Ethereum price surges past $2,070 as whale accumulation fuels 3-day rally
Ethereum rises above $2,070 as whale accumulation drives rally.
Ethereum price has extended its gains into the new week, rising above last week's high of $2,070 and marking a third consecutive daily increase.
The latest price surge follows a weekend rebound from $1,955, where Ethereum recorded two straight days of upward closes. As of the European session on Monday, March 24, Ethereum is trading near $2,080, up more than 4% from its late Asian session low near the $2,000 psychological level.
The primary driver behind this rally appears to be large-scale accumulation by major investors. Over the weekend, whale wallets purchased more than 120,000 ETH valued at approximately $236 million. This accumulation suggests growing confidence among institutional players, as significant whale activity often precedes strong price movements. The aggressive buying may have helped push Ethereum past the $2,000 resistance and sustain its upward momentum into the new trading week.
ETH/USD price dynamics (March 2025). Source: TradingView.
Ethereum daily and 4hr RSI signals bearish conditions
On the technical front, Ethereum’s 4-hour chart shows the RSI at 70, indicating overbought conditions that could signal an imminent pullback. However, on the daily chart, the RSI remains below 50, suggesting that despite recent gains, Ethereum is still in a broader downtrend. Additionally, the price has found support near the 50 EMA at $2,000, reinforcing this level as a short-term floor.
Looking ahead, Ethereum’s ability to hold above $2,000 will be crucial for sustaining its rally. Failure to hold support could see a pullback toward $1,900, especially given the overbought 4-hour RSI. While whale accumulation hints at bullish sentiment, the broader market remains uncertain. Macroeconomic pressures and persistent bearish momentum on the daily chart suggest that Ethereum’s rally may face challenges.
Ethereum's breakout above $2,000 failed due to weak buying pressure and broader risk-off sentiment. The price retraced to $1,955, with the RSI staying in bearish territory.
