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 15-minute drop of 0.62%: whale capital inflows into exchanges spark short-term sell pressure
2026-04-06 22:45 to 23:00 (UTC), BTC fell 0.62% in short-term trading. The price fluctuated between 68812.1 and 69240.0 USDT, with an amplitude of 0.62%. Trading volume rose in sync during this period, market attention increased noticeably, volatility risk rose, and short-term investors’ sentiment turned cautious.
The main driving force behind this unusual move is that on-chain data shows whales holding large amounts of BTC are concentrating funds to exchanges. Within 10 minutes, the total amount of funds transferred was about $420,000; within 24 hours, it reached 867.28 BTC, even higher. Then
GateNews32m ago
BTC drops below 69,000 USDT, and the 24-hour gain narrows to 1.25%
Gate News update: On April 6, market data shows that BTC has broken below 69,000 USDT, currently trading at 68,979.5 USDT. The 24-hour gain has narrowed to 1.25%.
GateNews34m ago
Bitcoin Eyes $80,000 Milestone As Geopolitical Tensions in the Strait of Hormuz Reach a Boiling P...
The crypto market currently is at a pivotal point where technical momentum meets intense global uncertainty. After being stuck in a holding pattern for many weeks, BTC now appears poised to break out again as geopolitical narratives shift and additional volatility is expected. Top crypto analyst
BlockChainReporter1h ago
XRP Faces Selling Pressure While Key Support Near $1.28 Holds
Key Insights:
XRP continues forming lower highs and lows, while price remains below major moving averages, reinforcing a sustained bearish structure across timeframes.
Open interest spikes during volatility signaled speculative trading, yet declining levels now reflect reduced risk
CryptoNewsLand3h ago
SHIB Holds Weak Range as Burn Rate Drops and Pressure Builds
Key Insights
SHIB remains within a long-standing descending channel, with price stuck in the lower range and unable to break persistent resistance levels.
The burn rate dropped sharply, removing a short-term support factor and reducing retail-driven momentum seen earlier during increased
CryptoNewsLand3h ago
HYPE Price Break Signals Deeper Pullback Amid Weak Momentum
Key Insights:
HYPE broke below $37 support after repeated tests, signaling weakening buyer strength and confirming growing bearish control across short-term price structure movements.
Fibonacci levels identify $32.44 and $29.5 as critical demand zones, where buyers may re-enter as
CryptoNewsLand3h ago
