Ethereum price is trading near $2,260 at press time after climbing roughly 15% over the past seven days. The rally follows a steady recovery from February lows and has now pushed the asset toward a major technical resistance zone. The 12-hour chart shows Ethereum forming an inverse head-and-shoulders pattern, a structure traders often interpret as a bullish reversal setup. If the price breaks and holds above the pattern’s neckline, the pattern’s measured move targets roughly a 20% rally.
NUPL moved into positive territory for the first time since early February, signaling a shift toward the early “hope-fear” phase. Hodler net position change shows long-term holders adding aggressively, rising from about 9,454 ETH on February 24 to roughly 523,513 ETH by mid-March, a gain of more than 5,400%. Ethereum’s open interest in futures has risen about 25% and funding rates have turned positive, indicating more long-leveraged bets and a potential for a long squeeze if prices pause. Meanwhile, whale wallets have grown, with around 8.01 million ETH added, and a notable transfer of 20,000 ETH from Coinbase to Coinbase Prime underscores continued large-holder activity outside exchanges.
Price now sits at a technical crossroads, with neckline resistance near $2,320 and a hurdle at $2,570; a sustained move above could confirm the inverse head-and-shoulders breakout and target around $2,730. If momentum remains strong, the rally could extend toward the $2,990 region in the short term; downside risks exist if leverage unwinds or profits are taken. Key supports lie near $2,160 (near the 0.618 Fibonacci retracement) and around $2,070, with a deeper drop toward $1,910 potentially weakening the pattern. Overall, Ethereum’s price structure points to an upside breakout, but the realization of the 20% move will depend on continued holder conviction absorbing volatility from rising leverage.
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