By Chris Hollingworth 
Ether (ETH) experienced a notable uptrend, surging nearly 8% in the last 24 hours to hit a peak of $2,064 on March 19. During this period, the daily trading volume for the altcoin rose to $17.4 billion as ETH reclaimed its position above the $2,000 mark.
The recent price increase can be attributed to Ether’s successful breakout from an ascending triangle pattern. After dipping below $2,000 on March 10, ETH began forming higher lows, with several retests at the immediate resistance level of $1,950, which served as the pattern’s neckline. A bullish divergence emerged between the price and the relative strength index (RSI), leading to a local bottom at $1,752. These technical indicators suggest a shift in momentum from bearish to bullish.
Following the confirmed bullish breakout from the triangle pattern, the technical targets for ETH are now set at $2,142, representing a potential 5% increase from the current price. However, the 100-day exponential moving average (blue line) is currently acting as resistance at $2,050, necessitating a flip to support in order to aim for $2,142.
Rekt Capital, a respected crypto analyst, highlighted that ETH recently tested its multi-year demand zone below the $2,000 level. In anticipation of a bullish reversal, the analyst noted that if ETH can demonstrate a strong response at this level, it may be able to reclaim the $2,196-$3,900 Macro Range.
Despite recent price corrections, there has been a significant increase in ETH accumulation addresses, with inflows into these addresses reaching a new high on March 12 at 345,210 ETH. Accumulation addresses are specific wallet addresses that reflect long-term holding behavior within the Ethereum network, typically characterized by no outgoing transactions.
In 2024, these addresses accumulated over 5.8 million ETH over a 12-month period, while in 2025, they acquired 4.73 million ETH in less than three months, indicating a notable uptrend in accumulation activity. Large holders are seemingly taking advantage of ETH’s discounted price, which currently sits 58.4% below its all-time high.
This article provides insights into recent developments in the Ether market, highlighting technical analysis alongside on-chain data regarding accumulation addresses. It is important to note that all investment and trading decisions carry inherent risks, and readers are encouraged to conduct their own research before making any financial decisions.
