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
BTC Short-term Decline of 0.61%: Support Level Breakdown and Leveraged Liquidations Drive Cascading Price Decline
Between 2026-03-16 08:30 and 08:45 (UTC), BTC experienced significant price movement, with a 15-minute return rate of -0.61%. The price range was 72903.3 to 73366.4 USDT, with a volatility amplitude of 0.63%. This short-cycle decline was at the upper limit of normal price fluctuations, drawing market attention and indicating increased market volatility and heightened trading activity.
The primary driver of this price movement was BTC breaking through a key short-term support level, which triggered technical stop-loss orders and accelerated a chain reaction of selling pressure that further drove prices lower.
GateNews19m ago
Avalanche Hits Key Resistance – Is AVAX Headed Toward $8.25?
AVAX struggles at $9.77 resistance, signaling potential downward movement toward support.
Strong selling pressure dominates, supported by spot outflows and derivative short positions.
A drop to $8.25 could occur if resistance holds and buyers fail to push higher.
Avalanche — AVAX, has
CryptoNewsLand24m ago
DeFiance Capital Founder: Going long on cryptocurrencies and shorting stocks trading strategies may be attractive, as USDC supply returns to a historical high
DeFiance Capital founder Arthur believes that the current stock market is priced too optimistically, and market shifts will accelerate adjustments. He thinks that Bitcoin and crypto assets present opportunities to perform amid uncertainty, and recommends a "long crypto, short stocks or high-yield bonds" strategy. Additionally, he mentioned that USDC supply has rebounded to historical highs, which may drive CRCL growth.
GateNews27m ago
Dogecoin (DOGE) Erases Zero as Price Rallies 11% - U.Today
Dogecoin (DOGE) has risen 11% in a week, surpassing the $0.10 mark due to short liquidations and increased whale purchases. The potential to breach the $0.105 resistance could lead to further gains. Market dynamics remain crucial for DOGE's future.
UToday31m ago
Analysts: Oil prices are returning to the mean from overbought levels, Bitcoin is returning to the mean from local oversold levels
Gate News reported that on March 16, in response to community users asking why oil prices have recently declined while Bitcoin prices have surged parabolically, crypto analyst Willy Woo responded that current oil prices are reverting to the mean from a previously overbought state, while Bitcoin is experiencing mean reversion from a locally oversold level. Willy Woo stated that this change is mainly a short-term technical adjustment and "should not be over-interpreted."
GateNews35m ago
Trader Eugene: Switched to long positions, multiple altcoins showing arc bottom formations
Trader Eugene Ng Ah Sio stated on March 16 that he would shift to a long position, believing that despite weakening global risk assets, the crypto market is performing strongly. He pointed out that the probability of a short-term rally is high and expects Bitcoin breaking through $74,000 to drive a market-wide recovery.
GateNews1h ago
