Ethereum (ETH) Price Analysis: Has the Market Bottom Arrived Following Best Monthly Performance Since Late Summer?

Key Takeaways

• March delivered a 7% return for Ethereum, breaking a half-year decline
• Accumulation wallets acquired 2.7 million ETH during March, marking the strongest monthly inflow since early 2024
• BitMine Immersion Technologies commands the largest institutional ETH position with 4.73 million tokens
• BitMine’s Thomas Lee projects the market correction is 90-95% complete
• Price action shows resistance forming around $2,150 while support stabilizes near $2,050

March proved to be a turning point for Ethereum, delivering a 7% monthly return and putting an end to a consecutive six-month decline that began in September 2024.

The performance stood in stark contrast to traditional markets, where equities and commodities closed March with losses. ETH maintained its positive trajectory despite widespread selling pressure across multiple asset classes.

Blockchain analytics platform CryptoQuant revealed significant 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. This represents the most substantial single-month accumulation recorded in more than twelve months.

BitMine Immersion Technologies (BMNR) drove a considerable portion of this accumulation activity. The company executed strategic purchases throughout March’s price weakness. BitMine currently maintains the most substantial publicly-known corporate Ethereum holdings, totaling 4.73 million ETH. Approximately 3.14 million of these tokens are actively deployed in staking protocols.

During a Monday appearance on CNBC’s Closing Bell, BitMine Chairman Thomas Lee expressed confidence in current market valuations. He indicated his willingness to deploy capital at present price levels and suggested the correction phase is 90-95% concluded. Lee had previously forecast that March would mark a positive monthly close and establish a price floor for ETH.

Observers have noted that Lee maintains a consistently optimistic market outlook, with some questioning whether a single accurate prediction validates his broader forecasting record.

Technical Analysis and Critical Price Levels

Ethereum is currently changing hands near $2,130. The asset trades above its 20-day exponential moving average at approximately $2,085, which currently functions as near-term support. The 50-day EMA positioned around $2,160 represents the next overhead resistance barrier.

The Relative Strength Index registers at 54, indicating bullish momentum without reaching overbought conditions. The Stochastic Oscillator has rebounded from oversold readings, pointing to strengthening momentum characteristics.

The past 24-hour period recorded $57.4 million in total liquidations across ETH positions. Short contracts accounted for the majority of this figure at $41.16 million.

Critical Support and Resistance Areas

A sustained daily close above $2,388 would likely initiate advancement toward $2,746, with $3,412 representing the subsequent target. Conversely, a breakdown beneath $2,108 would expose downside objectives at $1,911 and potentially $1,741.

Intraday timeframes reveal Ethereum encountering difficulty pushing past $2,150. Recent price action showed a breakdown from a consolidation triangle formation with foundational support established at $2,135. Maintaining levels above $2,050 would keep alive prospects for another challenge of $2,150 resistance. Rejection at that threshold could trigger retracement toward $2,000 or potentially $1,965.

Ethereum currently maintains positioning above both the $2,050 level and its 100-hour Simple Moving Average.

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