Key Highlights
- ETH climbed 7% during March, breaking a half-year streak of consecutive monthly declines
- Accumulation wallets absorbed 2.7 million ETH last month—the highest monthly uptick in more than 12 months
- BitMine Immersion Technologies now controls the largest known corporate Ethereum holdings at 4.73 million ETH
- BitMine’s Thomas Lee estimates the recent market correction is 90-95% complete
- Price action shows ETH confronting resistance around $2,150 while maintaining support near $2,050
March proved to be a turning point for Ethereum, which closed the month up 7% and brought an end to a six-consecutive-month decline dating back to September 2024.
ETH’s positive performance stood out as traditional equity benchmarks and commodities mostly retreated during the same period. Market conditions remained challenging across various asset classes throughout March.
Blockchain analytics platform CryptoQuant recorded approximately 2.7 million ETH flowing into accumulation addresses during March. This represents the most substantial single-month accumulation in more than a year. These particular wallets are characterized by their lack of any selling activity.
A significant portion of this accumulation activity originated from BitMine Immersion Technologies (BMNR). The company has been consistently acquiring Ethereum tokens amid the recent price correction. BitMine currently maintains the most substantial corporate Ethereum treasury on record, containing 4.73 million ETH. The firm has committed 3.14 million ETH to staking operations.
During an appearance on CNBC’s Closing Bell this past Monday, BitMine Chairman Thomas Lee expressed confidence in current market valuations, stating he would actively purchase assets at present levels. Lee suggested the correction phase is approximately 90-95% concluded. He had earlier forecasted that Ethereum would achieve positive returns and establish a bottom during March.
Some market observers have noted that Lee has maintained consistently optimistic projections in recent months, questioning whether one accurate prediction validates his broader forecasting approach.
Technical Analysis and Critical Price Levels
Ethereum is presently changing hands near $2,130. The asset trades above its 20-day exponential moving average positioned around $2,085, which currently functions as short-term support. The 50-day EMA near $2,160 represents the next immediate overhead resistance.
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The Relative Strength Index registers at 54, indicating bullish sentiment without reaching overbought conditions. The Stochastic Oscillator has recently rebounded from oversold levels, pointing to strengthening price momentum.
Liquidations totaling $57.4 million occurred in the previous 24-hour period. Short position liquidations dominated, accounting for $41.16 million of that figure.
Critical Resistance and Support Thresholds
Should ETH achieve a daily close above $2,388, the path toward $2,746 and subsequently $3,412 could materialize. Conversely, a breakdown beneath $2,108 would likely test support levels at $1,911, followed by $1,741.
Shorter timeframe charts reveal Ethereum encountering difficulty surpassing the $2,150 level. A recent breakdown occurred below a near-term triangle formation that had support at $2,135. Maintaining position above $2,050 could enable another challenge of $2,150 resistance. Rejection at that level might drive prices back toward $2,000 or potentially $1,965.
ETH currently maintains position above both the $2,050 threshold and its 100-hour Simple Moving Average.
