Ethereum Reclaims $2,300 as Technical Breakout and ETF Inflows Point to a Turnaround
Ethereum is showing a mix of technical and on-chain signals that analysts say may mark the start of a more meaningful recovery. For the first time in months, ETH's market structure is beginning to tilt back toward bulls, with price pushing above $2,300 and setting up what some see as the next upward phase.
Crypto analyst Ash Crypto highlighted three developments that together suggest breakout conditions are forming. First, ETH has moved back above its 100-day simple moving average, a level that had acted as dynamic resistance and capped rallies since November 2025. Clearing it is seen as a shift in tone, implying buyers may be regaining control on higher timeframes.
Second, a resistance zone that repeatedly turned price away through Q1 2026 has been converted into support. Ash Crypto's chart shows a rising trendline from the February lows underpinning price, compressing action into an ascending triangle. ETH has since broken above the pattern's upper boundary and is now testing a horizontal resistance band around $2,300 to $2,370. The analyst argues that holding above $2,300 is the key trigger for the next leg higher. At the time of writing, Ethereum is trading at $2,316.
The third factor is renewed institutional demand via US spot Ethereum ETFs. US spot Ether ETFs saw $275.83 million of inflows in the latest week, the strongest weekly intake since the week ending January 16.
Derivatives flow is also beginning to flip. For much of this cycle, Ethereum posted persistently negative net taker volume—a measure of the balance between buy and sell market orders on derivatives venues—signaling sellers consistently overpowering buyers. That has now turned positive. CryptoQuant analyst Darkfost reported that buy-side activity has taken control for the first time this cycle, with net taker volume recently at +$102 million.
The last comparable bout of derivatives buying pressure occurred during the 2022 bear market, when ETH traded near $1,000. If the current bid holds and buyers continue absorbing sell pressure, analysts say it could be an early sign of a stronger, more durable recovery taking shape for Ethereum.
