Ethereum (ETH) Price: Rally to $2,500 Faces Resistance as Macro Pressures Mount

LDR

• ETH dropped 6% after briefly hitting $2,200, dragged down by US equity sell-offs and Middle East conflict
• ETH options skew hit 7%, showing professional traders are hedging against further downside
• Ethereum spot ETFs recorded a total net outflow of $91 million on March 5
• Validator entry queue rose to 3.4 million ETH, with exit queue falling to just 58,944 ETH
• Ethereum holds 65% of total blockchain TVL including layer-2s, with $55.4B on the base layer alone

Ether is trading around $2,080 after failing to hold gains above $2,200 this week. The rejection came as global risk sentiment soured, driven by the ongoing Iran conflict and a US court ruling requiring the government to repay over $130 billion in tariff refunds to American businesses.

ETH had recovered 22% from its February low of $1,800, but that momentum stalled quickly. A 6% drop followed a brief push to $2,200 on Wednesday, mirroring a pullback in US equities.

The 30-day futures annualized premium for ETH is sitting well below the 5% neutral threshold. That signals weak demand for bullish leverage among traders.

The ETH options skew (put-call) reached 7% on Thursday. When this metric climbs above 6%, it typically means professional traders are buying protection against price drops.

ETH also saw $58 million in liquidations in 24 hours, with $35.7 million coming from long positions, according to CoinGlass data.

ETF Outflows and Staking Activity

The price weakness was matched by ETF data. On March 5, US spot Ethereum ETFs recorded a total net outflow of $91 million, reflecting a pullback in institutional appetite on the day.

This followed a period of stronger inflows earlier in the week, showing how quickly sentiment can shift in line with broader market conditions.

The validator entry queue, however, told a different story. It climbed to roughly 3.4 million ETH, while the exit queue fell to just 58,944 ETH. Wait times to become a validator have stretched to 57 days.

This suggests large holders are staking ETH for yield rather than selling during volatile periods.

Network Activity and TVL

Weekly DEX volumes on Ethereum dropped to $12.6 billion, down from $20.2 billion a month earlier. DApp revenues fell to $14.1 million over seven days, a 47% decline from the prior month.

Solana saw a similar trend, with DEX volumes falling 50% over the same 30-day window.

Despite weaker onchain activity, Ethereum still dominates total value locked. Including layer-2 networks, the Ethereum ecosystem holds about 65% of total blockchain TVL. The base layer alone holds $55.4 billion, compared to Solana’s $6.8 billion.

Resistance sits at $2,108 on the daily chart. A close above that level could open the path toward $2,388. If support at $1,741 breaks, the next levels are $1,524 and $1,404.

The lower support target from the current range structure sits at $1,826, which analysts identify as the next technical magnet if selling pressure continues.

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