Ethereum price continues to climb amid accumulation despite poor Q1 performance
Ethereum rebounds above $2,070 as exchange reserves hit decade low.
Ethereum price extended its bullish streak on Monday, surging above last week’s high of $2,070 after rebounding from the key $2,000 psychological support level.
This marked the third consecutive day of gains. However, the rally lost momentum during Tuesday’s Asian session, as ETH declined over 2% before stabilizing near $2,060 in the European session.
Ethereum’s recent performance comes against the backdrop of a weak first quarter. Data from CryptoRank shows that ETH returns were negative for the first three months of the year, with a 1.28% decline in January, a steep 32.2% drop in February, and another 6.27% dip in March. These figures suggest one of the worst starts to a year for Ethereum since its inception.
ETH/USD price dynamics (March 2025). Source: TradingView.
Despite the downturn, on-chain data indicates potential buying pressure. According to Santiment, ETH reserves on exchanges have dropped below 9 million, marking the lowest level in nearly a decade. This suggests that investors are moving their holdings into cold storage, reducing selling pressure and potentially paving the way for a price recovery.
RSI yet to signal bullish outlook as ETH price holds above 50 EMA
Ethereum price is anchored by the 50 EMA on the 4-hour chart, reinforcing support at $2,000. While the daily RSI has been rising, it has yet to shift into bullish territory, signaling that ETH still lacks clear upward momentum.
The continued reduction in exchange reserves hints at long-term accumulation, which could limit downside risks. Hence, if ETH can reclaim and sustain levels above $2,070, it may target further upside toward $2,240. However, failure to hold current levels could see Ethereum retesting the $2,000 support, so traders should watch for a shift in RSI into bullish territory, as this could indicate a stronger trend reversal.
Whale investors accumulated over 120,000 ETH, driving Ethereum’s price above $2,000. The price surged past $2,070 after rebounding from $1,955 over the weekend.
