{"id":23237,"date":"2026-03-05T07:40:41","date_gmt":"2026-03-05T07:40:41","guid":{"rendered":"https:\/\/bitunikey.com\/news\/can-ethereum-price-reclaim-2400-as-it-eyes-a-bullish-reversal-amid-market-recovery\/"},"modified":"2026-03-05T07:40:45","modified_gmt":"2026-03-05T07:40:45","slug":"can-ethereum-price-reclaim-2400-as-it-eyes-a-bullish-reversal-amid-market-recovery","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/can-ethereum-price-reclaim-2400-as-it-eyes-a-bullish-reversal-amid-market-recovery\/","title":{"rendered":"Can Ethereum price reclaim $2,400 as it eyes a bullish reversal amid market recovery?"},"content":{"rendered":"<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Ethereum bulls pushed its price to nearly $2,200 on Thursday amid a market-wide recovery.<\/p>\n<div id=\"cn-block-summary-block_6393bdddaa517c9ed253a5495949ccfe\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Ethereum price rebounded to a 4-week high on Friday amid increased demand from institutional traders and a surge in short liquidations.<\/li>\n<li>ETH has formed a double bottom pattern on the daily chart.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>According to data from crypto.news, Ethereum (ETH) price rallied over 11% to a 4-week high of $2,192.<\/p>\n<p>Ethereum price rallied amid a broader market recovery led by Bitcoin. The bellwether reclaimed the $73,000 mark for the first time since early February as <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2026\/03\/04\/us\/politics\/trump-iran-intelligence-leaders.html\" target=\"_blank\" rel=\"nofollow\">reports<\/a> emerged that the U.S. and Iran could be negotiating a deal to end their military confrontation.\u00a0<\/p>\n<p>As ETH price rose, it triggered a short squeeze of traders with highly leveraged bearish bets in the derivatives market. <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/currencies\/ETH\/futures\" target=\"_blank\" rel=\"nofollow\">Data<\/a> from CoinGlass show over $133 million in short positions were liquidated in the past 24 hours, compared to only $21.5 million in long positions.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>A return of inflows into spot Ethereum ETFs also seems to suggest that institutional investors had played a significant part in the recovery. Per data compiled by <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/farside.co.uk\/eth\/\" target=\"_blank\" rel=\"nofollow\">Farside Investors<\/a>, spot Ethereum ETFs drew in $169.4 million yesterday.<\/p>\n<p>Simultaneously, Ethereum\u2019s open interest shot up nearly 15%, which is a sign of increased derivatives market activity after multiple days of stagnation. While the weighted funding rate remains negative at press time, if it continues to climb, a shift toward positive funding rates could signal a return of bullish sentiment.\u00a0<\/p>\n<p>This surge in activity suggests that traders are once again aggressively positioning themselves, potentially setting the stage for more volatility if the price breaks key resistance levels.<\/p>\n<h1 class=\"wp-block-heading\">Ethereum price analysis<\/h1>\n<p>On the daily chart, Ethereum price has formed a double bottom pattern, a major bullish reversal pattern formed of two consecutive troughs. The neckline of the pattern lies at the $2,200 psychological resistance level.<\/p>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">Ethereum price has formed a bearish flag on the daily chart \u2014 March 5 | Source: crypto.news<\/figcaption><\/figure>\n<p>A breakout from the neckline could push Ethereum to $2,400, which aligns with the 38.2% Fibonacci retracement level that is often seen as a critical target for a trend reversal.<\/p>\n<p>It should also be noted that a successful reclaiming of the $2,400 mark would invalidate a larger bearish flag pattern forming on the chart.<\/p>\n<p>Key technical indicators seem to suggest that bulls are already on the move. Notably, the MACD lines have formed a bullish crossover and were pointing upwards, while the Aroon Up showed a reading of 92.86%, far above the bearish indicator at 35.71%.<\/p>\n<p>For now, traders are eyeing $2,142, the 23.6% Fibonacci retracement level, as a key resistance. ETH was trading at $2,117 when writing, just 1.1% below that mark.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<div class=\"cn-block-disclaimer\">\n<div class=\"cn-block-disclaimer__icon\">\n            <svg class=\"icon icon-info\" aria-hidden=\"true\"><use xlink:href=\"#icon-info\"><\/use> <\/svg>        <\/div>\n<p class=\"cn-block-disclaimer__content\">\n            Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.        <\/p>\n<\/p><\/div>\n<p><!-- .cn-block-disclaimer --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum bulls pushed its price to nearly $2,200 on Thursday amid a market-wide recovery. Summary Ethereum price rebounded to a 4-week high on Friday amid increased demand from institutional traders&hellip;<\/p>\n","protected":false},"author":1,"featured_media":8725,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-23237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/23237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=23237"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/23237\/revisions"}],"predecessor-version":[{"id":23238,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/23237\/revisions\/23238"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/8725"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=23237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=23237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=23237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}