TLDR
- ETH has surged above $2,000, gaining over 4% in 24 hours with whale accumulation of 400,000 ETH
- Technical analysis shows a bullish breakout from an ascending triangle pattern with a target of $2,142
- The Ethereum Foundation is replacing the Holesky testnet with the Hoodi testnet due to inactivity issues
- Multiple analysts see ETH in a historical demand area with potential for reversal after months of selling
- On-chain metrics and exchange netflows suggest caution as previous inflow patterns have preceded price drops
Ethereum (ETH) climbed above the $2,000 level on Thursday, March 20, 2025, recording a 4% gain in the past 24 hours.
This price movement comes as large holders added over 400,000 ETH to their wallets in a single day, according to on-chain data.
The second-largest cryptocurrency by market cap is showing a pattern of increased accumulation by major players.
These “accumulation addresses,” known for their lack of outgoing transactions, have added a striking 4.73 million ETH in just the first three months of 2025.
This three-month accumulation outpaces what was seen during the entire previous year. Large holders accumulated 5.8 million ETH throughout all of 2024, showing an increased pace of buying in 2025.
The current accumulation trend suggests growing confidence among major ETH holders. March 12 saw a record high inflow of 345,210 ETH to these wallets, pointing to strong buying interest.
Technical Analysis
From a technical standpoint, ETH’s price has confirmed a breakout from an ascending triangle pattern. This pattern is formed by a series of higher lows and a constant resistance level.
After dropping below $2,000 on March 10, ETH formed higher lows while testing the $1,950 resistance multiple times. The eventual breakthrough of this pattern suggests a move toward $2,142, about 5% above current prices.
The 100-day exponential moving average (EMA) at around $2,050 is currently acting as immediate resistance. ETH needs to convert this level into support to reach the $2,142 target.
Looking at broader price targets, analysts are eyeing the $2,200 resistance level. ETH has already broken above a declining trendline resistance from late February, and technical indicators like RSI and MACD suggest weakening bearish momentum.
Crypto analyst Rekt Capital noted that ETH has tested its “multi-year demand zone” below $2,000. A strong reaction from this zone could allow ETH to reclaim the important $2,196-$3,900 price 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
Some traders are even more optimistic, with analyst CryptoGoos suggesting ETH may be breaking free from a bear trap. The analyst sees potential for ETH to surge past $4,000 and possibly reach a new all-time high of $10,000.
Another analyst, Merlijn The Trader, drew parallels between current ETH price action and patterns from 2020. He noted that the last time this setup appeared, “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
Not all signals are positive, however. Exchange netflow data shows four spikes in ETH inflows to exchanges since mid-January. The first three spikes were followed by sharp price drops within days.
If this pattern repeats, another price drop could be coming. The exchange inflows seen on March 14 may signal selling pressure in the days ahead.
The taker buy/sell ratio, which measures market order volume, has shown bearish sentiment over the past three weeks. While this briefly turned positive in the last two days, it has returned to negative territory.
In institutional news, the Ethereum Foundation announced the discontinuation of the Holesky testnet due to “extensive inactivity leaks.” Its replacement, the Hoodi testnet, went live on Monday.
Developers plan to activate the Pectra upgrade on Hoodi on March 26, with a potential mainnet deployment about 30 days later. The upgrade will bring new features including increased staking limits and account recovery options.
From a contrarian perspective, some analysts offer a bearish outlook despite the current uptrend. Elliott Wave theory analysis suggests ETH might be in a prolonged ABC corrective trend that began in November 2021.
After a brief retracement (Wave B), this analysis indicates ETH could be positioned for a final downward leg (Wave C). This could take prices to demand zones between $1,350 and $1,080, or possibly as low as $760 if the first zone fails to hold.
This bearish scenario would be invalidated if ETH closes a daily candle above $2,941. For now, ETH trades at $2,029, up 7.8% in the past 24 hours, as traders watch for signs of whether the current rally will hold or reverse.
