Key Highlights
- March delivered a 7% gain for Ethereum, breaking six consecutive months of losses
- Accumulation addresses grew by 2.7 million ETH in March, marking the strongest monthly rise in over 12 months
- BitMine controls the largest known corporate Ethereum treasury, holding 4.73 million ETH
- Thomas Lee, Chairman of BitMine, stated the market correction is 90-95% complete
- Price action shows ETH testing resistance around $2,150 while maintaining support above $2,050
March proved to be a turning point for Ethereum, which closed the month with a 7% gain. This marked the first positive monthly performance since August, bringing an end to a six-month downward streak that began in September 2024.
Ethereum’s ability to finish in positive territory stood in contrast to traditional markets, where major stock indices and commodities closed March with losses. The divergence highlighted ETH’s resilience amid widespread financial market pressure.
CryptoQuant’s on-chain metrics reveal that accumulation addresses—wallets that have never sold their holdings—added approximately 2.7 million ETH throughout March. This represents the most substantial monthly accumulation in more than a year, signaling strong conviction among long-term holders.
BitMine Immersion Technologies (BMNR) drove a significant portion of this accumulation activity. The company has actively acquired ETH during recent price declines. BitMine currently maintains the largest documented corporate Ethereum position at 4.73 million ETH, with 3.14 million ETH committed to staking operations.
During an appearance on CNBC’s Closing Bell this Monday, BitMine Chairman Thomas Lee expressed confidence in current market levels. Lee indicated he would be actively purchasing assets, emphasizing his view that the correction cycle has reached 90-95% completion. His earlier forecast anticipated Ethereum would establish a bottom and deliver positive returns in March.
Observers have noted that Lee has maintained a consistently optimistic market stance across recent months, raising questions about whether one accurate prediction validates his broader outlook.
Technical Analysis and Critical Price Levels
Ethereum currently trades near $2,130, positioned above the 20-day EMA at approximately $2,085, which provides near-term support. The 50-day EMA hovers around $2,160, representing the immediate overhead resistance.
The Relative Strength Index registers at 54, indicating bullish momentum without reaching overbought conditions. Meanwhile, the Stochastic Oscillator has rebounded from oversold levels, pointing to strengthening momentum.
Liquidation data from the previous 24 hours shows $57.4 million in forced closures. Short position liquidations dominated, accounting for $41.16 million of the total.
Critical Support and Resistance Targets
Bullish scenarios could unfold if ETH achieves a daily close above $2,388, potentially triggering moves toward $2,746 and subsequently $3,412. Bearish pressure would intensify with a drop beneath $2,108, which could lead to tests of $1,911 and eventually $1,741.
Shorter timeframe analysis reveals Ethereum encountering difficulty at the $2,150 threshold. Price action broke below a brief triangle formation that held support at $2,135. Maintaining levels above $2,050 could enable another challenge of the $2,150 resistance. Failure to hold current levels might result in a retreat toward $2,000 or $1,965.
Presently, ETH maintains position above both the $2,050 level and the 100-hour Simple Moving Average, which provides technical support for the current structure.
