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March proved to be a turning point for Ethereum, delivering a 7% monthly return and ending a consecutive six-month decline that began in September 2024. The performance contrasted with traditional markets, where equities and commodities closed March with losses, while ETH held a positive trajectory despite broad selling pressure across multiple asset classes.
CryptoQuant reported notable on-chain activity during March. Wallets classified as accumulation addresses—those with no recorded distribution history—increased their holdings by approximately 2.7 million ETH. CryptoQuant described this as the largest single-month accumulation in more than twelve months.
BitMine Immersion Technologies (BMNR) was cited as a major contributor to the accumulation. The company executed purchases throughout March’s price weakness and currently holds 4.73 million ETH in publicly known corporate holdings. Of that total, approximately 3.14 million ETH is deployed in staking protocols.
During a Monday appearance on CNBC’s Closing Bell, BitMine Chairman Thomas Lee said he is confident in current market valuations. He indicated he is willing to deploy capital at present price levels and suggested the correction phase is 90% to 95% complete. Lee previously forecast that March would deliver a positive monthly close for ETH and help establish a price floor.
Some observers noted that Lee’s outlook has remained consistently optimistic, and questioned whether a single accurate prediction validates his broader forecasting record.
Ethereum was changing hands near $2,130. The asset trades above its 20-day exponential moving average at approximately $2,085, which is described as near-term support. The 50-day EMA around $2,160 was identified as the next overhead resistance level.
The Relative Strength Index stood at 54, indicating bullish momentum without reaching overbought conditions. The Stochastic Oscillator rebounded from oversold readings, suggesting strengthening momentum.
In the past 24 hours, total liquidations across ETH positions reached $57.4 million. Short contracts accounted for $41.16 million of that total.
A sustained daily close above $2,388 would likely open a move toward $2,746, with $3,412 identified as a subsequent target. On the downside, a breakdown beneath $2,108 would expose objectives at $1,911 and potentially $1,741.
Intraday, Ethereum has struggled to push past $2,150. Recent price action showed a breakdown from a consolidation triangle, with foundational support established at $2,135. Keeping levels above $2,050 would support another attempt at the $2,150 resistance area. Rejection at that level could lead to retracement toward $2,000 or potentially $1,965.
Ethereum is currently positioned above both $2,050 and its 100-hour Simple Moving Average.
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