$ETH
Ethereum (ETH) has broken through the $2,000 price level on Binance, driven by a surge in demand from whales. Large holder inflows have increased significantly, with 910,810 ETH flowing in as of March 18, indicating a potential reduction in selling pressure .
The ETH price has been consolidating for almost three weeks, and this breakout could trigger a rally toward $2,100-$2,200. However, it's essential to note that spot flows remained negative, with $34.03 million in spot outflows in the last 24 hours, indicating potential profit-taking.
The derivatives market is also showing signs of bullishness, with open interest up 11.09% and volume rallying by 53.48% in the last 24 hours. Options volumes, in particular, are up by 88.24%, and shorts have emerged as the losers, with roughly $62.72 million in shorts liquidated.
While the current trend appears bullish, traders should exercise caution due to the divergence between spot and derivatives market activity. A period of consolidation and correction is expected in the near term, with key targets being the $2.5K level and the Fibonacci retracement zones.