Gate News reports that on March 18, Ethereum’s price for the first time since early February surpassed $2,300, currently trading around $2,330. On-chain data shows that exchange inflows have dropped to a 10-month low, with investors preferring to transfer tokens to cold wallets or private wallets, reducing selling pressure. This tightening supply may make the price more sensitive to demand changes.
Recent large whale purchases are a key factor driving the price up. According to CryptoQuant, large wallets holding between 10,000 and 100,000 ETH accumulated over 540,000 ETH last week, while retail investors sold about 370,000 ETH during the same period, indicating a clear reduction in selling pressure. Net outflows from exchanges dominate, suggesting the market is accumulating rather than selling. The US spot Ethereum ETF has experienced five consecutive days of net buying, totaling $248 million, the first such streak since mid-January.
Technical indicators show that Ethereum’s current trading price is above the 20-day and 50-day exponential moving averages, which are around $2,100 and $2,220 respectively. The Relative Strength Index (RSI) remains around 60, indicating steady buying pressure. Short-term resistance is between $2,380 and $2,400. If the closing price breaks above $2,388, it could target the $2,500 to $2,746 range. Support levels are at $2,320, $2,260, and $2,150. Falling below $2,260 may trigger a CME futures gap fill down to around $2,117.
In the futures market, ETH liquidation over the past 24 hours reached $100.5 million, with $68.2 million coming from short positions. Monthly chart analysis shows Ethereum has held key support zones between $1,900 and $2,100, which have previously provided structural support. Analyst CW notes that ETH has filled a previous gap and formed a new CME gap at $2,117, which could provide short-term support for the price.
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