would be ETF inflows returning and accelerating into consistent positives, alongside renewed institutional buying from Ethereum treasury companies (with Bitmine’s large treasury holder still the notable buyer).