Ethereum (ETH) Price: Surges Past $2,000 As Whales Accumulate Over 400,000 Coins Maisie Morrison | usagoldmines.com

Ethereum, the second-largest cryptocurrency by market capitalization, has experienced a notable price surge, climbing above the $2,000 mark after weeks of downward pressure. The digital asset registered over a 7.8% gain in a 24-hour period, trading at $2,029 at the time of writing.

This price movement comes after ETH endured a strong sell-off since December 2024, with the cryptocurrency trading in the low $2,000 range for several weeks. The recent bounce has caught the attention of traders and analysts alike, many of whom are debating whether this represents a true trend reversal or merely a temporary relief rally.

On-chain data reveals a growing accumulation trend among large Ethereum holders. These “accumulation addresses,” characterized by their absence of outgoing transactions, have added more than 400,000 ETH to their balances over the past 24 hours. Particularly striking was March 12, when these addresses saw record high inflows of 345,210 ETH.

The scale of this accumulation is worth noting. In just three months of 2025, these addresses have accumulated 4.73 million ETH, a striking figure when compared to the 5.8 million ETH accumulated throughout the entire previous 12-month period. This suggests that major players view the current price level as attractive, despite remaining well below Ethereum’s all-time high.

Technical Analysis

From a technical perspective, Ethereum’s recent price behavior has confirmed a bullish breakout from an ascending triangle pattern. This pattern, typically indicating the continuation of an upward trend once resistance is broken, is characterized by rising lows and a constant resistance level.

After falling below $2,000 on March 10, ETH developed higher lows and tested the $1,950 resistance multiple times before breaking through. A positive divergence between the price and the Relative Strength Index (RSI) preceded this breakout, suggesting declining bearish momentum and a potential trend reversal.

With the breakout now confirmed, ETH’s immediate technical target sits at approximately $2,142, roughly 5% above the current price. However, the 100-day exponential moving average (EMA), currently positioned around $2,050, is functioning as an immediate barrier. Ethereum needs to convert this EMA into a support level to reach the $2,142 target.

Looking at short-term price forecasts, Ethereum is eyeing a potential move toward the $2,200 critical resistance level. The price has already broken above a declining trendline resistance from late February. Rising technical indicators including the RSI and MACD point to declining bearish momentum in the market.

Should ETH maintain the declining trendline as support, a rally toward $2,070 and then $2,200 becomes increasingly likely. On the other hand, rejection at $2,070 could trigger a fall toward the $1,818 support level.

Several prominent crypto analysts have shared their perspectives on Ethereum’s price action. Crypto analyst CryptoGoos suggested that ETH may be nearing the end of a bear trap. For those unfamiliar, a bear trap refers to a false signal that makes it seem like an asset’s price will continue to fall, enticing traders to short it – only for the price to suddenly reverse and rise.

Fellow analyst Merlijn The Trader highlighted similarities between ETH’s current price action and patterns seen in 2020. He noted that the last time this setup emerged, “panic turned into a historic rally.”

IS ETHEREUM ABOUT TO SHOCK THE WORLD?

Ethereum 2020 vs. 2025 looks IDENTICAL.

Last time, panic turned into a historic rally.

Now, fear is back. Will $ETH explode again? pic.twitter.com/aBBFDtBDuU

— Merlijn The Trader (@MerlijnTrader) March 18, 2025

Crypto investor Rekt Capital pointed out that Ethereum is trading within a “historical demand area.” The investor stated that if the price can generate a strong enough reaction in this zone, ETH will be able to reclaim the $2,196-$3,900 macro range.

$ETH

Ethereum has dropped into this historical demand area (light blue)

If price can generate a strong enough reaction here, then #ETH will be able to reclaim the $2196-$3900 Macro Range (black)

If ETH does this before the March Monthly Close, then this entire sub-$2200… pic.twitter.com/Fj4JYeGcBq

— Rekt Capital (@rektcapital) March 19, 2025

Despite these bullish signals, some caution is warranted. Exchange netflows track the flow of ETH into and out of all exchanges, measuring the difference between inflows and outflows. Higher inflows typically imply more selling pressure, while increases in outflows suggest accumulation among market participants.

Since mid-January, there have been four notable spikes in ETH inflows to exchanges, with local peaks observed on January 24, February 19, March 3, and March 14. The first three spikes were each followed by a sharp price drop within a few days. If this pattern repeats itself, another price drop could be imminent.

The taker buy/sell ratio, which measures market order buy volume relative to sell volume in perpetual trades, has shown bearish sentiment over the past three weeks. While it began to change over the past two days, this shift was short-lived, with the 7-day exponential moving average (EMA) of the taker ratio turning negative again.

In other Ethereum-related news, the Ethereum Foundation announced on March 19 that it would be discontinuing the Holesky testnet due to “extensive inactivity leaks” during its recovery process. Its replacement will be the newly introduced Hoodi testnet, which went online earlier this week.

Developers plan to activate the Pectra upgrade on Hoodi on March 26, with a potential mainnet deployment approximately 30 days later if testing proceeds without issues. The Pectra upgrade will bring various new features to Ethereum, including increased staking limits and account recovery options.

As Ethereum continues to navigate these mixed signals, traders and investors are closely monitoring both price action and on-chain metrics for clues about the cryptocurrency’s next major move.