Key TakeawaysEthereum declined from $2,220 to a session low of $2,025, currently consolidating between $2,020 and $2,100Dual bearish trend lines present resistance levels at $2,120 and $2,165 on the hourly chartUpside breakout above $2,165 may target $2,200–$2,300; downside breach of $2,025 could accelerate decline toward $2,000Weekly net outflows from Ethereum spot ETFs totaled $59.94 million, with BlackRock’s ETHA recording $69.59 million in redemptionsCumulative net assets in Ethereum spot ETFs now total $12.33 billion, representing 4.79% of ETH’s market capitalizationEthereum experienced a significant pullback during the last 24 hours, tumbling from approximately $2,385 down to touch $2,025. Currently, ETH is changing hands below the $2,100 mark and remains beneath its 100-hourly Simple Moving Average.Ethereum (ETH) PriceThe downward momentum initiated when ETH couldn’t maintain levels above $2,220. Subsequently, the cryptocurrency breached support at $2,150 and $2,120, momentarily dipping beneath $2,050.Currently, ETH is attempting to stabilize below the 23.6% Fibonacci retracement level, measured from the swing high of $2,385 down to the recent low of $2,025. Technical analysis reveals two descending trend lines on the hourly timeframe, establishing resistance zones at $2,120 and $2,165.The immediate resistance barrier stands at $2,120, which coincides with the 100-hourly Simple Moving Average. Breaking through this level would bring $2,165 into focus as the subsequent obstacle.Should Ethereum successfully clear $2,165, the 50% Fibonacci retracement level around $2,200 becomes the next target. Momentum beyond this area could potentially drive prices toward $2,250 or even $2,300.Critical Support Zones Under WatchLooking at downside scenarios, immediate support is established around $2,040. Beneath this level, $2,025 represents the primary support floor.A decisive breakdown below $2,025 would shift attention to the psychological $2,000 threshold. Additional selling pressure could expose $1,965, with $1,880 serving as a more substantial support zone.$ETH seems to be forming head and shoulder pattern.If Ethereum loses the $2,040 level, expect a massive dump. pic.twitter.com/EZGbDEYvq2— Ted (@TedPillows) March 22, 2026Market technician Ted Pillows shared his perspective on X, identifying a potential head and shoulders formation in ETH. His analysis stated: “$ETH seems to be forming head and shoulder pattern. If Ethereum loses the $2,040 level, expect a massive dump.”Institutional Outflows Compound Bearish SentimentEthereum spot ETF products experienced aggregate net outflows of $59.94 million during the trading week spanning March 16 through March 20, based on SoSoValue data shared by PANews on March 23.From March 16 to March 20 (ET), Bitcoin spot ETFs recorded net inflows of $95.18 million, marking four consecutive weeks of net inflows. Ethereum spot ETFs saw net outflows of $59.94 million. SOL spot ETFs recorded net inflows of $21.10 million, while XRP spot ETFs saw net… pic.twitter.com/oI6NJjhwZl— Wu Blockchain (@WuBlockchain) March 23, 2026BlackRock’s ETHA product dominated outflows, recording $69.59 million in net redemptions during the period. Despite this weekly exodus, ETHA maintains a cumulative historical net inflow of $11.91 billion.Fidelity’s FETH product experienced $61.62 million in withdrawals throughout the same timeframe. The fund’s lifetime total net inflow remains at $2.32 billion.The Grayscale Ethereum Mini Trust (ETH) stood as the sole product registering positive flows last week, attracting $6.87 million in new investments. This brings its cumulative historical net inflow to $1.85 billion.As of March 23, aggregate net assets across all Ethereum spot ETF products total $12.33 billion, accounting for 4.79% of Ethereum’s overall market capitalization. The combined historical net inflow across the entire ETF ecosystem stands at $11.73 billion.The post Ethereum (ETH) Price Tests Critical $2,040 Support as Bearish Pattern Emerges appeared first on Blockonomi.