Ethereum (ETH) Price: Is the Bottom Finally In After ETH’s Best Month Since August?

TLDR

• Ethereum posted a 7% gain in March, ending a six-month losing streak
• ETH accumulation addresses added 2.7 million ETH in March, the largest monthly increase in over a year
• BitMine holds the largest corporate ETH treasury at 4.73 million ETH
• Thomas Lee (BitMine Chairman) said the market sell-off is 90-95% over
• ETH is currently facing resistance near $2,150, with key support at $2,050

Ethereum finished March with a 7% gain, snapping a losing streak that stretched back to September 2024. That run of losses lasted six straight months.

While major stock indices and commodities ended March in the red, ETH managed to hold positive ground. The broader financial market was under pressure throughout the month.

On-chain data from CryptoQuant shows that ETH accumulation addresses added roughly 2.7 million ETH in March. That was the biggest monthly increase in over a year. These are wallets with no history of selling.

Much of that buying came from BitMine Immersion Technologies (BMNR). The firm has been steadily purchasing ETH during the price weakness. BitMine now holds the largest known corporate Ethereum treasury, totaling 4.73 million ETH. Of that, 3.14 million ETH has been deployed to staking contracts.

BitMine Chairman Thomas Lee spoke on CNBC’s Closing Bell on Monday. He said he would be buying the market at current levels and that the sell-off is 90-95% over. Lee had previously predicted ETH would post a positive return and bottom in March.

Some critics have pointed out that Lee has made consistent bullish calls over recent months, and that being right once may not confirm a pattern.

Price Action and Key Levels

ETH is currently trading around $2,130. The price sits above the 20-day EMA near $2,085, which is acting as near-term support. The 50-day EMA around $2,160 is the immediate resistance level to watch.

The RSI sits at 54, leaning bullish but not overbought. The Stochastic Oscillator recently bounced from oversold territory, suggesting improving momentum.

Over the past 24 hours, ETH saw $57.4 million in liquidations. Short positions made up the majority at $41.16 million.

Resistance and Support Zones

On the upside, a daily close above $2,388 could open a move toward $2,746 and then $3,412. On the downside, a break below $2,108 would expose $1,911 and then $1,741.

Hourly charts show Ethereum struggling to break $2,150. There was a break below a short-term triangle pattern with support at $2,135. If ETH holds above $2,050, another attempt at $2,150 is possible. A failure there could pull price back toward $2,000 or $1,965.

ETH is currently trading above $2,050 and the 100-hourly Simple Moving Average.

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