On March 2nd, it was reported that due to macroeconomic pressures, Ethereum’s price dropped approximately 1.5%, approaching $1,950, marking the seventh consecutive month of decline. On-chain data shows that over the past 90 days, wallets holding between 100,000 and 1 million ETH have been reducing their holdings, mostly outside of exchanges, indicating strategic position adjustments rather than short-term trading.
Market analysts note that Ethereum has broken through a key psychological level. Although there was a brief rebound, the price soon weakened again. Technical indicators show that the daily RSI is in oversold territory, funding rates have returned to normal, and open interest has decreased, reducing leverage risk in the market and suggesting that short-term selling pressure has eased.
Macroeconomic factors remain the main drivers, including inflation suppression measures that have dampened institutional investors’ interest in risk assets, making Ethereum one of the most impacted mainstream cryptocurrencies. Analysts state that the support level near the current price is a critical threshold. If ETH can hold this support and rebound to higher levels, the upward momentum could extend into previous resistance zones.
Market participants believe that this correction is primarily driven by macroeconomic conditions rather than deterioration in network fundamentals. Large whales’ continuous reduction of holdings has accelerated market volatility, but long-term holders still maintain positive positions, indicating overall market resilience. Investors are closely watching the price trend in the coming weeks, especially whether ETH will break below the $2,000 psychological level and whether a new buying opportunity will emerge.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Polkadot to Reset Tokenomics on March 12 With Major DOT Supply and Staking Changes
Polkadot will introduce a new monetary framework on March 12 that sets DOT’s supply cap at 2.1 billion and lowers emissions by 53.6%.
The overhaul will also create a Dynamic Allocation Pool and shorten the DOT unbonding period from 28 days to 24–48 hours.
On March 12, Polkadot will reset
CryptoNewsFlash3h ago
Bitcoin May Be Closer to a Bottom Than Most Think, Chart Signals
The Bitcoin price slipped about 2% today, trading slightly below $68,000 after pushing above $73,000 earlier this week, as already covered on our site. The move added fresh pressure to a market that still feels shaky, especially after several failed attempts to hold higher levels.
Still, not e
CaptainAltcoin4h ago
Dogecoin Monthly Breakdown Pattern Reappears as Price Tests $0.0918
Dogecoin is currently trading at $0.09205 at a gain of 2.3, with support of above $0.08878.
As can be seen in the monthly chart, there are recurring breakdown areas that have been followed by significant expansions in price.
The short-term trading range is narrow and the immediate point o
CryptoNewsLand4h ago
Solana Eyes $90.6 Trigger Point as $83 Support Holds and Liquidation Pressure Builds
A large cluster of short positions faces liquidation if SOL reaches $90.6, potentially increasing volatility.
SOL trades between $83.00 support and $89.58 resistance, keeping price action compressed in the short term.
SOL posts a 0.8% daily gain and rises 0.7% against BTC, holding
CryptoNewsLand4h ago
Crypto Market Plunges As Extreme Fear Controls Investor Sentiment
The global crypto market is notably bearish, with a 2.93% drop in market capitalization to $2.32T. Bitcoin and Ethereum saw decreases of 3.07% and 4.01%, respectively. Meanwhile, notable gainers include $XBTC, $TRUMP, and $PEPE. DeFi TVL and NFT sales also declined significantly, while key investments from YZi Labs and Kazakhstan's central bank emerged.
BlockChainReporter4h ago
HBAR at a Crossroads: Will $0.095 Support Trigger a Break Toward $0.106?
HBAR is trading at $0.09739 and above the S/R flip of $0.094-$0.096 in the 12H chart.
The nearest resistance will be at $0.10 with a falling trendline pressure at around $0.104-$0.106.
The support is at $0.095835 and a breakdown at the
CryptoNewsLand5h ago
