ETH Price Holds $2k Amid Risk-On Sentiment and Whale Demand

ETH, the native cryptocurrency of the smart contract giant, Ethereum, is up roughly 5% on Monday to hold its trading value at $2,143. The buying follows de-escalation of the middle-east war as President Trump announced a five-day pause on planned U.S. strikes against Iran. However, ETH price gained additional momentum as corporate firms and mid-tier investors continued to accumulate more ETH amid broader market uncertainty.

Ethereum Gains Momentum as Whale Buying Offsets Retail Exit

After a significant correction last week, the Ethereum price shows a brief rebound from the $2,000 psychological level. A primary catalyst to this surge followed risk-on sentiment in the broader market as U.S. president Donald Trump declared a five-day halt on all planned military strikes against Iranian power plants and energy infrastructure.

Ethereum’s on-chain metrics revealed some drastic divergence between investor groups with large holders buying up the asset while smaller wallets reduced.

Data from Santiment showed that addresses holding from 100 to 100,000 ETH cumulatively added 756,960 ETH in the past two days – representing a 1.5 percent rise in their holdings. In contrast, wallets containing less than 0.01 ETH overall reduced their supply by 0.9 percent since the middle of December.

Separately, mining firm Bitmine reported acquiring 65,341 ETH in the most recent week in continuation of an accelerated buying pace sustained during the preceding three weeks. This was an increase from its previous weekly figure of 45,000 to 50,000 ETH.

Bitmine’s Lee attributed the stepped-up activity to expectations that ETH is in the final stages of the ‘mini-crypto winter. He also highlighted the continued legislative process with the Clarity Act pushing through Congress with predictions of signing into law by the end of April. Prediction platform Polymarket currently gives it more than 68 percent chance of passing by the end of the year.

The conjoined flows contributed to a noticeable increase in the ETH price on the day. 

ETH Price 8% Short From Major Resistance Breakout

Over the past six weeks, the ETH price has showcased a slow yet steady recovery above the $1,800 mark. An ascending trendline in the daily chart highlights the ongoing relief rally in Ether as it offers dynamic support to buyers.

With sustained buying, the coin price could rise another 8% and challenge a combined resistance of 10-day EMA and downsloping trendline at $2,353. This potential retest could act as a pivot moment for ETH holders, as a potential breakout could signal the end of a multi-month correction. 

If buyers flip this overhead resistance into potential support, the coin resumes its bullish recovery to target $2,460, followed by $3,000.        

The momentum indicators RSI (Relative Strength Index) wavering at 51% suggest a neutral or bullish sentiment in the market.

the contrary, if sellers continue to defend the $2,353 resistance, the ETH price could reverse and retest the $2,000 support.