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Ethereum is staging a comeback after months of bearish pressure, surging back above the $2,000 mark. The recovery signals renewed optimism among investors as the market eyes key resistance levels.
Whale Activity Surges
Ethereum (ETH) has surged past the $2,000 mark on Monday, recording a 9% gain over the past week, as Ethereum’s recent price dip below $2,000 has sparked significant whale activity.
Over the past week, Ethereum whales—holding 10,000 to 100,000 ETH—have purchased approximately 470,000 ETH, worth about $1 billion, reflecting strong market confidence.
On-chain data from Glassnode shows these large investors have increased their holdings by 29% in just two weeks.
The number of addresses holding at least $100,000 worth of ETH has jumped from 70,000 on March 10 to 75,000, signaling a shift in market dynamics.
This increased whale activity coincides with institutional interest in Ethereum. The New York Stock Exchange (NYSE) has asked the U.S. Securities and Exchange Commission (SEC) for approval to launch a new Ethereum exchange-traded fund (ETF) from Bitwise.
Similarly, the Cboe BZX Exchange has submitted a proposal for the 21Shares Core Ethereum ETF, which, if approved, would be the first U.S. ETF allowing staking rewards.
In early March, Ethereum’s price plunged to $1,800—the lowest since November 2023—amid broader economic uncertainty and a $1.5 billion hack on the Bybit crypto exchange, which shook investor confidence.
Technical Indicators Flash Bullish Signals
Technical indicators point to growing strength for Ethereum. Technical indicators signal strengthening momentum. The Relative Strength Index (RSI), which measures price momentum, has risen to 47, suggesting buyers are returning.
The Moving Average Convergence Divergence (MACD) line remains above its signal line, with green histogram bars indicating bullish momentum.
On the weekly chart, the outlook appears even more positive. The RSI has risen to 37, and the bearish MACD histogram is weakening. However, a bullish crossover may still be some time away.
Key Resistance Levels in Focus
Despite Ethereum’s rise since mid-March and its recent push above $2K, traders caution that the critical resistance level has not yet been breached.
“We need to pay close attention to whether it flips above the $2,200 level,” says crypto trader @TheEliteCrypto on his X post.
“If ETH manages to flip this level and hold above it, we could see a mini rally coming. Let’s wait and watch,” sako traderis.
On The Flipside
- Despite Ethereum’s recent price recovery, Ethereum ETFs have experienced outflows since March 5, according to CoinGlass.
Why This Matters
As whales continue to accumulate and technical indicators show bullish signs, Ethereum seems poised for a potential breakout. Traders are watching key resistance levels, especially the $2,200 mark, in the coming weeks.
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