Key Highlights
- ETH closed March with a 7% increase, breaking a six-month downtrend that began in September 2024
- Accumulation wallets acquired 2.7 million ETH during March, marking the highest monthly uptick in more than 12 months
- BitMine Immersion Technologies leads corporate ETH holdings with 4.73 million tokens
- BitMine’s Thomas Lee stated the market correction is approximately 90-95% complete
- Price action shows resistance around $2,150 with critical support established at $2,050
March proved to be a pivotal month for Ethereum, delivering a 7% price appreciation and finally breaking the downward momentum that had persisted since September 2024. This marked the first monthly gain after six consecutive months of declining values.
The performance stands in stark contrast to traditional markets, where equity benchmarks and commodity prices concluded March with negative returns. ETH demonstrated relative strength while broader financial assets faced widespread selling pressure during the same period.
Blockchain analytics platform CryptoQuant reveals that accumulation-focused addresses increased their holdings by approximately 2.7 million ETH throughout March. This represents the most substantial single-month accumulation period witnessed in more than twelve months. These particular addresses are characterized by their complete absence of selling activity in their transaction history.
A significant portion of this accumulation activity originated from BitMine Immersion Technologies (BMNR). The company has maintained a consistent purchasing strategy during the recent price downturn. BitMine currently commands the largest publicly disclosed corporate Ethereum position at 4.73 million ETH. Within this portfolio, approximately 3.14 million ETH has been allocated to staking operations.
During an appearance on CNBC’s Closing Bell program on Monday, BitMine Chairman Thomas Lee expressed confidence in current market valuations, indicating he would actively purchase at prevailing price levels. Lee characterized the recent market decline as being 90-95% complete. He had previously forecasted that Ethereum would deliver positive returns and establish a bottom during March.
However, some market observers note that Lee has maintained a consistently optimistic stance throughout recent months, suggesting that a single accurate prediction may not establish a reliable forecasting track record.
Technical Analysis and Critical Price Levels
ETH currently trades near $2,130, positioned above its 20-day exponential moving average at roughly $2,085, which provides short-term support. The 50-day exponential moving average hovering around $2,160 represents the next significant resistance barrier.
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— Micro2Macr0 (@Micro2Macr0) April 1, 2026
The Relative Strength Index registers at 54, indicating bullish momentum without entering overbought territory. The Stochastic Oscillator has rebounded from oversold conditions, pointing to strengthening upward momentum.
Liquidation data from the past 24 hours shows $57.4 million in forced position closures. Short positions accounted for the majority at $41.16 million.
Critical Resistance and Support Thresholds
For upward movement, a decisive daily close above $2,388 would potentially trigger momentum toward $2,746, with extended targets reaching $3,412. Conversely, a breakdown beneath $2,108 would likely expose the $1,911 level, followed by $1,741.
Shorter timeframe analysis reveals Ethereum encountering difficulty penetrating the $2,150 zone. Recent price action broke below a compact triangle formation that had support at $2,135. Maintaining ground above $2,050 could facilitate another challenge of the $2,150 resistance. Should this level reject price action, downside targets include $2,000 and $1,965.
Current trading activity places ETH above both the $2,050 level and the 100-hour Simple Moving Average.
