TLDR
- Ethereum is currently trading around $1,895 after dropping to a low of $1,750 on March 11
- Technical analysis on the 4-hour chart suggests a potential bullish breakout with a target of $2,596
- Whales holding 10,000-100,000 ETH have increased their holdings by over 12% in early 2025
- Some analysts warn ETH could drop to $1,060 if it fails to reclaim $2,500
- ETH/BTC pair remains in a bearish trend with consistent ETF outflows
Ethereum (ETH) is currently trading at approximately $1,895, marking a 44% decline since the beginning of the year and a 27.8% drop over the past month.
The second-largest cryptocurrency by market cap has been under selling pressure throughout March, breaking below the important $2,000 threshold on March 10.
This downward trend pushed ETH to a low of $1,750 on March 11, its lowest point since November 2023. However, the digital asset has shown signs of recovery in recent days, rebounding to around $1,900.
ETH Price
Technical analysis from a TradingView analyst highlights a potential bullish setup on Ethereum’s 4-hour chart. The cryptocurrency is testing a downward-sloping resistance trendline that has acted as a barrier during recent downtrends.
According to this analysis, a confirmed breakout above $1,885 could serve as an ideal entry point for traders. If Ethereum breaks above this resistance, the analyst suggests a price target of $2,596.
Risk management remains essential in this volatile market. The analysis advises placing a stop loss at $1,700 to protect against further declines. Traders are watching for increased volume, which would confirm that Ethereum is breaking out with momentum.
Recent price action saw Ethereum reach an intra-day high of $1,950 before pulling back. The cryptocurrency continues to test the resistance trendline, with potential for upward movement in the next 48 hours.
Whale Accumulation
On-chain data from Nansen reveals interesting whale behavior during this price stagnation. Large Ethereum holders with 10,000 to 100,000 ETH have increased their holdings by over 12% in early 2025, even as retail balances declined.
The 1,000 to 10,000 ETH segment also saw growth, with a 3% increase in holdings year-to-date. This whale accumulation occurs despite broader market uncertainty and might signal confidence from larger investors.
Network activity appears to have slowed down recently. Median gas prices have reportedly dropped nearly 50 times since early 2024, with some activity shifting to Solana and layer-2 networks.
Ethereum faces growing competition in the blockchain space. Nansen reports that the network is “competing on all fronts and risks being a ‘jack of all trades but master of none’ when compared with BTC, SOL and TIA.”
Not all analysts share the bullish outlook. Some technical analysts warn that Ethereum could fall to $1,060 if it fails to reclaim the $2,500 level. This bearish scenario is based on multiple factors, including weak market structure and negative on-chain data.
According to analyst Mags, Ethereum has failed to break the $4,000 resistance level three times in this cycle. Each rejection led to further decline, with the latest downturn pushing the cryptocurrency below its mid-range level and below an upward-sloping trendline support.
#Ethereum – Unbiased Analysis
ETH has one of the worst charts of all time. The price attempted to break above the range high of $4,000 three times in this cycle but failed.
On the last rejection, price broke down even below the mid-range and is also trading below the… pic.twitter.com/iXkg8THiFy
— Mags (@thescalpingpro) March 18, 2025
The ETH/BTC trading pair also shows weakness, having recorded multiple breakdowns with declines of 13%, 21%, 25%, and 19.5%. Both the 50-day and 200-day Exponential Moving Averages continue to trend downward, reinforcing the bearish outlook.
Institutional sentiment appears cautious. Since the start of the year, Ethereum-based exchange-traded funds in the US have seen consistent outflows. In March 2021, the net assets of spot Ether ETFs decreased by 9.8%, amounting to $2.54 billion.
By comparison, Bitcoin ETFs suffered a slight decrease of 2.35% to $35.74 billion during the same period. This divergence suggests institutional fund managers may be losing interest in Ethereum relative to Bitcoin.
On-chain metrics show decreasing network usage. Median gas fees have declined on the mainnet, fluctuating at approximately 1.12 GWEI in March. This represents a much lower turnover compared to the previous year, indicating fewer transactions on the network.
The current market structure presents both opportunities and risks for Ethereum investors. A breakout above the resistance trendline could trigger a rally toward $2,000 and potentially to the analyst’s target of $2,596.
However, failure to maintain upward momentum could see Ethereum test lower support levels, with some analysts pointing to $1,060 as a possible downside target where the range low is positioned.
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