Key Takeaways
- ETH delivered a 7% return in March, breaking a six-month consecutive decline
- Accumulation wallets absorbed 2.7 million ETH during March, marking the highest monthly inflow since early 2024
- BitMine Immersion Technologies maintains the largest institutional ETH position at 4.73 million tokens
- BitMine’s Thomas Lee projected the broader market correction is nearly complete at 90-95%
- Price action shows ETH testing resistance around $2,150 while defending support near $2,050
March marked a turning point for Ethereum, which closed the month up 7% and brought an end to a downward trend that began in September 2024. The digital asset had experienced consecutive monthly losses for half a year straight.
Even as traditional equity markets and commodity sectors closed March with negative returns, ETH maintained its positive momentum. Broader financial assets faced headwinds throughout the month’s trading sessions.
CryptoQuant’s blockchain analytics reveal that wallets classified as accumulation addresses—those without any selling history—collected approximately 2.7 million ETH during March. This represents the most significant monthly accumulation volume recorded in the past thirteen months.
A substantial portion of this accumulation activity originated from BitMine Immersion Technologies (BMNR). The company has been systematically acquiring ETH throughout the recent price downturn. BitMine currently commands the largest publicly disclosed corporate Ethereum holdings at 4.73 million ETH. The firm has allocated 3.14 million ETH of this treasury to staking protocols.
During a Monday appearance on CNBC’s Closing Bell, BitMine Chairman Thomas Lee expressed his view that current market levels present a buying opportunity. He stated his belief that the recent selloff has reached 90-95% completion. Lee had earlier forecasted that ETH would finish March with positive performance and establish a price floor.
Skeptics have noted that Lee’s commentary has remained consistently optimistic throughout recent months, suggesting that one accurate prediction may not establish a reliable forecasting record.
Technical Analysis and Critical Price Levels
ETH currently trades near the $2,130 mark. The price maintains position above its 20-day exponential moving average at approximately $2,085, which provides immediate support. The 50-day EMA hovering around $2,160 represents the next overhead resistance barrier.
The Relative Strength Index registers at 54, indicating bullish bias without entering overbought conditions. The Stochastic Oscillator has rebounded from oversold levels, pointing to strengthening momentum.
The past 24-hour period recorded $57.4 million in total liquidations for ETH positions. Bears accounted for the dominant share at $41.16 million in liquidated shorts.
Critical Support and Resistance Thresholds
For upside price action, a sustained daily close above $2,388 could catalyze a rally toward $2,746, with $3,412 as the subsequent target. Conversely, a breakdown below $2,108 would likely trigger tests of $1,911, followed by $1,741.
Intraday timeframes show Ethereum encountering difficulty at the $2,150 level. Recent price action witnessed a breakdown from a minor triangle formation that had provided support at $2,135. Maintaining the $2,050 floor could enable another challenge of $2,150 resistance. Failure to hold this level may drive prices back to $2,000 or potentially $1,965.
ETH presently trades above both the $2,050 threshold and its 100-hour Simple Moving Average.
