Key Highlights
- Ethereum delivered a 7% return in March, breaking six consecutive months of declines
- On-chain metrics reveal accumulation wallets absorbed 2.7 million ETH during March, marking the strongest monthly uptick in more than 12 months
- BitMine Immersion Technologies maintains the largest known corporate Ethereum position at 4.73 million ETH
- BitMine Chairman Thomas Lee indicated the market correction is approximately 90-95% complete
- Price action shows ETH confronting resistance around $2,150, with crucial support established at $2,050
March marked a turning point for Ethereum, which closed the month up 7%, effectively breaking a downward trend that began in September 2024. This negative streak persisted for half a year before finally reversing.
Despite widespread weakness across traditional equity markets and commodity sectors during March, ETH maintained positive momentum. Selling pressure dominated conventional financial assets throughout the period.
Analysis of blockchain data via CryptoQuant reveals that wallets designated as accumulation addresses collected approximately 2.7 million ETH throughout March. This represents the most substantial monthly expansion seen in more than twelve months. These particular addresses have demonstrated no historical pattern of distributing holdings.
A significant portion of this accumulation activity originated from BitMine Immersion Technologies (BMNR). The company has maintained a consistent acquisition strategy during periods of price softness. BitMine currently commands the most extensive publicly disclosed corporate Ethereum position, comprising 4.73 million ETH. Among these holdings, 3.14 million ETH has been allocated to staking infrastructure.
During an appearance on CNBC’s Closing Bell broadcast Monday, BitMine Chairman Thomas Lee expressed confidence in current market valuations and stated he would actively purchase assets at prevailing prices. Lee characterized the downturn as 90-95% complete. Previously, Lee had forecast that ETH would deliver positive performance and establish a floor during March.
Market observers have noted that Lee has maintained a consistently optimistic stance throughout recent months, questioning whether a single accurate prediction establishes a reliable track record.
Technical Analysis and Critical Price Points
ETH currently changes hands near $2,130. The asset trades above its 20-day exponential moving average positioned around $2,085, which provides short-term support. The 50-day EMA hovering near $2,160 represents the next overhead resistance barrier.
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The Relative Strength Index registers at 54, indicating bullish tendencies without entering overbought conditions. The Stochastic Oscillator recently rebounded from oversold readings, pointing toward strengthening momentum.
Liquidation data from the previous 24-hour period totaled $57.4 million for ETH. Bearish positions accounted for the larger share at $41.16 million.
Critical Resistance and Support Thresholds
Should bulls prevail, a sustained daily close above $2,388 would potentially trigger advancement toward $2,746, with extended targets reaching $3,412. Conversely, a breakdown beneath $2,108 would likely expose $1,911 as the next support level, followed by $1,741.
Intraday timeframes indicate Ethereum encountering difficulty breaching $2,150. Recent price action witnessed a breakdown from a compact triangle formation with support anchored at $2,135. Maintaining territory above $2,050 would enable another challenge of $2,150 resistance. Rejection at that threshold could drive prices back toward $2,000 or potentially $1,965.
ETH presently maintains elevation above both $2,050 and its 100-hour Simple Moving Average.
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