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Ethereum price traded near a key support level on Friday as traders watched whether the market could rebound above $2,100. The move came during a major options expiry session, while on-chain data also showed a large sale from an early Ethereum investor.
At the same time, derivatives positioning pointed to fresh long exposure during consolidation, leaving ETH at a short-term decision point.
Ethereum moved back to the $2,100 support area after pulling back from recent highs near $2,250. According to trader Ted Pillows, this level remains the main zone to watch in the short term. He said “a breakdown below support could send ETH toward the $1,900 to $2,000 area,” while a hold above it could support a recovery toward the $2,250 to $2,300 range.
The daily Binance ETHUSDT chart shared with that view showed Ethereum trading on top of a green support band around $2,100. That area now acts as the main pivot after ETH lost momentum below higher resistance zones. Therefore, price action around this band may shape the next short-term move.
Above the market, resistance remains near $2,250, with another barrier higher up around $2,400 and a further level near $2,624. On the downside, if ETH loses the $2,100 zone, the next support area appears between $1,900 and $2,000. Below that, lower support levels can be seen near $1,790 and $1,693.
Ethereum also entered one of its largest quarterly expiry sessions on March 27. Data showed that more than 370,000 ETH options contracts were set to expire, with the put-call ratio at 0.56 and the max pain level near $2,250. That level stood close to recent resistance and added another point of focus for traders during Friday’s session.
Large expiries often bring short-term volatility as positions are closed, rolled or adjusted. In this case, Ethereum traded lower as the broader market remained cautious. The price hovered around $2,060 during the session and stayed below the 20-day EMA near $2,110, as well as the 50-day and 100-day EMAs around $2,185 and $2,440.
Selling from an early Ethereum investor also added pressure. On-chain data shared by Lookonchain showed that an Ethereum ICO participant sold 11,552 ETH worth about $23.42 million at an average price of $2,027. The wallet was linked to Ethereum’s 2014 token sale, where the investor bought 38,800 ETH at about $0.31 per token. Even after the sale, the remaining holdings were still worth tens of millions of dollars.
Also Read: Ethereum’s ETF Edge: Outrunning Bitcoin in 2026’s Fear Market?
Even with prices under pressure, ETH derivatives data showed that some traders were still adding long exposure. A 15-minute Binance ETHUSDT perpetual chart shared by CW showed open interest rising again during a sideways phase after the recent drop. Net long positions also moved higher during the same period.
This combination suggested that traders were opening fresh positions instead of stepping away from the market. When open interest rises during consolidation, it often shows that participants are preparing for a larger directional move. In this case, the increase in net longs pointed to a possible upside attempt if ETH price stabilizes.
